The Algiers Village redevelopment project in Guilford was recently selected as a winner of the national Phoenix Award. This award honors the team of dedicated Vermont partners who led the transformation of a rural village that had fallen into disrepair and become contaminated by petroleum.
VHFA provided federal and state housing credits for the development of the 17-unit affordable apartment building now located on the site. The credits provided $3.2 million in equity, 72 percent of the total development costs. Additional funding was provided by the VT Community Development Program, VT Housing and Conservation Board, the federal HOME program and Neighborworks.
VHFA's support for Algiers Village has been long-standing. Seven years ago, housing credits allowed Windham and Windsor Housing Trust to purchase and transform the historic Tontine Building into perpetually affordable rental apartments. This project involved raising the entire building 3 feet into the air so that a new highly energy efficient foundation could be installed.
Photo: Windham and Windsor Housing Trust.