VHFA joined Lamoille Housing Partnership (LHP) and Housing Vermont last week for a ribbon-cutting ceremony at Jeudevine Housing. The project involved the extensive rehabilitation of three buildings in downtown Hardwick, preserving 18 affordable apartments and a commercial business space. Jeudevine received nearly half of its funding from federal tax credits awarded by VHFA.
Jeudevine takes its name from prominent philanthropist and politician Alden Jeudevine, who lived in Hardwick in the mid-1880s. The development includes two historic buildings and a mixed use building with commercial space on Main Street. The Main Street building was originally constructed by LHP and Housing Vermont in 1993 after a large fire destroyed part of Hardwick’s historic downtown. All three buildings received extensive structural and energy efficiency upgrades.
The buildings offer one to four-bedroom apartments, serving residents earning 50%-60% of the area median income. In addition, two of the apartments will be reserved for formerly homeless or at-risk Vermonters, and enriched with supportive services to help them succeed.
The $4.4 million project received federal housing tax credits awarded by VHFA. The tax credits were purchased by Union Bank, raising an estimated $2.2 million in equity for construction. Other funders included Vermont Housing and Conservation Board (VHCB) and Vermont Community Development Program (VCDP).
VHFA also attended ribbon-cuttings last week at Taylor Street Apartments in Montpelier and Snow Block in Brattleboro. Taylor Street, built by Downstreet Housing & Community Development and Housing Vermont, created 30 apartments, including 19 affordable units, as well as a new city transit center on the ground floor. The project received federal tax credits and a permanent loan from VHFA. Snow Block is a Passive House building with 18 affordable apartments in a 23-unit mixed-income building. That project received federal tax credits awarded by VHFA.
Photo courtesy of Lamoille Housing Partnership