Rolling Green Apartments, 204 units
Rolling Green Apartments owner Equity Residential gave official notice to the Amherst Housing Authority earlier this week that they will indeed pay off their remaining subsidized mortgage and bring 41 formerly affordable units up to market rate.
And while it may sound a bit like the tail wagging the dog, the loss of those 41 units means the entire 204 unit complex falls off the town's Subsidized Housing Inventory, dropping Amherst to 8.5% -- well below the 10% threshold required for fending off a Ch40B development.
As of September 1st a developer could file a Chapter 40B housing project and build pretty much whatever they want as long as 25% of the units are "affordable."
Town officials had thought they bought a one-year reprieve with the recently completed "Housing Production Plan," but as part of that plan the town has to produce 0.50% of the town’s year-round housing stock, or 48 units of affordable housing annually (not lose 204 units!).
Bad news part 2: Town planning staff just learned the state is not going to accept the 42 affordable units coming on line at Olympia Oaks because that project was in the works W-A-Y before the Housing Production Plan was completed (March, 2013).
Other than Olympia Oaks, the only affordable housing on the near horizon are six units at President Apartments proposed expansion. In other words, without Olympia Oaks the town stands zero chance of a one year Ch40B reprieve.
The fall of Rolling Green has been on town officials radar for almost six years. On September 1st, it happens. So now when a developer comes a calling, no matter how many NIMBYs protest the proposed Ch40B development, IT WILL HAPPEN.
(Which, considering our exceedingly tight housing market, may not be a bad thing.)