Community Preservation Act (CPA) funds for affordable housing are allocated to the Cambridge Affordable Housing Trust and are used by the Trust to preserve or create affordable housing through financing:
- Preservation of affordable housing with expiring use restrictions;
- Acquisition of existing buildings;
- New construction and conversion of commercial, industrial and other non-residential buildings;
- First-Time Home Buyer's Financial Assistance programs;
- Revitalization of state-assisted Public Housing.
Continued Need for Affordable Housing:
- Despite the preservation of affordability at 6 properties with 423 units since 2011, there remain 670 affordable units' restrictions which will expire by 2020.
- There are 9,315 distinct households on the Cambridge Housing Authority (CHA) waiting lists for affordable rental housing; there are 992 applicants currently in the Community Development Department (CDD) rental and homeownership applicant pools.
- In order to afford the median market asking rent of $3,000 for a two-bedroom apartment in Cambridge, a two-earner household being paid Cambridge’s living wage would each have to work more than 78 hours per week to afford the rent.
- The median market price for condominium in Cambridge was $510,000 in 2013, which would require an income of more than $123,000 per year to purchase without a significant down payment.
Median Market Asking Rents September 2013:
- 1 bedroom $2,385
- 2 bedroom $3,000
- 3 bedroom $3,200
Who are CPA Funds Serving?
Chair - Lisa Peterson,
Deputy City Manager
Principal Budget Analyst - Angela Pierre
Budget Office - 617-349-4267
Sr. Management Analyst - Karen Preval
City Manager's Office - 617-349-4221
795 Massachusetts Ave
Hours of Service