Vermont Business Magazine At a meeting in Barre on December 8, the Vermont Housing & Conservation Board committed $4,749,000 to create 38 new affordable homes in Manchester, Montpelier and Essex, to make accessibility improvements to 60 homes statewide, to conserve 595 acres of farmland in Addison, Rutland, and Franklin counties, and to add 118 conserved acres to a high elevation natural area at Mt Equinox in Manchester.
Montpelier – Downstreet Housing & Community Development and Housing Vermont will construct mixed-income rental housing downtown at One Taylor Street, at the site of a new downtown transit center and adjacent to the bike path. A VHCB grant of $497,718 and $1,952,282 in Housing for All bond funds will assist with the $7.6 million development. The 4-story building will have 30 energy efficient rental homes with a laundry room, community room, on-site parking, and a roof deck.
Downstreet Director Eileen Peltier said, “We are excited about Taylor Street Apartments. There is a real need for housing in downtown Montpelier. This will be a mixed-income development, thanks in part to new resources available through VHCB’s Housing for All Revenue Bond.”
Manchester – A $24,000 VHCB grant will help the Vermont Chapter of the Nature Conservancy acquire and conserve 118 acres for addition to the Equinox Highlands Natural Area. The area is unique ecologically and provides for recreational uses such as hiking and hunting, a wildlife connectivity corridor, and watershed protection. Conserving the property will also help maintain the quality of the Battenkill River and the drinking water supply for Manchester village.
Manchester - Shires Housing will use $450,000 in Housing for All bond funds to construct eight new condominiums at East Branch Farms serving homeowners at a range of incomes. Five of the homes will be permanently affordable, shared equity units. The site features access to the Battenkill River and mountain views within a 4-minute drive to the center of the downtown.
Essex - With a VHCB award of $189,000, the Champlain Housing Trust will provide purchase subsidies to seven home buyers at historic Fort Ethan Allen in Essex. Former graduate student housing that was owned by UVM is being converted to shared equity home ownership by CHT. In total, VHCB is assisting with 19 homeownership subsidies at the site.
The Vermont Land Trust will use $592,000 in VHCB (state) funds matched with $447,500 in federal funds from the Natural Resources Conservation Service (NRCS) to conserve 595 acres farmland. Two of the farmland projects will receive federal NRCS Regional Conservation Partnership Program funds targeted to the Lake Champlain Basin watershed with a focus on improving water quality. Three of the four farm projects to be conserved will facilitate transfers to new owners.
Over a three-year period, the Vermont Center for Independent Living will use $600,000 in Housing for All bond funds to address a backlog of requests for home access improvements for low-income households with physical disabilities, building ramps and making bathrooms accessible to wheelchair users. The bond funds allow VHCB to expand its support for the program, which allows people to stay in their homes rather than needing to enter nursing homes or allows those in temporary nursing home care to return home.
Over the next two years, VHCB is accepting applications from public-private partnerships and non-profit housing developers for the development of housing using the Housing for All bond funds to serve households at a range of incomes up to 120% of median. More information is available on our website, vhcb.org.
The Vermont Housing & Conservation Board, celebrating its 30th anniversary year, has funded the development of 12,500 affordable homes and the conservation of 425,000 acres of agricultural and recreational land, forestland and natural areas and the restoration of 67 historic community buildings.
Source: VHCB 12.14.2017vhcb.org.