Vermont Business Magazine The Winooski River Apartments, consisting of three buildings (11 Bailey Avenue, 15 Baldwin Street, 37 Barre Street) have undergone an extensive rehab to address structural issues, weatherization, energy efficiency and ADA requirements. The goals of this project were to rehabilitate the properties such that they will be affordable to Vermonters in perpetuity, mitigate any potential hazards (lead and asbestos), extend the useful life of the buildings by at least 20 years, and to increase energy efficiency. As a result of the rehab, the City of Montpelier has been strengthened as a diverse community with the availability of more high-quality, affordable housing units, raising the bar for housing stock in Montpelier.
"In Montpelier's tight housing market, beautiful and affordable apartments like these are hard to come by,” said Downstreet’s Executive Director Eileen Peltier. “We are excited to reintroduce these units to Montpelier's desirable downtown."
A ribbon cutting ceremony will take place on Friday, October 12 beginning at 9:30 am with tours of the completed buildings at 11 Bailey Avenue and 15 Baldwin Street in Montpelier. The program includes speakers and special guests including Vermont’s State Historic Preservation Officer Laura Trieschmann and Eileen Anderson, Senior Director, Northeast Region at NeighborWorks America. Light refreshments will be served and applications for the apartments will be available on-site.
The buildings are contributing buildings in the Montpelier Historic District, which is listed in the National Register of Historic Places; as such, Federal and State Historic Tax Credits were utilized as part of the financing structure, and all completed work is compliant with The Secretary of the Interior’s Standards for Rehabilitation for Historic Buildings.
The project will serve mixed-income households. Of the 15 units, 3 units will be affordable to households making 50% or less of median income, 10 units at 60% or less of median income rents and the remaining 2 units at market rate.
Originally known as the Bailey, Baldwin and Barre Apartments, all three buildings that comprise the Winooski River Apartments were purchased in the early 1990’s and rehabilitated shortly thereafter. Since then, Downstreet has continued ownership, maintenance and management of the properties. After nearly 20 years of wear and tear since their original purchase by Downstreet, these buildings required recapitalization to ensure they would be restored to a condition in which useful life is extended for at least 20 years and energy efficiency is improved to allow for operating and replacement accounts to remain positive going forward. 11 Bailey Avenue and 15 Baldwin Street are now heated by a wood pellet system. Downstreet worked with 3E Thermal on energy efficiency upgrades and building ventilation.
Downstreet Housing & Community Development strengthens the communities of Central Vermont by engaging with people, providing affordable homes, and connecting people to the resources and services they need to thrive. Since 1987, Downstreet has served Lamoille, Washington, and Orange counties through programs and services that include: affordable apartment rentals; home-repair loans; down-payment assistance for home purchase; financial wellness education; at-home support services for elderly and disabled; and real estate development consulting services.
Downstreet is part of the NeighborWorks network, an affiliation of more than 240 nonprofit organizations located in every state, the District of Columbia and Puerto Rico. The NeighborWorks network was founded and is supported by NeighborWorks America, which creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities.
Source: (MONTPELIER, VERMONT, October 5, 2018) Downstreet