The ACLT First-Time Homebuyer Program.
$200,000 subsidy for a qualified buyer to purchase a home in Amherst, MA.
The Amherst Community Land Trust (ACLT) was awarded a grant from the Town of Amherst to help two low-income* families purchase homes in Amherst that has now been supplemented with private donations in response to high Amherst home prices and increased interest rates. One subsidy has been awarded and applications are now being accepted for the second subsidy. This opportunity will be given to the first applicant to complete the full application process who qualifies for the program. Additional applicants will be held in a waiting list for later opportunities.
The program information packet and application form can be downloaded here
For full information contact Donna Cabana at Valley CDC at dc@valleycdc.com [(413) 586-5855 x180]. Questions can also be sent to ACLT using the contact page.
How it works:
1. Income eligibility of first-time home buyers will be determined by the Valley Community Development Corporation (Valley CDC). Applicants will be screened in the order received.
2. The successful applicant will shop for an affordable home in Amherst. Potential home buyers are urged to think creatively. For instance, owning a home can be less expensive than renting and it might be possible to approach your landlord to offer to buy the home you currently rent.
3. The Amherst Community Land Trust will provide $200,000 toward the purchase price of the chosen home. The land under the house will be owned by the trust.
4. The buyer will enter into a long-term (99-year) ground lease with, and become a member of, the Amherst Community Land Trust.
*Income limits are 80% of the area median income, as calculated below:
- 2-person household – $63,800
- 3-person household – $71,750
- 4-person household – $79,700
- 5-person household – $86,100
- 6-person household – $92,500