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E3 Development to Convert Somerville Parking Lot into Affordable Apartments
E3 Development, LLC, and MassHousing have closed on a total of $4.1 million in affordable and workforce housing financing to support the transformation of a public parking lot at 31 Tufts Street in Somerville into 16 new units of affordable and workforce rental housing.
There will be eight studio apartments, four one-bedroom apartments, three two-bedroom apartments and one three-bedroom apartment.
“This project will unlock new economic opportunities, by activating an underutilized site and creating new, affordable homes for working households,” said MassHousing Executive Director Chrystal Kornegay.
MassHousing is providing E3 Development with a $2.8 million permanent loan and $1.3 million in financing from the Agency’s Workforce Housing Initiative. The project is also receiving $900,000 through the Community Scale Housing Initiative.
Other financing sources include $900,000 in direct support from DHCD, $2 million from the city of Somerville’s Affordable Housing Trust, $4 million in construction financing from Eastern Bank.
- ◦Development
