Last week, Vermont Housing Finance Agency (VHFA) joined Representative Peter Welch and housing partners in Winooski to celebrate the completion of Parc Terrace. The 46-apartment mixed-income project was developed by Summit Properties in collaboration with Dagesse Company. The $11.6 million project received federal housing Low Income Housing Tax Credits awarded by VHFA, which were sold to raise over $8 million in equity for construction.
Parc Terrace is part of Winooski’s redeveloped Gateway District. Winooski has made zoning reform for housing a priority, including introducing form-base code and a streamlined permitting process. In 2019, Summit completed Casavant Overlook, another subsidized development just across the street in the district. The two projects bring residents close to jobs, schools, amenities, and transportation, supporting their needs as well as the local economy. Parc Terrace will include a new Vietnamese restaurant in a commercial space on the ground floor.
The project will be a welcome addition to Chittenden County’s tight rental market, as well as the critical need for homes for Vermonters who are leaving temporary pandemic accommodations. The building includes 33 homes affordable to households earning 60% of area median income. As part of the project, Summit will add nine apartments for households experiencing or at risk of homelessness to its portfolio, four of which will be located at Parc Terrace. The apartments will be paired with supportive services through a partnership with the Committee on Temporary Shelter (COTS).
Vermont’s congressional delegation is urging Congress to expand the supply of federal Low Income Housing Tax Credit program in spending legislation currently under consideration. Senator Leahy, Senator Sanders and Representative Welch have been long-standing supporters of improvements to the program, which is the largest source of funding for new affordable home development in Vermont.
Photo courtesy of Summit Properties