Improvements to Maple Street Apartments in Hardwick have made this 16-unit, senior housing development a warmer, safer and more attractive place to live--but not before the residents had to contend with the dust, noise and inconvenience of living through the 13-month rehabilitation process. To both mark the completion of the renovations and recognize the residents for their patience and cooperation, the two nonprofit owners of Maple Street Apartments treated the residents to a thank you luncheon on Thursday. The $2.5 million acquisition and rehabilitation project drew upon several funding sources including $800,000 in equity investments through Housing Vermont’s Green Mountain Housing Equity Fund, Vermont Housing Finance Agency loans of $510,000, $536,150 through the purchase of state tax credits by the Community National Bank, $310,000 loan of state funds and $340,000 in HUD funds by the Vermont Housing and Conservation Board, and a $340,000 loan by the Town of Hardwick through the Vermont Community Development Program.
“When the Lamoille Housing Partnership and Housing Vermont bought Maple Street Apartments, we told you that we would make improvements and warned you that the renovations would cause some disruption,” said Jim Lovinsky, LHP Executive Director. “Well, I think you would agree that we were correct on both points. Today, we thank you for your understanding and also extend our appreciation to the funders, workers and supporters who made the improvements possible,” he said.
Housing Vermont and LHP purchased Maple Street Apartments in November 2012 to preserve the rental housing contract with the Department of Housing and Urban Development (HUD) and to renovate the two buildings which were converted to apartments in 1979 and 1980.
“The HUD program which provides rental assistance for the residents of Maple Street Apartments no longer creates new housing. That means we cannot afford to lose community resources like this facility which provide affordable housing to very low income seniors and families,” said Kenn Sassorossi, a vice president at Housing Vermont.
The renovations to Maple Street Apartments included replacing inefficient oil-fired boilers with a central wood pellet-fired boiler to cut heating costs in half, installing new windows, increasing insulation, making structural improvements, and installing building-wide sprinkler and fire alarm systems. Two apartments were made fully accessible to residents with handicaps and two additional apartments were made adaptable.
Lakewind Construction was the general contractor and Tektonika Studio Architects designed the improvements.
The $2.5 million acquisition and rehabilitation project drew upon several funding sources including $800,000 in equity investments through Housing Vermont’s Green Mountain Housing Equity Fund, Vermont Housing Finance Agency loans of $510,000, $536,150 through the purchase of state tax credits by the Community National Bank, $310,000 loan of state funds and $340,000 in HUD funds by the Vermont Housing and Conservation Board, and a $340,000 loan by the Town of Hardwick through the Vermont Community Development Program.
Housing Vermont is a private, nonprofit development company founded in 1988 to produce permanently affordable rental housing for Vermonters through partnerships with communities and the private sector. Since its inception, Housing Vermont has raised more than $280 million in private equity to finance 161 affordable rental housing developments throughout the State. This equity has leveraged an additional $377 million in private financing and public investment. The 4,825 apartments created or renovated in these efforts serve low and moderate income Vermonters including seniors and those with special needs. Many developments also include commercial space. www.housingvermont.org
The Lamoille Housing Partnership (LHP) was formed in 1992 to serve the residents of Lamoille County; in response to requests from Hardwick town officials and residents, LHP expanded its service area in 1997 to include Hardwick in Caledonia County. To date, LHP has created and preserved 166 units of affordable housing for families, seniors and the disabled, 32 mobile home lots, and three commercial spaces in Lamoille County and Hardwick. LHP has assisted eleven families with home purchases which, by the use of covenants and land leases, will remain perpetually affordable for low and moderate income families in Lamoille County. Recently completed projects include the purchase and renovation of Lamoille View Apartments and 53 Lower Main Street (formerly Arthur’s Department Store), both in Morrisville.
Source: Housing Vermont 11.13.2014. www.lamoillehousing.org Alliance Property Management manages Maple Street Apartments. For information on renting an apartment at Maple Street Apartments visit www.lamoillehousing.org or call 877-321-3400.