71 Bow Street

City of Somerville Income Restricted Homeownership Opportunity

71 Bow Street
65-71 Bow Street
Somerville, MA 02143
www.71BowStreetLottery.com

Four (4) Inclusionary Homeownership Units
Unit # | Unit Size | Estimated Square Footage | AMI | Parking Space | Purchase Price | Minimum Down payment (3%) | Estimated Monthly Condo Fee | Minimum Household Size
203 | 1-Bedroom + Study | 940 | 81%-110% | No | $278,649 | $8,359 | $163 | 1
306 | 2-Bedroom | 1,014 | 80% | Yes | $229,410 | $6,882 | $134 | 2
401 | 2-Bedroom | 1,248 | 80% | Yes | $229,410 | $6,882 | $134 | 2
405 | 2-Bedroom | 998 | 81%- 110% | No | $335,834 | $10,075 | $197 | 2

Maximum Income Limits (set by the HUD + based on Household Size + AMI)
Household Size 80% AMI 81%-110% AMI
1 $82,950 $82,951 – $114,268
2 $94,800 $94,801 – $130,592
3 $106,650 $106,651 – $146,916
4 $118,450 $118,451 – $163,240
5 $127,950 $127,951 – $176,299
6 $137,450 $137,451 – $189,358
*2023 Area Median Incomes for the Boston, Cambridge, Quincy, MA-NH MSA

Asset Limit: $75,000 (excluding restricted assets)

Applications are available during the application period, from Monday, April 1st, 2024 — Wednesday, May 15th, 2024

To complete an online application, visit: www.71BowStreetLottery.com

To have a hard copy of the application mailed to you, please email 71Bow@MaloneyProperties.com or call (617) 639-3064 Ext 771 | US Relay 711

Hard applications will be available at the entrance of the City Hall Annex located at 50 Evergreen Ave, Somerville City Hall located at 93 Highland Ave., & all Somerville Public Library branches.

Fully completed + signed applications must be submitted online or delivered (not postmarked) no later than Wednesday, May 15th, 2024 by 5pm

MAILED TO:
Maloney Properties, Inc.
Attn: 71 Bow Street Lottery
27 Mica Lane, Wellesley, MA 02481

INFORMATION SESSIONS:
Wednesday, April 24th, 2024 at 12pm, Wednesday, May 8th, 2024 at 6pm
Join Zoom Meeting:
https://maloneyproperties.zoom.us/j/82209393467?pwd=R29sboO0hfK5XGceJPmgvdSIYPj2pC.1
Meeting ID: 822 0939 3467
Passcode: 001739
One tap mobile
+13052241968,,82209393467#,,,,*001739# US
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• Selection by Lottery. Asset, Use & Resale Restrictions Apply

For more information, free language assistance, or to make a request for reasonable accommodations, please call (617) 639-3064 Ext 771 | US Relay 711 or email 71Bow@MaloneyProperties.com

EQUAL HOUSING OPPORTUNITY