Groundbreaking for the first phase of an exciting new mixed-income development on Seminary Street in Middlebury, VT, happened February 3rd. Vermont Housing Finance Agency (VHFA) was a key funder for the project along with National Bank of Middlebury, Middlebury College and Porter Hospital. Supporters at Monday’s groundbreaking also included Senator Peter Welch and developer Summit Properties.
The groundbreaking marks the beginning of the first phase of construction bringing 45 new homes online in Addison County this year. A mix of townhouses and duplexes, 37 of the 45 homes will be offered at reduced pricing making home ownership more accessible for qualified families. Plans for later phases of the project include construction of an apartment building including a mix of studio, 1, 2, and 3 bedroom homes which will also receive financing through VHFA, including an award of Low-Income Housing Tax Credits.
“Stonecrop demonstrates the power of collaboration,” said VHFA Executive Director Maura Collins. “Recognizing the need for more homes for its employees and the broader community, Middlebury College took action by purchasing this 35-acre parcel and reaching out to the partners that could make this new neighborhood a reality.”
As the demand for affordable housing continues to escalate and inventory for sale and rental homes remains low, Stonecrop’s mix of affordable and market rate townhomes and duplexes, and rental apartments, will be a positive step toward more affordable housing in Vermont. Some of the new homes will be factory-built duplexes because of the cost savings and other advantages offered by this innovative housing type.
Funding for the project includes a $7.8 million grant from VHFA’s Middle Income Homeownership Development Program. In addition, VHFA provided a $5 million loan through the Local Investment Advisory Committee (LIAC) that will be used in partnership with National Bank of Middlebury for construction debt by blending low interest middle-income money with market rate financing.
See more information about the project on the Stonecrop website and visit VHFA’s website for new reports on Employer-Assisted Housing and Opportunities to Utilize Off-Site Construction to Meet Vermont’s Housing, Workforce and Climate Goals.