Earlier this month, Vermont Housing Finance Agency (VHFA) joined Downstreet Housing & Community Development in celebrating the completion of renovations of the Winooski River Apartments in Montpelier. The project was funded in part by VHFA, which awarded both state and federal tax credits as well as construction financing. This renovation allows Downstreet to preserve affordable, historic apartments while significantly improving the energy-efficiency and accessibility of the buildings.
Winooski River Apartments consists of three buildings at 11 Bailey Avenue, 15 Baldwin Street, and 37 Barre Street. The three buildings form part of the Montpelier Historic District, which is listed in the National Register of Historic Places. The project earned over $400,000 in equity from federal historic preservation tax credits. The properties were originally purchased and renovated by Downstreet in 1998, which was also financed by loans and tax credits awarded by VHFA. This new renovation project improved the buildings’ structural stability, weatherization, energy efficiency, and ADA compliance, while preserving their historic character.
The three buildings will offer 15 mixed-income apartments, 13 of which will be reserved for low-income households. The buildings’ downtown location will provide tenants with convenient access to transportation, services, and recreation.
The $4.5 million renovation received over a quarter of its funding from VHFA, including $95,000 in federal 4% housing tax credits and $95,300 in state credits, which were sold to investors to raise an estimated total of $1.2 million in equity for construction. This project also received funding from Vermont Housing and Conservation Board (VHCB), the U.S. Department of Housing and Urban Development’s (HUD) HOME program, the Vermont Community Development Program (VCDP), and Neighborworks.
Photo courtesy of Mike Rama, Downstreet Housing & Community Development