Like many MetroWest communities, the affordability gap for homeownership in Framingham is great, particularly for first-time homebuyers and for older homeowners on fixed incomes. The affordability gap for renter households is greater. Data compiled in 2019 indicates that 32% of owner-occupied households and 51% of renter-occupied households in Framingham spend more than 30% of household income on housing.
Having a Community Preservation Fund can help Framingham better address the housing needs of City residents. It could support housing projects benefiting residents at or below 80% of the Area Median Income (AMI), currently equal to $86,650 for a household of three. Further, it could expand the income range of residents receiving housing support to up to 100% of the AMI.
Projects that qualify for CPA funds are fully aligned with the housing goals outlined in the City of Framingham planning documents. The availability of these funds would supplement and support the City’s goals and efforts to improve housing affordability and quality for all residents.
A SAMPLE OF POTENTIAL COMMUNITY HOUSING PROJECTS
CPA-eligible housing strategies to address housing issues include:
- Develop affordable ownership opportunities through purchase and rehabilitation of existing properties
- Use CPA funds to permanently further reduce the rent of some affordable units under inclusionary zoning (now affordable to households at 80% of Area Median Income) to provide rental opportunities for households at 50% of AMI.
- Preserve existing affordable housing inventory that is at risk.
- Support housing programs for households up to 100% of the AMI.
- Support a rental assistance program for eligible residents in times of financial hardship.
- Develop housing designed for aging in place and for people with disabilities.
- Support a local homebuyer assistance program.
- Support a local housing coordinator or join a regional housing service initiative.