That the City Manager is requested to confer with the Affordable Housing Trust on the matter of increasing funding to the City’s HomeBridge program so that access to homeownership may be made available to a wider range of incomes, as the program intends.

WHEREAS:

The City’s HomeBridge program provides financial assistance to eligible, first-time homebuyers in purchasing a home in Cambridge; and

WHEREAS:

In exchange for this assistance, the sale is accompanied by an affordable housing restriction; and

WHEREAS:

Eligible applicants must earn at least 60% and no more than 100% of Area Median Income (AMI) adjusted for household size; and 

WHEREAS:

When program funds are available, households up to 120% AMI may also be determined eligible for HomeBridge; and

WHEREAS:

Funds for households earning between 100% and 120% AMI are not currently available and the program for households in this income range is not currently accepting applications; now therefore be it

ORDERED:

That the City Manager be and hereby is requested to confer with the Affordable Housing Trust on the matter of increasing funding to the City’s HomeBridge program so that access to homeownership may be made available to a wider range of incomes, as the program intends; and be it further

ORDERED:

That the City Manager be and hereby is requested to report back to the City Council on this matter as soon as possible.