FRAMINGHAM – The Town of Framingham and the Framingham Housing Authority held a ribbon cutting ceremony for the 27 Coburn Street Project on April 19.
The 27 Coburn Street Project created two new affordable units subsidized, by a Community Development Block Grant (CDBG) and Home Investment Partnership (HOME) program.
The HOME fund allocation of $165,141 provided for the acquisition and moderate rehabilitation of the vacant two bedroom single family property located at 27 Coburn Street, creating two affordable two bedroom duplex units.
The 2-bedroom units are eligible for rental at a maximum gross of $1,508 per month.
Prior to purchase, a commissioned “as-is” appraisal evaluated three comparable rentals and determined a rental market estimate of approximately $2,000 per month for the property. The approximately $1,200 rent charged per unit represents a significant discount to market rates within the area.
The Framingham Housing Authority’s, Framingham Housing Development Corporation II (FHDC II), a nonprofit arm of the FHA, served as project developer.
In addition to the 27 Coburn Street Project the FHDC II has successfully purchased and rehabilitated houses under the Neighborhood Stabilization Program. For this initiative, the FHDC II obtained multiple bids and supervised the rehabilitation work. The total development cost for the project was $530,026.
Photo courtesy of Framingham Housing Authority member Janet Leombruno