Amherst affordable condo project scores $1.25M in financing from statewide partnership

ball laneBy SCOTT MERZBACH

AMHERST — A Valley Community Development project in North Amherst to build 30 condominiums, two-thirds of which will be affordable, is receiving an acquisition loan and predevelopment loan totaling $1.25 million.

The Community Economic Development Assistance Corp. on Wednesday announced its support for the project, on the former site of a repair garage and trucking terminal on Ball Lane.

The Amherst project is among $22 million in affordable housing across the state getting similar acquisition and predevelopment financing. Combined, those projects will create or preserve 466 units of affordable housing in eight communities, including Brockton, Chelsea, Fitchburg, Provincetown, Stow, and the Fenway and Dorchester neighborhoods of Boston.

Roger Herzog, executive director of the public-private community development financial institution, said in a statement that the agency’s fourth-quarter activities in fiscal year 2022 demonstrate the reach of the organization, the depth and breadth of its relationships, and a commitment to serving all regions of Massachusetts.

“We are also pleased that in addition to creating new affordable housing stock to help meet surging demand, this group of projects also includes the preservation and improvement of critical housing units for some of the most vulnerable populations existing on minimal incomes,” Herzog said.

The North Amherst site is at 20-40 Ball Lane and was acquired in mid-August by Valley CDC for $850,000 from the Matuszko family. Valley CDC’s goal with the project is reaching first-time homebuyers and then marketing the homes to underserved populations, including many who may be racial minorities.

According to financing agency, 10 units will be restricted for households earning at or below 80% of the area median income and 10 units will be reserved for households at or below 100% of the area median income AMI, with the remaining 10 units unrestricted and sold at market rate. 

The Community Economic Development Assistance Corp. provides project financing and technical expertise for community-based and other nonprofit organizations engaged in effective community development in the state.