property result in an increase in assessment and taxation. | ||||
Planning and Building Fee Rebate Programs | This program provides financial relief to property owners who undertake development or redevelopment projects within eligible areas. The rebate applies to most municipal fees related to development or redevelopment, including:
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| - The development or redevelopment must include a minimum of 4 units which qualify as “affordable”; the four (4) units minimum does not apply to non-profits developments of fewer units | |
Feasibility Grant Program | Financial assistance for feasibility studies, building renovation design, or business plans will be provided through this program. | - A grant up to a maximum of $5,000 can be applied for. | - The development or redevelopment must include a minimum of 4 units which qualify as “affordable”; the four (4) units minimum does not apply to non-profits developments of fewer units | |
Residential Incentive Program (per-door grant) | The purpose of this program is to jump-start affordable housing in location that best serve the needs of tenants. | - A grant of $10 per square foot of newly created affordable habitable residential space, or $20,000 per affordable dwelling unit, whichever is lesser. | - The development or redevelopment must include a minimum of 4 units which qualify as “affordable”; the four (4) units minimum does not apply to non-profits developments of fewer units | |
Second Unit Incentive Program | The purpose of this program is to encourage the creation of second units by Non-Profit, or Charitable Institutions. | - The program will provide a maximum funding amount of 50% of the approved project costs to a maximum of $50,000. | - The sum of the mortgages/encumbrances (e.g. other charges on property) registered on the title and program funding cannot exceed the market value of the home. | |
Cambridge Affordable Housing Community Improvement Plan (2016) | ||||
Affordable Definition | CIP Programs | Description | Program Details | Requirements |