Cambridge Shared HomeBridge Expands Program Income Eligibility To 120% Of Area Median Income

Press release from the City of Cambridge:

January 28, 2021

The City’s HomeBridge program has been expanded to serve households earning up-to 120% of Area Median Income (AMI). Previously, the program limit for participating households was 100% AMI. Staring on Monday, February 22, 2021, the Community Development Department, Housing Division will begin reviewing applications for the expanded program eligibility.

HomeBridge provides financial assistance for eligible applicants to purchase homes on the open market. For qualified applicants, HomeBridge offers financial assistance up to:

• 50% of the purchase price for 3BR units
• 45% of the purchase price for 2BR units
• 40% of the purchase price for 1BR units

In exchange for this assistance, buyers enter into an Affordable Housing Covenant and purchased homes become part of the permanently affordable stock.

Qualified applicants must be first-time homebuyers that currently live in Cambridge or have one adult family member who works full time in Cambridge. They must earn no more than 120% of Area Median Income (AMI), adjusted for household size, and they must be able to obtain a conventional, fixed-rate mortgage. To view the income guidelines, click here.

For more information about HomeBridge and the expanded income eligibility guidelines, attend a virtual information session on Thursday, February 11, 2021 at 6:00 PM hosted on Zoom. Click here to register. Attendance at this session in not a requirement to participate in the HomeBridge Program.

Visit www.cambridgema.gov/HomeBridge to learn more and to download an application. Click here to view a program flier.

This press release was produced by the City of Cambridge. The views expressed here are the author’s own.