71 Bow Street

65-71 Bow Street Somerville, MA 02143

Experience Somerville living at 71 Bow Street! You'll find this community in the Prospect Hill area of Somerville. 71 Bow Street is a mixed-income development consisting of 24 condominium units. 4 units will be designated as income-restricted or “affordable” and sold to households earning at or below 80% AMI or 110% AMI (Area Median Income).

FEATURES

Elevator
On-Site Parking (conditions apply; see below Property FAQs section)
Bike Storage
Mail Room
Lobby
Common Roof Deck
Solar Panels

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NEIGHBORHOOD

Somerville is home to a diverse mix of blue-collar families, young professionals, college students, and recent immigrants from a range of countries, including El Salvador, Haiti, and Brazil. With its ethnic diversity, thriving arts and entertainment scene, proximity to Boston, and new mixed-use developments, Somerville has seen its appeal grow in recent years. In 2006, the Boston Globe named Somerville the "best-run city in Massachusetts," thanks to its innovative use of new technology to improve constituent service and government efficiency.

JOIN OUR COMMUNITY / PRICING AND ELIGIBILITY

  • Program: Inclusionary Zoning
  • Number of Income-Restricted Condominiums: 4 (One, 110% 1-Bedroom Unit, Two, 80% 2-Bedroom Units, & One, 110% 2-Bedroom Unit)
  • Condo Sizes: 1-Bedroom & 2-Bedroom
  • Income-Restricted ADA Accessible Condos: 0
  • Maximum Income Limits: 80% AMI & 110% AMI (Area Median Income) – Based on HUD Limits
  • Asset Limit: $75,000

Asset Limit does not include retirement but does include the assessed value of real estate owned by applicants.

Income limits and purchase prices are determined by HUD and the city of Somerville on an annual basis. To find out more about the current year’s limits, please visit this link.

2024 HUD Income Limits

Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
(Somerville 80% AMI, 81%-110% AMI) 
Household Size80% AMI81% - 110% AMI
1$91,200$91,201 - $125,620
2$104,200$104,201 - $143,660
3$117,250$117,251- $161,590
4$130,250$130,251 - $179,520
5$140,700$140,701 - $193,930
6$151,100$151,101- $208,340

Current Condo Listings

Property# BedsPriceIncome Limit (AMI)Units AvailableAccessible Units
Cable Mills1-Bedroom$155,00080%20
Gloucester Pier Condominiums3-Bedroom$293,95080%10
71 Bow Street2-Bedroom$229,41080%20
71 Bow Street1-Bedroom + Study$278,64981% (Minimum) - 110% (Maximum)10
71 Bow Street2-Bedroom$335,83481% (Minimum) - 110% (Maximum)10
68 Church Green2-Bedroom$216,00080%40
68 Church Green2-Bedroom$282,000100%260

NEXT STEPS

The next step is to request an application.

APPLICATION DISTRIBUTION PERIOD:
April 1, 2024 – May 15, 2024

APPLICATION DEADLINE:
May 15, 2024 

 

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Join the Wednesday, April 24 12pm Info Session Here

Join the Wednesday, May 8 6pm Info Session Here

Email: 71Bow@MaloneyProperties.com Phone: (617) 639-3064 Ext 771 | US Relay 711

Free language assistance is available for those whose primary language is not English or have limited English proficiency. For more information or reasonable accommodations for persons with disabilities, please contact us.

LOTTERY PROCESS

When is the lottery? The lottery date will not be scheduled until after the application deadline. The lottery is scheduled and the lottery date is typically held 4-5 weeks after the application deadline. All applicants will receive notification of the date, time, and location of the lottery, as well as their application number. The lottery will be open to the public.

Do I have to attend the lottery? No. All applicants will be notified of their lottery number after the lottery.

When will I be contacted? We will begin contacting only the top applicants following the lottery drawing.

What is my Application Number and Lottery Number? We will mail a letter to all Applicants entered in the Lottery Drawing providing their unique application Number. We will mail out a second notification letter after the lottery has taken place. The lottery number is assigned by the person who conducts the Lottery Drawing. Per the Fair Housing Commission guidelines, applications will be sorted by bedroom size and income level, then for preferences, followed by the lottery number. An Applicant’s “rank position” is determined by a combination of all the sorting factor.

FAQ / FREQUENTLY ASKED QUESTIONS

Income Questions:

How is my income calculated?
The household income is calculated based on the gross income of the household. Commissions, bonuses and other regular payments are included and considered part of the gross annual income.

I didn’t file taxes last year. What do I need to provide?
Individuals or households who did not file taxes must provide a verification of non-filing from the IRS in lieu of a tax return. To obtain the verification of non-filing, applicants should fill out a 4506-T form and file it by mail or hand-deliver it to an IRS office. The IRS will mail back a letter of verification which must be provided with the income materials given to the marketing agent. See the IRS website to download a 4506-T form.

I received a pay raise between the time I picked up an application and the time I was income certified and now I am over the income limit. What do I do?
Income is calculated at the time the applicant submits an application to the lottery agent, not during the application process or at the time of the lottery. Eligibility must be maintained from the time of the application pick up until after income certification verification. Unfortunately, if an applicant’s income is over the income limit, the applicant will not be eligible for the particular unit for which they applied.

I have children in school/college, how does this affect my application?
Income from children in school/college under the age of 18 is not considered towards the income of the household.

Are student loans considered income?
Student loans are not considered income and may not be used to income qualify.

I am separated from my spouse, does this affect my application?
Legally married couples shall both be considered part of the household, even if separated. Applicants with additional questions regarding this policy must speak with the marketing agent/seller.

I would like to appeal a decision regarding income eligibility. How do I appeal? Applicants who are rejected will receive a rejection letter in writing and will be given 7 days for the opportunity to appeal the decision.


Property Questions:

What are the condo fees? Unit 203 (One-Bedroom): $163/month, Units 306 & 401 (80% 2-Bedrooms): $134/month, & Unit 405 (110% 2-Bedroom): $197/month.

What utilities/services are included in the condo fees? Master insurance, trash removal, snow removal, elevator maintenance & inspection, pest control, common area cleaning (lobby, stairwells & corridors), common HVAC filter replacement (twice a year), irrigation maintenance, common electric & gas (for hot water), fire alarm monitoring, sprinkler system maintenance & inspection, landscaping maintenance (including green roof), intercom maintenance, phone line & internet, accounting services, general maintenance & administrative services, water/sewer & gas (hot water).

Owner is responsible for all other utilities including electricity (heating/cooling, laundry, & cooking), & cable/internet (optional).

Is the stove electric or gas? Electric.

Are the washer/dryer included? Yes. In-unit (Electric).

Is parking available? 2 parking spaces are reserved for the affordable units and are included in the purchase price. In the instance that more than 2 households express interest in a parking space, a lottery drawing will be held in order to ensure a fair and equitable process. After the lottery drawing is held, the selected households will be offered a space. For the other households that expressed interest but were not offered a space through the lottery, they will remain on a waitlist for future opportunities upon turnover.

Is storage available? Storage is not included nor available to rent/purchase.

What is the pet policy? 2 pets allowed per unit. Breed restrictions apply.

If you have additional questions about this property, please contact us using the form or contact information below.

Tel: (617) 639-3064 Ext 771 – US Relay 711
Email: 71Bow@MaloneyProperties.com