On Monday, February 10, the Vermont Housing Finance Agency (VHFA) and other project funders and supporters, gathered in Waterbury, VT for the groundbreaking ceremony of Marsh House, a mixed-income project that will serve 26 low-income households. Unique to the project are three apartments which will be occupied by individuals with developmental or intellectual disabilities.
As the affordable housing crisis continues for thousands of Vermonters, the need for dependable and safe housing for people with developmental and intellectual disabilities remains a unique challenge. "Marsh House will be one step towards addressing this need, and we look forward to doing more in the future," said Maura Collins, Executive Director of VHFA.
“Vermont has thousands of people with intellectual disabilities who are living with aging parents who are concerned about what their adult child's future will be if they cannot find safe and affordable apartments,” said Collins. A recent study by the Vermont Developmental Disabilities Council and Green Mountain Advocates recommended “the development of 600 units of permanent supportive housing that is affordable, accessible and connected to transportation to house this significant segment of Vermonters.” Upper Valley Services will provide on-site support services including transportation, training, meal planning and preparation, and other critical assistance.
Located in the center of Waterbury's Designated Downtown, Marsh House will be situated on a 0.8-acre site that was formerly an underutilized parking lot. The project is pursuing the Efficiency VT High Performance energy standard with a solar array included on the building's main roof. All units are adaptable to meet Americans with Disabilities (ADA) compliance needs.
The project’s co-developers are Evernorth and Downstreet Housing and Community Development. Funding sources administered by VHFA are expected to cover 60% of the costs of developing Marsh House. These sources consist of federal housing tax credits purchased by TD Bank, the Housing Investments for Vermont (HIVE) Fund, and a permanent loan through the Local Investment Advisory Committee (LIAC). Other funders include Vermont Housing Conservation Board, the Vermont Agency of Commerce and Community Development, the Town of Waterbury and Efficiency Vermont. The Vermont State Housing Authority will provide rental vouchers for 6 of the apartments. Members of these organizations, and other state and municipal partners, attended the groundbreaking event.
VHFA, established in 1974, finances and supports affordable, safe and decent housing opportunities for low- and moderate-income Vermonters through financing, development and management support, and subsidy administration and tax credits. Last year, VHFA awarded $86 million in tax credits for housing development throughout Vermont. More information about VHFA and its impact can be found online and in the VHFA Annual Report (PDF).