Short notice, we know, but there'll be a rally in Shelburne this evening to show support for the Shelburnewood project.

People will be meeting at 6:30 p.m. at the north entrance of the Shelburne Town Hall.

The Shelburne Selectboard will decide whether or not to submit a $1 million grant application to the Vermont Community Development Program on behalf of the project.

Shelburnewood is gaining momentum, having recently been awarded a VHCB grant and a Low-Income Housing Tax Credit allocation from VHFA.

Tonight's vote is crucial for advancing the project, which cannot move forward without VCDP funding.

VHFA has selected Paul Stewart, President of Stewart Property Management, Bedford, N.H., as the new owner of Rockingham Canal House in Bellows Falls.

“Paul Stewart has almost 40 years of experience in affordable housing, and he’s been managing the Canal Street building since last fall, so we’re confident he has the background and skills necessary to make this property a showpiece,” said VHFA Executive Director Sarah Carpenter.

Read more in our press release (PDF).

Federal Housing Finance Agency (FHFA) (formerly the Office of Federal Housing Enterprise Oversight [OFHEO]) announced its first quarter 2009 home sale appreciation index in May.

This is a good data source because it measures true appreciation — meaning same house price changes — instead of tracking median sales prices.

Vermont

The Shelburne Development Review Board has granted preliminary approval to Shelburnewood.

That proposed housing project, which we told you about earlier this week, would replace the Shelburnewood Mobile Home Park with a mix of affordable, work-place and market-rate housing.

The Board's 6-1 vote means project planners can move ahead to more detailed plans.

If the project is realized, it'll eventually include 270 units on 27 acres, built over the course of 10 years. Half of those units would house the elderly.