The council commissioned a study from the East of England Development Agency and the DTLR to look at how investment could be brought to the area, which needs to build 2,800 houses a year to meet targets.
The council argues the government must invest in successful areas, rather than just those in need of regeneration, in order for the economy to prosper.
'Cambridge has been at the forefront of a revolution in the industrial landscape of the UK and is one of the leading hi-tech clusters in the world,' said agency chair Vincent Watts.
An action plan has been produced by the agency, local and public authorities and representatives of Cambridge's hi-tech private sector.
They are committed to delivering a 'step change in the supply of affordable housing' and a public/private partnership to plan the area's development.