Four developments have received low-income housing tax credit reservations from the Vermont Housing Finance Agency (VHFA) this year.

iQoncept/Adobe Stock
iQoncept/Adobe Stock

The sale of the housing credits to investors is expected to yield more than $28 million in funds, covering an estimated 60% of total development costs. The developments will provide 112 affordable homes, including 23 for people exiting or at risk of homelessness.

VHFA said the projects receiving awards are:

· Alice Holway Drive apartments in Putney will be developed by Evernorth and Windham & Windsor Housing Trust and include 25 apartments. Nineteen apartments will serve very low-, low-, and moderate-income renters, with five set aside for permanent, service-supported homes for people exiting or at risk of homelessness. Planning for this project involved extensive community collaboration and visioning for Putney Village;

· Marble Village in West Rutland will be developed by Evernorth and Housing Trust of Rutland County and will replace several older buildings in disrepair near the village center with 24 new apartments. Nineteen apartments will serve very low- and low-income renters with five set aside as permanent service-supported homes for people exiting or at risk of homelessness. The Village of West Rutland worked in partnership with the project’s planners to improve zoning and parking requirements to allow the project to proceed;

· Packard Court in the heart of downtown St. Johnsbury will replace a brownfield created by a fire years ago with a new 30-unit building for seniors. Developed by Rural Edge and Evernorth, the building will have on-site services through Support and Services at Home. Twenty-four of the apartments will be for very low-income renters, and six of those will serve individuals exiting or at risk of homelessness; and

· Pine at City Place in downtown Burlington is being developed by Evernorth and Champlain Housing Trust and will provide 33 new apartments. Nineteen apartments will be for very low- and low-income renters, and seven will be service-supported homes for people exiting or at risk of homelessness. Pine at CityPlace is part of a larger complex, involving more affordable apartments, multiple mixed-use buildings, and street improvements by the city of Burlington.

For more information, visit VHFA’s website.