Vermont Business Magazine Today, Senator Leahy joined public officials, residents and staff from Downstreet Housing & Community Development celebrate the official opening of Downstreet’s new office, community space and 27 units of affordable housing known as Downstreet Apartments. The ceremony included the unveiling of a new granite sculpture, designed and created by Barre artist George Kurjanowicz, in the green space surrounding the new building.
The building is located in downtown Barre at 22 Keith Avenue, (on the corner of Summer St. and Keith Ave.) which provides easy access for residents to downtown Barre amenities, and makes Downstreet staff more accessible to residents and clients with ground-floor offices, according to Liz Genge, Downstreet’s Director of Property Management.
Downstreet Housing & Community Development and Housing Vermont partnered to construct Downstreet Apartments and Downstreet offices. Funding totaling $9 million from numerous sources was raised to cover the total development costs. Housing Vermont’s Green Mountain Housing Equity Fund VI and TD Bank invested $5.66 million in federal tax credit equity while the Northfield Savings Bank invested $326,500 in state tax credit equity. Other sources of funds included the Vermont Housing and Conservation Board, Vermont Agency of Commerce and Community Development, City of Barre, and Efficiency Vermont. Northfield Savings Bank provided the construction loan. Funds for the audio-visual equipment in the community space were provided by generous donations from National Life Foundation and NeighborWorks America.
Downstreet (www.downstreet.org) is a non-profit organization that has created and strengthened vibrant neighborhoods through Central Vermont since its founding in 1987. Downstreet serves Washington, Orange and Lamoille Counties through a variety of homeownership programs, real estate development and a rental portfolio with about 400 units.
Housing Vermont (www.hvt.org) creates permanently affordable rental housing for Vermonters through partnerships with communities and the private sector. Since its inception in 1988, this nonprofit organization has raised more than $333 million in private equity to finance 171 affordable rental housing developments throughout the State.