Rendering courtesy VIA.
Vermont Business Magazine Lamoille Housing Partnership (LHP) and Evernorth are pleased to announce construction is underway on Village Center Apartments, 24 new energy-efficient affordable apartments for low and moderate income residents in the heart of downtown Morrisville. Construction is expected to take 12 months.
Funding totaling $7.9 million from several public and private resources was raised to finance the total development costs.
A significant piece of the funding came from the Low Income Housing Tax Credit allocated by the Vermont Housing Finance Agency, with Housing New England, Fund I as the investor. The Vermont Housing and Conservation Board provided over $2 million of the overall cost of the development, including funding from the Housing for All Revenue Bond and the federal HOME Program. Other sources of funds were provided by the Northwest Regional Planning Commission, Efficiency Vermont and Union Bank.
In collaboration with the Town of Morristown, parking will be provided in the municipal parking lot across the street, made possible by a donation from Community National Bank.
“Village Center Apartments will reinvigorate Morrisville’s downtown, supporting the community’s continued success and vibrancy into the future. LHP, Evernorth and LHP’s board of trustees are extremely excited about this project,” says LHP Executive Director, Jim Lovinsky. “We believe that success starts at home, and Village Center Apartments creates opportunities for all community members to thrive.”
Co-owners LHP and Evernorth worked in partnership with Vermont Integrated Architecture and Neagley & Chase to design the building using an integrative process with a focus on resident well-being, environmental benefits, and cost-containment. The innovative design will use no fossil fuels, ensuring long term affordability and sustainability.
“Evernorth and Lamoille Housing Partnerships have a successful history developing affordable housing together,” said, Kathy Beyer, Evernorth’s Senior Vice President for Development. “In partnering on the development of Village Center Apartments, we believe we will improve the lives of the residents and strengthen the economy of Morrisville.”
The building, located on Hutchins Street, will be comprised of seven (7) studio apartments, thirteen (13) one-bedroom apartments and four (4) two-bedroom apartments. Amenities include covered bike storage, onsite laundry, community space and outdoor seating.
Residents will have access to the community gardens and a range of recreational activities located at the Oxbow and Lamoille Valley Rail Trail, both less than 0.2 miles away.
Monthly rental rates range from $650 to $1,000 including heat and utilities. According to the “Lamoille Housing Needs & Assessment Study,” a recent housing analysis of the Lamoille region, fair market rents for similar types of apartments range from $1,000 to $1,400 per month excluding heat and utilities.
Please see video remarks below on the Village Center construction start from key project stakeholders:
VT State Representative David Yacovone
Gus Seelig, Executive Director, VT Housing and Conservation Board
Maura Collins, Executive Director, VT Housing Finance Agency
Tina Norton, Vice President, Union Bank
Tracy Roberts, Vice President and Marketing Director, Community National Bank
Jim Lovinsky, Executive Director, LHP
Samantha Dunn, Developer, Evernorth
Lamoille Housing Partnership develops, rehabilitates, and maintains safe, decent, energy efficient affordable housing through rental, home ownership, and other means to low and moderate income persons and families living within Lamoille County and the Town of Hardwick. Additional community development projects are located in Stowe, Morrisville, Jeffersonville, Johnson, and Hardwick. Lamoille Housing Partnership provides such assistance without discrimination or prejudice, using a combination of private and public funding partnerships. Lamoille Housing Partnership is an IRS approved 501(c)(3) tax-exempt organization. Learn more at www.lamoillehousing.org.
Evernorth is a nonprofit organization that provides affordable housing and community investments in Maine, New Hampshire and Vermont. In its combined history, Evernorth has raised and deployed over $1 billion in equity capital for affordable housing and built more than 13,000 affordable homes for low and moderate income people across northern New England. www.evernorthus.org