The Vermont Housing Finance Agency (VHFA) awarded $2.55 million in federal low-income housing tax credits (LIHTCs) and $432,500 in state housing tax credits for the construction or rehab of 452 affordable homes in 12 projects across the state.
“With over half of Vermont’s renters paying unsustainable portions of their income for housing, the need to preserve and expand the number of apartments that will be affordable in the long-run is clear,” said Sarah Carpenter, executive director of VHFA, in a statement.
The tax credits are expected to generate $23.5 million in up-front equity. In addition to the equity, other funding sources for these projects are being provided by the Vermont Housing and Conservation Board, the federal HOME program, NeighborWorks, TD Foundation, Vermont Gas, Burlington Electric Department, the Vermont Community Development Program, Federal Home Loan Bank, Efficiency Vermont, and historic rehabilitation tax credits.
The projects receiving LIHTCs include:
- The Committee on Temporary Shelter (COTS) will create 14 rental units, four of which will be for homeless residents or for those at risk, a new COTS Daystation, and office space at 95 North St. in Burlington;
- A leasing housing cooperative through Champlain Housing Trust will transform a block of deteriorating residential and warehouse buildings into four new buildings with 42 apartments in Burlington’s Old North End;
- Champlain Housing Trust will convert 30 apartments into affordably priced for-sale homes as part of the South Meadow development in Burlington;
- Cathedral Square Corp. will build 30 units for seniors at Milton Senior Housing in Milton;
- Thirty-five apartments in Hartford will be rehabbed and constructed on five sites owned by Twin Pines Housing Trust. Three existing buildings will be demolished and replaced with more energy-efficient units;
- The Gevry Park project will replace 13 abandoned mobile homes with 14 high-efficiency duplexes in Vergennes. Addison County Community Trust will manage the development and operation;
- Champlain Housing Trust will acquire and rehab 148 units at Winchester Place in Colchester;
- The Windham and Windsor Housing Trust will rehab 29 units in Brattleboro;
- The Windham and Windsor Housing Trust will acquire and rehab the 44-unit Evergreen Heights apartment community in Springfield;
- Rural Edge will acquire and rehab the 27-unit Darling Inn, which serves seniors, in Lyndonville;
- The Housing Trust of Rutland County will rehab the Adams House, with 13 units for seniors, in Fair Haven; and
- Shires Housing will rehab 26 units in historic buildings dating back to 1875 in Bennington.