Nonprofit and private developers looking to build affordable housing are encouraged to contact the Office of Strategic Planning and Community Development for available resources and guidance.
The City can provide funding for new affordable housing through:
- The HOME Program
- The Community Development Block Grant Program
- The Affordable Housing Trust Fund
- The Community Preservation Act
Select this option if you are a developer seeking funding for an affordable housing project, including acquisition, construction, or rehabilitation. Funding available includes HOME funds, Malden Affordable Housing Trust Funds, and Malden ARPA funds.
The City adopted an inclusionary zoning ordinance in October 2021 that requires developers to provide 15% of units in new developments as income-restricted affordable housing. Below is a brief overview of the ordinance:
- Applicability - Inclusionary zoning provisions apply to all projects and developments that result in a net increase of eight or more units.
- Provision of Affordable Units - Inclusionary developments shall provide a minimum of 15% of total units as affordable units.
- Incentives- Inclusionary developments are afforded the following incentives:
- Density Bonus - 1 additional unit allowed per required affordable unit
- Parking Adjustment - 1 parking space required per affordable unit
- Household Eligibility-
- Rental - Affordable rental units shall be reserved for households earning income up to 50% of the Area Median Income (AMI).
- Homeownership - Affordable homeownership units shall be reserved for households earning income up to 80% AMI.
- Affordability - The maximum rent/purchase price for affordable units shall be set at a level that does not exceed 30% of the renting/purchasing household's income.
For more detail, please see the full ordinance on Municode or contact OSPCD.