Boston Real Estate Times – MassHousing Awards $9.9 Million to Support 30 Affordable Homes for First-Time Buyers in Amherst
BOSTON — A major boost to affordable homeownership in Amherst, MA is underway as MassHousing announces $9.9 million in CommonWealth Builder financing to support Amherst Community Homes, a development of 30 new condominiums aimed at moderate-income, first-time homebuyers.
Developed by Valley Community Development, the project will feature 15 duplex buildings in North Amherst, providing 18 two-bedroom units and 12 three-bedroom units priced between $162,900 and $267,000. The homes will be deed-restricted for households earning between 80% and 100% of the Area Median Income (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.”
Located on Montague Road, the development reimagines land previously used for commercial and industrial purposes. The site will cluster homes to maximize shared open space, with a design that reflects both community needs and environmental sustainability.
“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,” said Alexis Breiteneicher, Executive Director of Valley Community Development. “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.”
Green, Affordable, and Locally Supported
Amherst Community Homes is designed to meet Energy Star NextGen certification standards. All units will be equipped with air source heat pumps, Energy Recovery Ventilators, and tight building envelopes. Homes will also be sited for passive solar design to improve energy efficiency and lower utility costs.
The project is being funded through multiple sources:
$9.9 million from MassHousing’s CommonWealth Builder Program
$4 million in construction financing from Greenfield Cooperative Bank
$1.475 million from the Town of Amherst via Community Preservation Act and Affordable Housing Trust Fund resources
The homes are being developed under Chapter 40B, the state’s affordable housing law. Construction is being led by Keiter Corporation, with design by Austin Design Cooperative, Inc. and property management by Hampshire County Property Management Group.
MassHousing’s CommonWealth Builder Program is the largest state-level initiative in the U.S. aimed at expanding affordable homeownership. Launched in 2019, the program provides subsidies to support construction of moderately priced homes for first-time buyers earning between 70% and 120% of AMI.
Through mortgage financing, down payment assistance, and job-loss mortgage insurance, the program helps families transition into stable, long-term homeownership. To date, $175.7 million has been committed to 33 projects, supporting the creation of 804 homeownership opportunities, including 715 affordable homes for first-time buyers.
With construction on Amherst Community Homes now underway, the project represents a key step forward in addressing the housing affordability crisis in the Pioneer Valley and supporting wealth-building opportunities for Massachusetts families.