Somerville First-Time Homebuyers Lottery: 2 Union Square Condos

SOMERVILLE, MA – The first-time homebuyers lottery for two Union Square condos begins next month Applications will first be available Nov. 2, and the deadline to apply is Friday, Jan. 5 by 10 a.m. The drawing will be held Friday, Jan. 19. (Subscribe to Somerville Patch for free local news and real-time alerts.)

The city of Somerville will hold information sessions on Thursday, Nov. 2 from 6-7:30 p.m. in the cafeteria of John F. Kennedy Elementary School, 5 Cherry St., and Tuesday, Nov. 28 from 10-11:30 a.m. in the Aldermanic Chambers of City Hall, 93 Highland Ave.

Applications will not be available until the end of the first information session. After Nov. 2, for an application or more information contact Ithzel Polanco at ipcabadas@somervillema.gov; 617-625-6600 x2586 or Seamus Lynch at slynch@somervillema.gov; 617-625-6600 x2588.

The units are available to eligible first-time homebuyers through the Inclusionary Housing Program.

Below are the eligibility requirements, via the city of Somerville:

The Flatiron at Union Square - 70 Prospect St, Somerville

• Unit 203 - 2 Bed / 2 Bath at 80% Area Median Income (AMI) for $180,137
• Unit 303 - 2 Bed / 2 Bath at 110% AMI for $268,824

Maximum annual gross income limit:

• 80% AMI: 2 people $62,550 / 3 people $70,350 / 4 people $78,150
• 110% AMI: 2 people $86,328 / 3 people $97,119 / 4 people $107,910

Minimum Household Size: 2 Persons

Asset Limit: $250,000 excluding retirement accounts

Other eligibility requirements:

• Units must be buyer’s primary residence and will be subject to annual monitoring
• Units subject to Affordable Housing Restriction in perpetuity
• Applicants must have a first-time homebuyers certificate or be enrolled in a course
• Head of households claiming full-time student status are not eligible

Click here to learn more about the Inclusionary Housing Program.

Image via Shutterstock