Four Affordable Homeownership Opportunities: 395 Alewife Brook Parkway

Mayor Katjana Ballantyne and the City of Somerville Housing Division, in partnership with 395 ABP LLC, are pleased to announce an income-restricted homeownership lottery for four affordable condominium units at The Parkway 395 (395 Alewife Brook Parkway).

These deed-restricted condominiums are open to eligible first-time homebuyer households at a below-market price through the City's Inclusionary Housing Program. Two 2-bedroom units with dens are available to households with an annual gross income at or below 80% Area Median Income (AMI) at price tier P1. One 1-bedroom unit with a den and one 2-bedroom unit are available to households with an annual gross income between 81% AMI and 110% AMI at price tier P2.

Unit Number and Tier

Sale Price

Minimum 3% Down Payment

Estimated Initial Condo Fee

Units 1B & 2G (Two-bedroom units at 80% AMI)

$217,240

$6,517

$52/month

Unit 2D (One-bedroom unit at 110% AMI)

$260,326

$7,810

$62/month

Unit 3C (Two-bedroom unit at 110% AMI)

$314,816

$9,444

$76/month

Annual Gross Income Limits

1 Person

2 People

3 People

4 People

5 People

Tier P1 (maximums): 80% AMI

$78,300

$89,500

$100,700

$111,850

$120,800

Tier P2: 81%-110% AMI

$78,301-

$107,954

$89,501-

$123,376

$100,701-

$138,798

$111,851-

$154,220

$120,801-

$166,557

About the Units: The Parkway 395 is a new 23-unit residential development. Units include hardwood flooring, modern Bosch appliances, balconies and/or private patios, and other modern finishes. All four income-restricted units include assigned parking spaces in the adjacent parking lot. Units will be ready for occupancy upon closing, anticipated for Summer/Fall 2023.

How to Apply: Applications must be submitted by Friday, July 14, at noon. Applications and full eligibility requirements are available at somervillema.gov/inclusionaryhousing. Printed copies are available at City Hall (93 Highland Ave.), the City Hall Annex (50 Evergreen Ave.), and the Somerville Public Library East and Central branches.

Completed applications can be emailed to [email protected], mailed or hand-delivered to the Inclusionary Housing Program (Housing Division) at 50 Evergreen Ave., Somerville, MA 02145 (must be received by July 14, not postmarked), or faxed to the Inclusionary Housing Program at 617-591-3235.

The lottery will take place virtually on Thursday, July 20, at 2 p.m. Winners will be notified within 24 hours. For more information, visit somervillema.gov/inclusionaryhousing, email [email protected], or call 617-625-6600 ext. 2566.

Interpretation into any language is available upon advance request (at least seven days in advance) by contacting the SomerViva Office of Immigrant Affairs at somervillema.gov/ContactSomerViva or calling 311 at 617-666-3311.

Individuals with disabilities who need auxiliary aids and services for effective communication, written materials in alternative formats, or reasonable modifications in policies and procedures, in order to access the programs and activities of the City of Somerville or to attend meetings, should contact the ADA Coordinator, Adrienne Pomeroy, at 617-625-6600 x2259 or [email protected].

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