The Vermont Housing Finance Agency (VHFA) will receive $1.4 million in funding to spur development of affordable housing in Vermont, it was announced by to US Senator Patrick Leahy (D-VT), US Senator Bernie Sanders (I-VT), and US Representative Peter Welch (D-VT) on Wednesday .
The VHFA plans to use the grant, made possible by the American Recovery and Reinvestment Act (ARRA), to provide sufficient equity funding to develop Blake Commons, a 16-unit, multi-family, affordable housing project in Swanton. Blake Commons is being developed in partnership with Housing Vermont and Champlain Housing Trust and will provide homes to families earning 50-60 percent of the area median income.
The project is based on the site of a former commercial meat-packing plant and is adjacent to the town recreation fields and the soon-to-be-developed Swanton Rail Trail. It will meet VHFA’s Green Building Standards to achieve a high level of energy efficiency and will meet the state’s objectives for in-fill development and smart growth principals. Construction is scheduled to begin in September.
The funding for Vermont is part of $309 million in ARRA funding to seven states announced by the Treasury Wednesday.
Source: Vermont Congressional delegation.