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**WinnDevelopment Acquires Somerville Senior Housing Community, Launches $17.3M Renovation to Enhance Affordability and Sustainability**
WinnDevelopment has officially acquired a 97-unit mixed-income senior housing community in Somerville, Massachusetts from the Visiting Nurse Association of Eastern Massachusetts. The acquisition marks the beginning of a $17.3 million renovation project aimed at increasing affordability and improving environmental sustainability for residents.
Renamed “The Somerhill,” the property will be transformed into an all-electric community that is projected to reduce energy use by at least 40%. As part of the affordability realignment, the number of market-rate apartments will be reduced from 24 to 19, while the number of units available to residents earning up to 60% of the Area Median Income (AMI) will increase from 24 to 29.
“We’re pleased to get underway with a project that will make an important source of senior housing in metro Boston more affordable and significantly more environmentally sustainable,” said Adam Stein, President of WinnDevelopment. “It took a strong partnership among local and state government and private financial institutions to reach this milestone.”
The renovation and affordability adjustment reflect a growing commitment to sustainable, inclusive housing solutions for seniors in the Greater Boston area.
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