Rolling Green – Preserve Affordable Housing Units, $1,250,000 (Borrowing Authorization) (CPAC Vote 9-0) – The Town of Amherst is requesting $1,250,000 in CPA funds to help with the acquisition and pre-development costs in an effort to preserve long-term affordable housing at Rolling Green. Rolling Green apartments is a 204 unit multi-family development owned and managed by Equity Residential. It was purchased in 2000 by its current owners for approximately $6.5 million. Historically, there have been 41 affordable units for low and moderate income households, and the goal is to maintain at least this number in perpetuity. To date, Equity Residential has been cooperative and remains open to a process of possible acquisition, such that negotiations are ongoing. The Town is working with the Massachusetts Housing Partnership (MHP) to help facilitate the process and has partnered with highly reputable affordable housing developers. However, the affordable housing that remains at Rolling Green is not protected by a deed restriction or regulatory agreement, and the owners have indicated that they will raise rents 5 percent per year until all these units are at market rate. The loss of these affordable housing units is a serious concern. Amherst’s Housing Production Plan (HPP) states that “young families are rapidly declining as adults age 25 to 44 decreased from 7,323 in 1990 to 4,009 by 2010, a drop of 45.3%. The widening affordability gap will continue to present a substantial obstacle to young families being able to live in Amherst.”