Earlier this week, local leaders, housing developers and new residents gathered in White River Junction to celebrate the opening of Wentworth Community Housing. The project, developed by Twin Pines Housing and Housing Vermont, created 30 one and two bedroom apartments, 21 of which will be rented at rates affordable to low income Vermonters. The project received the majority of its funding from federal tax credits and a loan awarded by VHFA.
Wentworth Community Housing will help respond to the desperate need for housing in the Upper Valley, which has a rental vacancy rate of just 1.5 percent. Although the area is a major job hub, area employers report that a lack of affordable housing has become a major challenge in attracting and retaining workers, potentially hindering the economic growth of the region.
The 21 subsidized apartments at Wentworth Community Housing will have rents affordable for households making less than 60 percent of the area median income, which would be $34,115 or less. These affordable apartments include five homes for formerly homeless and at-risk households, which will receive supportive services from The Upper Valley Haven and Veterans Affairs.
One new resident, Jill Aube, told NBC5 news, "I just feel absolutely blessed to find something like this that's in my price range that I won't have to worry about counting every penny or paying heating oil."
The $9.7 million project received over two-thirds of its funding from VHFA, including $645,000 in federal tax credits, which were sold to investors to raise an estimated total of $5.7 million in equity for construction, as well as a $700,000 permanent loan. This project also received funding from Vermont Housing and Conservation Board (VHCB), the Vermont Community Development Program (VCDP), the U.S. Department of Housing and Urban Development’s (HUD) HOME program.
Residents will begin moving in on July 9.
Photo courtesy of Twin Pines Housing