Amherst College has established an open access press, the Amherst College Press.
Here's an excerpt from the press release:
Conceived by Amherst College Librarian Bryn Geffert, Amherst College Press will be housed in the college's Frost Library and will solicit manuscripts from scholars who may be especially receptive to new publishing paradigms at a time when traditional academic presses are reducing the number of titles they publish. . . .
At the outset, Amherst College Press will publish solely in liberal arts disciplines such as political science, literary studies, history, economics and anthropology—areas for which Amherst is well known. The press will produce books in formats that will be suitable for most e-readers; print-on-demand may be available. The press will not focus on print production or distribution. . . .
Funding for the press will come from the Frost Library and from an endowed position for which the college is currently raising money. The college also expects that the content of the Amherst College-affiliated literary magazine The Common will be freely available online under the open-access model governing the press, while The Common will continue to use its own resources to produce the publication's print version.
Read more about it at "Frequently Asked Questions."