CPA Funds to Assist Residents with Rental Payments
Posted on June 4th at 9:35pm.
Beverly is the most recent local community to propose utilizing Community Preservation Act (CPA) funds to offer rental assistance to residents. CPA funds come from a 1% surcharge on property taxes that can be adopted by a municipality to protect open space, create affordable housing, and more.
Beverly’s program, which would cover up to 60% of rent for 3 months (not to exceed $3,600), is currently before the City Council for approval. Public hearing for the proposal will be heard on June 15th.
Individuals would be eligible for the program if they lost income due to COVID-19 and their household income is less than the Area Median Income (which differs based on household size). Those with a mortgage on a deed-restricted low-income property would also be able to utilize the assistance.
You can read more about Beverly’s previous use of CPA funds and the rental assistance program here.
