Image courtesy of MassHousing
MassHousing has provided $9.9 million in CommonWealth Builder financing for the development of Amherst Community Homes in Amherst, which will create 30 new condominiums for purchase by moderate-income, first-time homebuyers.
“This project will turn an underutilized area in the town into 30 brand new homes for first-time homebuyers,” MassHousing CEO Chrystal Kornegay said in a statement. “The people who purchase these homes will be able to set down roots in Amherst and begin building wealth, along with all the other benefits of homeownership.”
Valley Community Development is developing the units in 15 duplex buildings in North Amherst. 10 of the units are restricted to homebuyers earning up to 80 percent of the area median income and 20 of the units are restricted to homebuyers earning up to 100 percent of the area median income.
The development will be on Montague Road, a piece of land that was previously developed for commercial and industrial uses. The development will cluster the new duplex condominium buildings to maximize shared open space on the site.
The new condos are designed to meet Energy Star NextGen certification and will use air source heat pumps for heating and cooling, Energy Recovery Ventilators for ventilation, and tight building envelopes. Additionally, the buildings will be sited and designed for passive solar. Valley Community Development permitted Amherst Community Homes under Chapter 40B, the state’s affordable housing development law.
“This development is over three years in the making, and we could not be more excited to add affordable homeownership opportunities to the Amherst community,” Alexis Breiteneicher, executive director of Valley Community Development, said in a statement. “Having affordable housing options from rental to homeownership is critical in addressing the housing crisis. Valley is deeply grateful to MassHousing and the CommonWealth Builder program for being committed to decreasing the homeownership wealth gap.”
Greenfield Cooperative Bank is providing $4 million in construction financing and the town of Amherst is providing $1.47 million in Community Preservation Act and local affordable housing trust fund financing.
