IZ Workshop 2014: A1 cambridge inclusionary housing

• 1. May 2014 City of Cambridge Inclusionary Housing Program

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. 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. 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. Third Square 482 rental units, 56 affordable 6. Vox on two Inclusionary Rental 267 total units, 26 affordable Occupancy 2014 7. Charles Passage Inclusionary Rental 29 total units 3 affordable units Occupancy Spring 2007 8. Harvey Street Inclusionary Homeownership 20 total units, 2 affordable Homeownership 9. 22 Cottage Park 16 units, 2 affordable Condominiums