VHCB Awards $5.1 Million in State and Federal Funds for Housing Development and Rehabilitation in St. Albans, Burlington, Montpelier, Windham & Windsor Counties
VHCB Awards $5.1 Million in State and Federal Funds for Housing
Development and Rehabilitation in St. Albans, Burlington, and Montpelier
At a meeting on January 22, the Vermont Housing & Conservation Board committed $5,129,478 for the construction of 126 new apartments in St. Albans and Burlington and the rehabilitation of 22 condominiums and older homes in Montpelier and in Windham and Windsor counties. The Board awarded $740,000 in state funds for these efforts, along with $3.5 million in Housing Revenue Bond funds and $1.58 million in federal funds for affordable housing from the National Housing Trust Fund and the U.S. Department of Housing and Urban Development’s HOME Program.
“Building new housing and rehabilitating substandard homes to serve low- and moderate-income households around the state will help ease the shortage of housing in these markets. High housing costs are a burden for too many households, affecting their ability to thrive and leaving shortfalls in other areas, such as food, utilities, and health expenses.”
-- Gus Seelig, VHCB Executive Director
Windham and Windsor Counties - A $300,000 VHCB grant will help the Windham & Windsor Housing Trust and Housing Vermont purchase and rehabilitate single-family homes with the goal of minimizing buyers’ maintenance and energy costs. After energy efficiency improvements, repairs, and remedying housing health and safety code issues, the groups will market and sell the homes to moderate-income households through the Windham & Windsor Housing Trust Homeownership Center.
Burlington - The Cathedral Square Corporation (CSC) will construct 70 new homes for older adults at Cambrian Rise, a 27-acre new neighborhood off of North Avenue. The developers will use awards of $2,349,278 in Housing Revenue Bond funds and $1,180,200 in federal National Housing Trust funds in the $19.9 million development. Juniper House will be adjacent to 12 acres of open land with trails, community gardens, and access to Lake Champlain that was conserved with funding from VHCB and the City of Burlington. Residents will benefit from SASH®, CSC’s nationally recognized care coordination program. The energy-efficient, 4-story building will offer underground parking, a community room with a kitchen, and an exercise room.
“We urgently need more homes in Burlington, and these 70 new homes will serve one of our most vulnerable communities and give elders the option of moving into a well-designed, independent living setting with support services. Cathedral Square has an impressive track record, and I am proud that the City of Burlington is joining VHCB and supporting Juniper House with $1.13 million from the City’s Housing Trust Fund and federal HOME Program funds.”
-- Mayor Miro Weinberger
St. Albans – The Champlain Housing Trust and Housing Vermont will use $1.2 million in Housing Revenue Bond funds and $400,000 in federal HOME Program funding awarded by VHCB to construct 30 new, affordable apartments. Maiden Lane Apartments will be part of a downtown redevelopment effort spearheaded by the City of St. Albans that will also include market rate housing and commercial space located close to schools, shopping, services, and employment, and served by public transportation. The new apartments will replace 23 existing, substandard apartments that will be demolished. Residents will be relocated during construction.
Montpelier – Eighteen condominiums located in the center of downtown Montpelier in six historic buildings will be recapitalized with $440,000 in VHCB funding and $516,130 in other financing. Two condominium associations will be merged and Downstreet Housing & Community Development will replace windows, doors, and roofing, perform exterior painting, weatherize, make porch repairs and site improvements. The investment will preserve market value and improve resales for these affordable home ownership options while also positioning the condominium association for long-term success.
The Vermont Housing & Conservation Board funds the development and preservation of affordable housing and the conservation of agricultural and recreational land, forest land, natural areas, and historic properties.