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Cambridge Affordable Housing Trust

About the Affordable Housing Trust

The Cambridge Affordable Housing Trust was established in 1988 in response to escalating housing prices and a severe shortage of affordable housing for many low- and moderate-income residents. With the mission of creating and preserving affordable housing opportunities, the Trust has continued to be active in responding to the increasing need for affordable housing in the years since the end of rent control in the mid-1990s. The Trust’s nine members include experts in housing policy, real estate finance, development, planning, and design.

The Trust provides funding to assist non-profit housing organizations and the Cambridge Housing Authority in creating new affordable housing, preserving the affordability of existing housing, and rehabilitating multi-family housing. The Trust also offers financial assistance to first-time homebuyers and provides housing policy advice to City staff. The Trust has a long-standing commitment to supporting high quality housing that is well integrated into the community and that will remain affordable for future generations.

Some of the criteria the Trust uses when reviewing proposals for new programs, policies, and housing developments include:

Through its affordable housing acquisition and development, affordable housing preservation, first-time homebuyer assistance, and rehabilitation programs, the Affordable Housing Trust has helped thousands of families and individuals remain in the Cambridge community. Since its inception, the Trust has financed the creation and preservation of more than 1,900 affordable rental and homeownership units in Cambridge.

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Funding Sources

The Cambridge Affordable Housing Trust receives significant financial support through the Community Preservation Act (CPA). Adopted by the Cambridge City Council and Cambridge voters in 2001, the CPA is a financing tool for Massachusetts communities to expand the supply of affordable housing, protect historic sites, and preserve open space. Under the CPA, local funds that are dedicated to these uses are eligible for matching funds from the state.

The Incentive Zoning Ordinance, adopted in 1988, generates funding for the Cambridge Affordable Housing Trust by requiring developers of certain non-residential projects to mitigate the impact of their development through a contribution to the Affordable Housing Trust.

In 2000, Harvard University launched the Harvard University 20/20/2000 Initiative, under which the University committed $20 million of low-interest financing to support affordable housing in both Cambridge and Boston. Administering a $6,000,000 revolving loan fund, the Cambridge Affordable Housing Trust is one of three housing lenders selected by Harvard to manage these funds.

In addition to these sources, private contributions (often anonymous) are also made to assist in the Trust’s efforts to support affordable housing in Cambridge.

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How Does the Trust Define Affordable

Affordable means that the tenant or homebuyer pays no more than 30% of their income for housing costs. Most affordable housing is limited to households earning no more than 80% of the area median income. Affordable rental and ownership units developed through the City of Cambridge programs remain affordable through long-term deed restrictions. For rental units, these restrictions limit income-eligibility and how much rent can be charged for each unit. For homeownership units, the restrictions limit the resale price of the unit and require that upon resale units be sold to income-eligible households.

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Affordable Housing Trust Report

This file is in PDF format and requires use of the free Adobe Acrobat viewer.

• 2006 Affordable Housing Trust Report (2.3 MB)

To obtain a free copy of the Affordable Housing Trust Report, please contact Michelle Moran at mmoran@cambridgema.gov or 617/349-4622

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Affordable Housing Trust Members

Members of the Affordable Housing Trust are appointed by the City Manager and include the City Manager as an ex officio member. Current members include the following:

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Trust Meeting Dates, Agendas, and Minutes

The Cambridge Affordable Housing Trust meets regularly, usually on the fourth Thursday of the month. Trust meetings are open to the public and non-members are welcome to attend. These files are in PDF format and require use of the free Adobe Acrobat viewer.

Cambridge Affordable Housing Trust meetings are also listed on the citywide Calendar of Events.

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For More Information

For more information about affordable housing opportunities in Cambridge, please call the Housing Information Line at 617/349-4622 or send an email to Michelle Moran at mmoran@cambridgema.gov. The Community Development Department TTY line is 617/349-4621.

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