Faced with loss of affordable homes, Amherst votes to save them

AMHERST, March 27, 2015 --- The Community Preservation Coalition (CPC) has released an article describing how voters in Amherst stepped up to preserve affordable housing by authorizing $1.2 million in local funds to preserve 41 units of affordable housing.

By nearly a unanimous vote, residents last year authorized the use of Community Preservation Act funds to keep 41 units affordable at the Rolling Green apartment complex. The 41 units were designated affordable at the time the housing was built but the use restriction had expired and the owners were in the process of raising rents in these units to market levels.

To read the full CPC story on Amherst, click here

The town worked to find a solution because affordable housing is in short supply and is one reason why the number of young families in town has dipped from 7,000 to 4,000 in the last 20 years. Ultimately, the property was sold to an affiliate of Beacon Communities, which agreed to keep the units affordable. The town's authorization of CPA funds helped make this possible.

The CPC article also noted the role of MHP in saving the affordable homes:

Working with the local office of the Massachusetts Housing Partnership (MHP), the town explored its options. MHP provided funds for a preliminary capital needs analysis, and facilitated talks with potential buyers interested in working with the town. There were five interested buyers, and MHP helped the town in deliberations with them, while also supplying financial models. Rita Farrell, Senior Advisor from MHP’s Amherst office, assisted in the collaboration process, which eased the burden on town representatives.

MHP's Rita Farrell and the Community Housing Intiatiaves team help communities like Amherst find affordable housing solutions, be it developing new affordable housing, preserving existing housing or advising communities on how to properly use local resources like public property, local housing trusts and CPA funds.

For more information, contact CHI's Carsten Snow at csnow@mhp.net or 617-330-9944 x252.