Affordable Housing
What is the demand for affordable housing in Cambridge?
There has been overwhelming demand for affordable housing in Cambridge for many decades and COVID-19 has resulted in an even sharper increase in the need for affordable housing. As of September 28, 2020, the Cambridge Housing Authority has 20,703 unique applicants across all of CHA’s waiting lists (32 total). 7,102 (34%) of applicants indicate they live or work in Cambridge or are a veteran. Per the CHA’s mobile voucher waitlist only (12,081 applicants on waitlist) there are 5,657 applicants for one-bedrooms, 4,086 applicants for two-bedrooms, and 2,352 applicants for 3 bedrooms or larger. Of applicants that qualify for a local preference (applicants that live and/or work in Cambridge), there are 2,464 applicants for one-bedrooms, 1,325 applicants for two-bedrooms, and 732 applicants for 3-bedrooms or larger.
Homeowner’s Rehab recently leased up The Finch and had 2,261 applicants for 98 affordable apartments. Capstone and Hope’s Port Landing had 1,386 applicants for 20 affordable apartment units. The property management team at Frost Terrace, Capstone and Hope’s newest development leasing up in Porter Square, estimates that the project will have 4,000 – 5,000 applicants for 40 apartments.
What is considered affordable housing in the context of 2072 Mass Ave?
Affordable housing typically includes apartments that limit household income to at or below 30%, 50% and 60% of the area median income (AMI). For 2020, the adjusted gross income limits in Cambridge for a family of four range from $38,370 to $76,740. For 2020, three-bedroom monthly rents (including all utilities) would range from $997 to $1,995, and two-bedroom monthly rents would range from $864 to $1,728. HUD annually updates these rents and incomes.
If someone has very little income but significant assets, could they qualify to live at 2072 Mass Ave?
No. For purposes of qualifying residents to live in the building, income is imputed from assets in addition to being calculated in more standard ways, such as from W2s, 1099s, etc.
How long will the apartments be restricted as affordable housing?
The apartments at 2072 Mass Ave will be affordable in perpetuity.
How would I apply for an apartment home at 2072 Mass Ave?
If the project is approved, approximately six months prior to the project being completed, the property management team will distribute applications for a public lottery for the apartment homes at 2072 Mass Ave. There will be a 60-day application period during which time applications for the lottery are accepted. If you are looking for an affordable apartment home now, the development team’s Frost Terrace Apartments, also in Porter Square, is currently accepting applications. Visit www.FrostTerApts.com for more information.
Do Cambridge residents or household members who work in Cambridge have priority for any of the apartments?
Subject to state and City approval, 70% of the affordable homes would be set-aside for current Cambridge residents and those who work in Cambridge. The City of Cambridge requires the maximum amount of local preference which is capped at 70% by state and federal funders.
Why are all of the apartments rental and not ownership?
A significant portion of the development’s funding sources include the Low-Income Housing Tax Credit, a federal subsidy that requires the development to be rental housing.