Land Trust Wins $375,000 from State for Amity Street Development
Architect's rendering of renovation project at 174 Amity Street with duplex to be constructed by Habitat for Humanity to the left. Photo: amherstma.gov
Source: Amherst Community Land Trust
Last week, Governor Maura Healey announced an award of $375,000 in Community Investment Tax Credits (CITC) to Amherst Community Land Trust (ACLT), part of $12.8 million distributed to 52 eligible Community Development Corporations (CDCs). The award is the maximum allotment available, making ACLT one of the top recipients in the state. This is ACLT’s second year as a CDC, and the second consecutive year in which it received the maximum allotment of CITCs.
Donors who give $1,000 or more to ACLT will receive a tax credit of half the amount of the donation on their Massachusetts tax return for that year. Those who do not owe taxes to Massachusetts will receive a check for half the total of their donation.
In its first year in the program, ACLT received the maximum allotment of $175,000 for first-time eligible CDCs. With a successful fundraising campaign to preserve a house on Fearing Street for affordable purchase by a family, ACLT showed excellent utilization of the funds. Consequently, it applied for and was awarded $375,000 in the latest distribution. To maximally utilize this amount, ACLT must raise $750,000 in the next three years.
Since its founding in 2014, ACLT has facilitated the purchase of eight homes in Amherst, all of which will be affordable to those of low to moderate income in perpetuity. Using the land trust model, ACLT owns the land and the homeowner owns the house with a 99-year ground lease. This means the house is purchased at far less than the market rate, but then must be sold at a proportionately affordable price at resale.
Currently ACLT is raising funds to help develop the 19th century house at 174 Amity Street into three affordable condominiums. Habitat for Humanity will also build an affordable duplex on the site, yielding five more homeownership opportunities Those wanting to donate to the Amity Street project or to ACLT in general are encouraged to contact the land trust through the website.