The Community Development Department (CDD) manages several affordable homeownership programs:
- The Homeownership Resale Pool is open to interested homebuyers earning 50-100% Area Median Income (AMI), adjusted for household size. There are over 500 affordable homeownership units that are overseen by the City. When a current owner decides to sell their unit, a new buyer is selected from the Homeownership Resale Pool. Applications are accepted on a rolling basis, and preference is given to Cambridge residents and households with children.
Affordable Homeownership Lottery opportunities are offered by CDD. These opportunities are announced and promoted through CDD's website when units are available. You can sign up to be notified of upcoming homeownership lotteries here.
- HomeBridge is a program that assists first-time homebuyers in purchasing a home in Cambridge. Eligible buys receive financial assistance for a portion of the price of the home. In exchange, they enter into an affordable housing restriction. Eligible applicants must earn no more than 120% of the Area Median Income (AMI), adjusted for household size. The program provides 50% of the purchase price for a 3-bedroom unit and 45% of the purchase price for a two-bedroom unit.
- Downpayment Assistance is offered to income-eligible, first-time homebuyers purchasing a home in Cambridge. Eligible buyers receive assistance of up to 6% of the purchase price or $10,000 (whichever is greater). This assistance is in the form of a forgivable loan. 20% of the funding is forgiven each year over a 5-year period provided the buyer uses the home as their residence. There are no other restrictions limiting the future resale price of the property, unless assistance is used to purchase an affordable homeownership unit.
CDD's Housing Division regularly offers a free First-Time Homebuyer Course that provides participants with an overview of the homebuying process. The 4-week course provides a variety of presentations by City homebuyer counselors and local real estate professionals. Topics include: budgeting & credit, the housing search process, obtaining a mortgage, legal issues, home inspections, insurance, financial assistance programs, and successful homeownership.
Classes are open to all, including non-Cambridge residents. Pre-registration is required; for scheduling information, click here.
Cambridge residents who have completed the First-Time Homebuyer Course can schedule an individual counseling session with one of CDD's homebuyer counselors. These sessions can be used to review next steps, develop a budget, examine credit issues, or ask additional questions about the homebuying process.
Choosing the right mortgage product will help homeowners establish housing costs that will be sustainable homeowners for the long term. There are several mortgage products available through state and federal programs, including:
Information about the City's limited equity cooperatives is available here.
For additional questions about homebuying and homeownership, read CDD's Homebuyer FAQ.