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Development

Treasury awards $2.5 million to support Brattleboro housing

site of upper story developmentYesterday, VHFA was awarded nearly $2.5 million from the U.S. Department of Treasury in exchange for $289,500 of Housing Credit the Agency had awarded to the Upper Story development in Brattleboro.

Developers will use the funding to help create 24 residential rental units over the newly-expanded Food Coop in downtown Brattleboro.

Proctor Place restored; affordability extended

proctor place

Proctor Place, a 12-unit elderly housing development in Rutland County's Town of Proctor, is the first to use funds from VHFA's new pre-development loan program, funded by the MacArthur Foundation. (See our Mar. 31 post, "VHFA makes available MacArthur funds.")

VHFA makes available MacArthur funds

VHFA's Development Department has launched new loan programs made possible by the MacArthur Foundation.

Our new pre-development loan program serves preservation projects. Participants are required to make monthly interest payments, with principal due at construction closing.

Also new are equity bridge loans and energy/capital improvement loans. Both are short-term loans — up to three years — designed to facilitate preservation transactions. Interest is payable monthly; principal due on maturity.

Vermont tops for use of Federal Historic Tax Credits

union squareA new federal report shows Vermont is the top state, per capita, for its use of Federal Historic Tax Credits to rehabilitate historic buildings.

Regardless of population, the Green Mountain State is number 10 in the country, up from number 12 a year ago.

Ideas to improve the LIHTC program

lihtc publicationThe Federal Reserve Board has published "Innovative Ideas for Revitalizing the LIHTC Market," a collection of articles exploring ways to allow the Low Income Housing Tax Credit (LIHTC) program help more low-income renters.

Joe Erdelyi to speak at developers conference

joe erdelyiVHFA Director of Development Joe Erdelyi will be a featured speaker at the National Housing and Rehabilitation Association's (NH&RA) Fall Developers Conference in November.

The event will include program updates, case studies, round table discussions and networking events.

VHFA projects receive Smart Growth Awards

proctorsville green revitalization & banknorth blockVermont Housing Finance Agency is a partner in two of the four projects receiving Smart Growth Awards this evening.

Proctorsville Green Revitalization (top) in Cavendish includes 20 affordable rentals and four affordable townhomes. VHFA provided construction financing and allocated Tax Credits.

$2.34 million coming for Rutland housing

More than $2.3 million in federal stimulus money is coming to help the Rutland Housing Authority (RHA) redevelop Forest Park.

"We're one of just a handful of communities that were awarded these public housing transformation dollars and I think that really speaks to the work the community has done," RHA executive director Kevin Loso said in a recent Rutland Herald article.

RHA plans to demolish the existing project and rebuild it as single-family homes and apartments.

Total cost of the project is approximately $21 million.

Swanton housing project beneficiary of latest recovery funds

The $1.4 million in American Recovery & Reinvestment Act funds awarded to Vermont today (Read our previous post about the award) will be used to finance Blake Commons, a 16-unit multifamily housing project in Swanton.

Blake Commons is being developed in partnership with Housing Vermont and Champlain Housing Trust. It'll provide homes to households at 50-60% of the area median income.

Village Haven to be first "Vermont neighborhood"

Last week developers broke ground in Essex Junction on what will become Village Haven, the state's first designated "neighborhood" under the new Vermont Neighborhoods law passed last spring.

Dousevicz Inc. of South Burlington plans to build 18 two- or three-bedroom single-family homes and six duplex homes on the property.

The houses will sell for $258,000 to $320,000.

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