US2 Contributes Additional Community Benefits Funds: $467,000 to date

As part of its commitment to providing community benefits for the Union Square neighborhood through the Union Square Revitalization, USQ agreed to contribute more than $3.6 million in community benefits funds over the course of project implementation. Contributions will be made to this fund as building permits and certificates of occupancy are achieved for each building. With the start of the 20 – 50 Prospect project (D2.2-D2.3), US2 has contributed a total of $467,000 in community benefits monies to date to the City of Somerville stabilization fund.

These funds will be disbursed for purposes including fostering the creation of new jobs in Somerville for Somerville residents; maintaining and promoting local businesses with a focus on minimizing displacement due to the development; creating multi-functional civic spaces; providing open technologies, connectivity, and policies to support a shared civic innovation platform; improving quality of life by bolstering social capital and community resilience; and preventing displacement of low-income people in Union Square resulting from speculation and development. The community benefits agreement between US2 and the Union Square Neighborhood Council more specifically identifies the neighborhood priorities for these funds.