Cambridge Offers Affordable Homeownership Lottery for First-Time Homebuyers


1/31/2022 • 2 years ago

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The City of Cambridge is offering nine new affordable condominiums for sale to income-eligible first-time homebuyers through a lottery process. These affordable condos are located at two properties in different neighborhoods: Inman Crossing Condominiums, 305 Webster Avenue in Inman Square, and Saint James Place Condominiums, 7 Beech Street near Porter Square.

 

“The City’s longstanding commitment to affordable housing efforts, and the use of strategies to advance our housing goals, has helped thousands of residents with some amazing results,” said Cambridge City Manager Louis A. DePasquale. “I am pleased to see these new affordable condominiums be available to expand homeownership for nine Cambridge families.”

 

The condos offered through this lottery opportunity will serve households earning up to 80 percent of the area median income. The available condos include: three (3) 1-bedroom units, five (5) 2-bedroom units, and one (1) 3-bedroom unit. 

 

“This is the first homeownership lottery Cambridge has held since 2018,” said Assistant City Manager for Community Development, Iram Farooq. “I am so proud that we are able to offer new affordable homeownership opportunities to members of the Cambridge community in two vibrant neighborhoods surrounded by transit options, shopping and other amenities.”

 

The City is piloting an online application for this lottery. Interested applicants must complete and submit the application no later than Friday, March 4, 2022 at 12 p.m. A single application may be submitted to be considered for condos at both properties.

 

City staff will host a virtual information session on Tuesday, February 15, 2022 from 6:00-7:00 p.m. to provide an overview of the lottery, eligibility requirements, how to apply, and answer questions about this opportunity.Attendance is not required to apply for this opportunity. To request language interpretation for the information session, please contact homeownership@cambridgema.gov or 617-349-4622 no later than Thursday, February 10, 2022.

 

For more information, visit www.cambridgema.gov/HomebuyerLottery. This information is available in eight languages: Amharic, Arabic, Bangla, Brazilian Portuguese, Simplified Chinese, Haitian Creole, Spanish, and English.

Household Income Eligibility Guidelines and Unit Pricing

 

 

 

Saint James Place Unit Pricing

 

 

Inman Crossing Unit Pricing

 

 

Household

Size

Max. Household Income

Condo Sales Price

Estimated Monthly Housing Costs*

Condo Sales Price

Estimated Monthly Housing Costs*

1-Bedroom

Condo

1-Person

$70,750

$279,500

$1,570

$291,500

$1,570

2-Persons

$80,850

2-Bedroom

Condo

2-Persons

$80,850

$315,500

$1,767

$325,500

$1,766

3-Persons

$90,950

4-Persons

$101,050

3-Bedroom

Condo

 

3-Persons

$90,950

$350,800

$1,964

N/A

N/A

4-Persons

$101,050

5-Persons

$109,150

6-Persons

$117,250

*For more information on monthly housing costs, download a PDF of detailed lottery information.