Yesterday the Douglas administration announced nearly $6 million in grants to benefit affordable housing in Vermont.
The funds come from the Neighborhood Stabilization Program.
$3.5 million will go to Stewart Property Management of Bedford, N.H., to help purchase and restore Rockingham Canal House, a 41-unit affordable senior housing property. (Read our press release about Stewart's acquisition of the property.)
The U.S. Department of Housing and Urban Development (HUD) will award 150 rental assistance vouchers to two Vermont housing authorities to help reunite children in foster care with their parents.
Burlington Housing Authority will receive 50 vouchers. Vermont State Housing Authority will receive 100. Total dollar amount of the vouchers is more than $940,000.
HUD will award a total of 37 housing authorities across the U.S. nearly $20 million in funding to assist 7,500 children and their parents.
Our friends at NeighborWorks of Western Vermont will receive $2 million in federal economic stimulus funds to help first-time homebuyers.
The funding comes from the Community Development Financial Institutions Program, part of the recent American Recovery and Reinvestment Act.
The $2 million is part of $6 million being split among three Vermont non-profit organizations: NeighborWorks of Western Vermont, Vermont Community Loan Fund and Opportunities Credit Union.
The federal government is allocating $90 million to 59 organizations in 26 states.
Read more about the stimulus funds in today's Burlington Free Press.
The U.S. Department of Housing and Urban Development (HUD) today awarded more than $5.4 million to benefit affordable housing in Vermont.
The funding comes via HUD's new Tax Credit Assistance Program (TCAP), part of the American Recovery and Reinvestment Act of 2009. TCAP is a grant program that provides capital investments to stalled Low-Income Housing Tax Credit (LIHTC) projects.
The money should help VHFA resume funding of affordable rental housing while stimulating employment in the construction trades.
HUD is awarding TCAP funding to allocating agencies of LIHTC such as VHFA to complete construction of projects that'll provide affordable housing to an estimated 35,000 households nationwide.