Residents of Hickory Street apartments in Rutland celebrated the completion of the total redevelopment of their complex at a ribbon-cutting ceremony held last week. The project, sponsored by Rutland Housing Authority and Housing Vermont, transformed a public housing development previously known as Forest Park. The project was supported by Vermont Housing Finance Agency (VHFA), which awarded state and federal tax credits.
Forest Park was badly in need of recapitalization after years of service. The ribbon-cutting event marks the end of the third stage of redevelopment, whose first phase began in 2010. The renovated complex incorporates 78 apartments, including both market-rate and affordable units in duplexes and larger apartment buildings. The project is intended to transform the neighborhood, adding new roads and sidewalks. The renovated complex also offers a community center and community gardens.
Phase three includes 22 apartments, 21 of which are set aside and made affordable for low-income households. The apartments will have access to services offered by Rutland Housing Authority through the SASH program and the Homeless Prevention Center (HPC), which will provide support for residents with disabilities or who are formerly homeless.
The $6 million phase three received three-quarters of its funding from VHFA, including $462,000 in federal 4% and 9% housing tax credits and $95,000 in state credits, which were sold to investors to raise an estimated total of $4.4 million in equity for construction. This project also received funding from Vermont Housing and Conservation Board (VHCB), the U.S. Department of Housing and Urban Development’s (HUD) Housing Trust Fund program, the Vermont Community Development Program (VCDP), City of Rutland revolving loan funds, and the Federal Home Loan Bank’s Affordable Housing Program (AHP).