The city is assembling its first Affordable Housing Reserve Fund working group to provide feedback on how it should proceed with the $1.3 million fund to create more affordable housing in Cambridge.
The fund is intended to encourage private sector and not-for-profit housing providers to build more affordable rental housing in Cambridge.
To help decide how the fund should be utilized, the city wants to hear from individuals "with professional or lived experience in finance, construction, operating non-profit organizations, or the rental housing industry" who have an interest in helping to solve the housing crisis in Cambridge.
Anyone interested for the volunteer opportunity is invited to submit an expression of interest by April 8 to the Clerk's Department via email to [email protected].
For more information, refer to the Terms of Reference for the Affordable Housing Reserve Fund Working Group or contact the Clerk's Division by calling (519) 623-1340, extension 4079.
Council approved its Reserve Fund Policy in 2023 and included the plan to create an affordable housing reserve fund committee.
The fund itself came about when developers told the city there are situations and locations that make it difficult or cost prohibitive to provide affordable units in their housing projects.
To address this, the city added a condition of draft approval for plans of subdivision requiring developers who can't guarantee affordable units the ability to provide cash-in-lieu instead.
Contributions to the reserve fund are approved by council when a plan of subdivision is tabled for its review.
The fund currently sits at $1.3 million.
The city's updated housing strategy will include direction on when the cash-in-lieu condition should apply and what rate developers should be asked to contribute per unit.
The money will then be used to provide capital grants on a per-unit basis to eligible not-for-profit organizations, on their own or in partnership with the private sector, to help get affordable units built for low income individuals or families who have core housing needs.
A household in core housing need is one whose dwelling is considered unsuitable, inadequate or unaffordable and whose income levels are such that they could not afford alternative suitable and adequate housing in their community.
The city's Affordable Housing Reserve Fund is one of a number of tools available to staff and council to assist in the creation of affordable units.
Cambridge also has a Community Improvement Plan (CIP) in the three Core Areas and the Regeneration Areas as set out in the Official Plan.
The CIP allows council to refund or waive application fees for development applications up to and including building permit fees.
To qualify for these incentives, the developer needs to be a known affordable housing developer or needs to partner with a known affordable housing provider.
