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.
Valley Community Development is developing the new homes in 15 duplex buildings in North Amherst with 10 of the units restricted to homebuyers earning up to 80% of the Area Median Income (AMI) and 20 restricted to homebuyers earning up to 100% of AMI.
“This project will turn an underutilized area in the town into 30 brand new homes for first-time homebuyers,” said MassHousing CEO Chrystal Kornegay. “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.”
In addition to funding from MassHousing, Greenfield Cooperative Bank is providing $4 million in construction financing and the Town of Amherst is providing $1.475 million in Community Preservation Act and Affordable Housing Trust Fund financing.
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