May 2014
City of Cambridge
Inclusionary Housing Program
Housing Affordability in Cambridge
• Median Market Rents 2013
– Three-bedroom: $3,200
– Two-bedroom: $3,000
– One-bedroom:...
Cambridge Inclusionary Zoning Ordinance
• 15% of units required to be
affordable
• Density bonus: 30% increase
in unit cou...
Achieving Deeper Affordability - Rental
Affordable Rental Housing
• Utilize Section 8 resources of
Cambridge Housing Autho...
Third Square
482 rental units, 56 affordable
Vox on two
Inclusionary Rental
267 total units, 26 affordable
Occupancy 2014
Charles Passage
Inclusionary Rental
29 total units
3 affordable units
Occupancy Spring 2007
Harvey Street
Inclusionary Homeownership
20 total units, 2 affordable
Homeownership
22 Cottage Park
16 units, 2 affordable
Condominiums
IZ Workshop 2014: A1 cambridge inclusionary housing
IZ Workshop 2014: A1 cambridge inclusionary housing
IZ Workshop 2014: A1 cambridge inclusionary housing
IZ Workshop 2014: A1 cambridge inclusionary housing
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IZ Workshop 2014: A1 cambridge inclusionary housing

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IZ Workshop 2014: A1 cambridge inclusionary housing

  1. 1. May 2014 City of Cambridge Inclusionary Housing Program
  2. 2. Housing Affordability in Cambridge • Median Market Rents 2013 – Three-bedroom: $3,200 – Two-bedroom: $3,000 – One-bedroom: $2,385 • Median Market Sales Prices 2013 – Condominium: $510,000 – Single-family: $858,300 • Affordable Rents (at 65% AMI) – Three-bedroom: $1,529 – Two-bedroom: $1,376 – One-bedroom: $1,224 – Studio: $1,071
  3. 3. Cambridge Inclusionary Zoning Ordinance • 15% of units required to be affordable • Density bonus: 30% increase in unit count and floor area (50% of which is for affordable units) • Affordability targeted to households at 65% AMI • Eligibility up to 80% of 100% AMI • Housing required to be built on-site • Permanent affordability ensured by long-term deed restriction Interior, Aberdeen Lofts 6 affordable homeownership units
  4. 4. Achieving Deeper Affordability - Rental Affordable Rental Housing • Utilize Section 8 resources of Cambridge Housing Authority • Allows families earning less than 50% AMI access to top-quality IZ units • Stretches Section 8 resources as contract rents are capped at affordable levels required by Inclusionary Zoning Ordinance Atmark Apartments, Fawcett Street 428 total rental units 49 affordable rental units Occupancy 2014
  5. 5. Third Square 482 rental units, 56 affordable
  6. 6. Vox on two Inclusionary Rental 267 total units, 26 affordable Occupancy 2014
  7. 7. Charles Passage Inclusionary Rental 29 total units 3 affordable units Occupancy Spring 2007
  8. 8. Harvey Street Inclusionary Homeownership 20 total units, 2 affordable Homeownership
  9. 9. 22 Cottage Park 16 units, 2 affordable Condominiums

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