North Amherst Expands Affordable Home Ownership

Amherst Community Homes, a new affordable condominium complex, is set to open this fall. This is Valley CDC’s first homeownership project in 20 years, with units selling for $200,000 and $250,000 below market value, prices considered “affordable” to those who make at or above the median area income.

On Thursday, the first of 30 units in Amherst Community Homes, North Amherst’s new affordable condominium complex, were purchased. Eight more of the units are currently under agreement with Valley Community Development Corporation (Valley CDC), the project’s developer.

Reflecting a trend toward limited-equity homeownership as a model of affordable housing, Amherst Community Homes is opening this fall thanks to Valley CDC’s cooperation with and funding from both the state and the Town of Amherst. State funding is funneled through the CommonWealth Builder (CWB) program — an initiative of MassHousing, the state’s quasi-public housing bank — while the town’s Affordable Housing Trust and Community Preservation Act Committee allocated additional local funds.

According to Valley CDC’s executive director Alexis Breiteneicher, 70% of the soon-to-be residents currently live in Amherst, while the remaining are from the broader Hampshire County. The two- and three-bedroom duplex homes also allow for a range of occupancies. Breiteneicher said there is already at least one family including three generations set to move in this fall.

Article by Talia Ehrenberg
Read the full article at the Amherst Student

About Valley Community Development 

Valley Community Development is a nonprofit organization dedicated to uplifting communities through affordable housing development, small business assistance, and homeownership programs throughout Hampshire, Hampden, and Franklin counties. Since 1988, Valley has remained steadfast in its mission to create economic opportunity and housing stability for entrepreneurs and residents across the CT River Valley.