The Vermont Housing Finance Agency (VHFA) has reserved low-income housing tax credits to help build or preserve 241 affordable homes across the state.
“As administrator of Vermont’s housing tax credits, VHFA is responsible for the state’s most valuable public resource for building affordable apartments,” said executive director Maura Collins. “This means we must always look for ways to reach more of the Vermonters who struggle to find an affordable, safe place to live.”
Three projects will receive $26 million to help finance development costs:
- Highgate Village Housing in Highgate: Part of a downtown redevelopment strategy, the 30-unit development will offer the only permanent affordable housing in the town. The development will serve elderly households. Construction will begin in June 2027 with move-in expected in August 2028. The developer is Cathedral Square Corp.;
- Park Street Apartments in Winooski: A property accommodating residents of all ages, there will be 24 apartments to help meet the housing needs of Winooski’s larger families by offering three- and four-bedroom options. The developers, Champlain Housing Trust and Evernorth, estimate that occupancy will be in 2028. The developers are; and
- Sykes Mountain Apartments in White River Junction: Part of a larger development project for which site work is underway, this 48-apartment building will include studio, one-, two-, and three-bedroom homes. Move-in is expected in December 2027. The developers are Twin Pines Housing Trust and Evernorth.
Four additional development projects will receive an estimated $1.9 million from a state rental tax credit program for development costs:
- Arlington Village Center in Arlington: The preservation and rehabilitation project involves 29 existing apartments and the construction of one new apartment across 11 buildings. Twelve of the apartments are reserved for older Vermonters, and the remaining have no age restriction. The developers are Cornerstone Housing Partners and Evernorth;
- Caledonia Renaissance Apartments in Saint Johnsbury: This project will preserve 18 affordable apartments across five buildings in need of reinvestment due to their age and condition (formerly called GHT Caledonia Housing). These homes have a commitment from the U.S. Department of Agriculture Rural Development’s Section 515 program, which provides a long-term permanent loan at a 1% interest rate as well as project-based rental assistance making the apartments deeply affordable for those with very low incomes. The developers are RuralEdge and Evernorth;
- Round Barn, also known as Faywood Road, in Grand Isle: The project involves the rehabilitation and construction of 24 apartments for the elderly in two buildings. An eponymous round barn will be demolished, and 16 new, highly energy-efficient apartments will be built in its place. Additional apartments within an existing annex building will be renovated. The developers, Cathedral Square Corp. and Evernorth, will acquire the neighboring solar array, which will be used to offset the development’s energy needs; and
- Ride Your Bike Building in Burlington: The 67-unit project will offer residents a variety of layouts including studio, one-, and two-bedroom apartments. Part of a much larger housing development, this is the first phase of a master plan for a currently underutilized parking lot. The developers are Jonathan Rose Cos., Ride Your Bike, and Champlain Housing Trust.