Amidst Burlington’s ever-tightening rental market, residents and supporters gathered yesterday to celebrate the preservation and renovation of the Bobbin Mill Apartments. This 51-unit complex houses local renters with incomes at or below 50% of the area median.
VHFA was proud to provide critical housing tax credits, acquisition bridge financing and MacArthur Foundation funding to help pay for the recent renovations, conducted in partnership with Housing Vermont and Burlington Housing Authority, the project’s current owner.
The history of Bobbin Mill Apartments shows how a central, pro-active facilitator like VHFA can ensure that affordable, subsidized rental housing remains available to low income households over the long run. As the Section 8 contract administrator for the apartments since 1982, VHFA had the foresight in 2001 to negotiate a preservation agreement with the property’s owners at the time, Pizzagalli. This agreement helped create the opportunity for Burlington Housing Authority to purchase the property in 2012.
Built in 1905, the original Bobbin Mill Apartments building was one of the earliest examples of concrete block construction. The building was originally the home of Vermont Spool and Bobbin which provided products for textile mills across the U.S., Cuba and India.
Pictured: The original Bobbin Mill building (upper), VHFA's David Adams (lower left) and Mayor Miro Weinberger (lower right) at the Bobbin Mill celebration on January 15, 2015. Photos by Sam Falzone.