Pilot Grove Apartments, Stow

In the Pilot Grove Apartments project, Stow used $350,000 in CPA funds to provide funding to preserve the affordability restrictions on 37 apartments that were at risk due to expiring restrictions.  This was completed through Stow’s Affordable Housing Deed Restriction Program, a creative program the town is using to advance affordable housing in the municipality. In the Affordable Housing Deed Restriction Program, CPA revenue is used to acquire permanent affordable housing restrictions from owners of existing homes in Stow, ensuring that the units remain functionally affordable in perpetuity.

The deed restrictions require that when the owner elects to sell the home, the sale price will be limited to the maximum affordable purchase price for a low- or moderate-income homebuyer, based on HUD income limits in effect at the time. This approach will enable the community to create additional affordable units without the increased capital investment and added complexity of acquiring the property itself.