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.
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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