City of Somerville, Massachusetts - File #: 205380

• File #: 205380
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 3/12/2018
• In control: City Council
• On agenda: 3/22/2018
• Final action: 4/12/2018
• Enactment date: 3/22/2018
• Enactment #: 205380
• Title: Requesting authorization to borrow $6,000,000 in a bond, and appropriate the same amount for the acquisition of affordable housing through the 100 Homes project, with debt payments to be funded through CPA revenue.
• Code sections: Bond/BAN -

Date	Ver.	Action By	Action	Result
4/18/2018	8	BOA	Mayoral Approval
4/12/2018	7	City Council	Approved
4/10/2018	6	Finance	Approved
3/22/2018	5	City Council	Referred for recommendation

  Agenda Text

title

Requesting authorization to borrow $6,000,000 in a bond, and appropriate the same amount for the acquisition of affordable housing through the 100 Homes project, with debt payments to be funded through CPA revenue.

body

Official Text

To the Honorable Board of Aldermen:

Per the Community Preservation Committee's recommendation on February 28, 2018, I respectfully request that your Honorable Board appropriate $6,000,000 for the acquisition of affordable housing through the Somerville Community Corporation's 100 Homes project, and authorization for the City Treasurer, with the approval of the Mayor, to borrow $6,000,000 to meet said appropriation with debt payments to be funded through CPA revenue. Details of this request are available in the attached funding recommendation from the CPC.

Thank you for your consideration of this matter.

Respectfully submitted,

Joseph A. Curtatone

Mayor