The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced on Monday the award of state housing tax credits and loans to support the development, rehabilitation or preservation of 107 permanently affordable apartments in three communities across the state.
“Preserving existing housing and developing new permanently affordable homes is essential to meeting the housing needs of Vermonters and helping our communities fully recover from the pandemic,” remarked VHFA Executive Director Maura Collins.
VHFA previously awarded federal allocated or Ceiling tax credits in May. The latest funding round includes additional federal Bond credits, Vermont Affordable Housing Tax Credits and loans issued by VHFA.
Projects include Randolph House, where the Randolph Area Community Development Corporation will rehabilitate existing senior housing. The building, first opened in 1979, will receive important safety and accessibility upgrades and expanded common space. All 48 apartments receive rental assistance for affordability and all residents have access to SASH (Support and Services at Home), a care-coordination program that helps residents live safely and independently. Nine apartments are currently occupied by households that were previously experiencing homelessness or at risk for homelessness. The project received state and federal tax credits and a construction loan from VHFA.
Depot Junction, developed by the Braverman Company, is a new 43-unit development in the village of Essex Junction. All the apartments will be targeted to households earning less than 60% of area median of income AMI, and seven will be set aside for households at risk of homelessness. Depot Junction is part of the Chittenden Crossing master development project, which will include over 200 apartments in five new buildings in the heart of the village center. The project received state tax credits.
At Tuttle Block, Housing Trust of Rutland County and Evernorth will update an existing 13-unit building in downtown Rutland. The project will add three new apartments to the building and will preserve deeply affordable apartments targeted to low-income households with new rental assistance. The project will also involve energy efficiency improvements including window replacement and insulation. Tuttle Block received state and federal tax credits and permanent and construction loans from VHFA.
During the last Board Meeting in May, the Board of Commissioners also awarded additional state tax credits to Burkeland Lane and Wells River Historic Housing, projects that were initially awarded in 2020.
In addition to the housing credits and loans awarded by VHFA, other funding sources for the new projects include grants and loans from the Vermont Housing and Conservation Board, the federal HOME program, the National Housing Trust Fund, and the Federal Home Loan Bank’s Affordable Housing Program, NeighborWorks and the Vermont Community Development Program.
Pictured: Site location of the Chittenden Crossing master development in Essex Junction. Courtesy of the Braverman Company.