Renovations are underway at the Chelsea Williamstown Apartments project in Orange County, Vermont. On July 17, stakeholders gathered to celebrate the start of an intensive property rehabilitation project for two non-contiguous properties, totaling 61 rent-restricted homes.
"We commend Heritage Housing for helping to preserve these apartments as affordable, safe, decent homes," said VHFA's Chad Simmons at Thursday's celebration. "The federal Section 8 assistance helping to keep rents affordable for low-income residents is becoming an increasingly scarce resource."
Originally developed over 45 years ago, the properties will undergo extensive rehabilitation over the next year including the construction of modern and energy efficient apartments that will save up to 50% on energy costs. The permanently affordable apartments will also be adapted to suit the needs of senior residents including those with disabilities.
As the properties are renovated, current residents will be temporarily relocated in a series of phases. This will allow rehabilitation of all units while limiting relocation of each resident to a brief period of less than a month.
The project includes funding from M&T Bank, Northfield Savings Bank, Fannie Mae, Vermont Housing Finance Agency (VHFA), HUD’s Green and Resilient Retrofit Program, and the State of Vermont. The project received tax-exempt bond financing through VHFA's HIVE Fund and federal low-income housing tax credits.
Photo: Williamstown Square, one of two properties that will undergo intensive renovations over the next 12 months.