Cathedral Square Corporation, affordable housing partners and South Burlington officials came together this week to celebrate the start of construction of Allard Square.
The 39-unit apartment building is expected to be open to residents this time next year, with rents for the majority of units being well below market rate.
The gathering on Market Street in South Burlington’s City Center neighborhood featured a number of speakers, including VHFA’s very own Dave Adams, who has had a lasting presence at VHFA for almost 20 years.
Funding
At a $10.6 million total development cost, this was a perfect opportunity for VHFA to loan part of the million dollar grant provided by New England Federal Credit Union earlier this year. By combining this loan with over $6.7 million in federal tax credit equity and $1.7 million as a permanent loan, VHFA is proud to be responsible for over 80% of the development funding for Allard Square.
Other funders include Vermont Housing & Conservation Board (VHCB), Vermont Community Development Program, Weinberg Foundation, South Burlington Housing Trust Fund, and TD Charitable Foundation.
Amenities
A kitchen, common areas, exercise and laundry facilities, and all other basic amenities will be available. Additionally, Allard Square will also have some unique features for its residents, including garden beds and access to the Support and Services at Home (SASH). Like most of Cathedral Square’s projects, Allard Square will be limited to senior citizens.
The building will increase affordable housing options for low income renters in the region while limiting its impact on the environment. Two units will be fully ADA accessible and the building will meet Efficiency Vermont’s High Performance Multifamily Building standard. Allard Square is being developed by Synder Braverman Development Company, who expects to have this project finished in fall 2018.