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Ribbon cut on Ellis Block

Posted by: VHFA on July 15, 2011 - 9:25am

VHFA Senior Development Underwriter Cindy Reid (right) and others cut the ribbon yesterday on the newly-renovated Springfield Cinemas 3.

The theatre, damaged by fire three years ago, opened in time to show what will likely be the biggest movie of the year: "Harry Potter and the Deathly Hallows, Part II."

Housing Vermont and Springfield Housing Unlimited led the $3.5 million redevelopment of the block, which includes nine affordable housing units.

“The challenge was to maintain the historic nature of the Ellis Block while bringing back a cinema and needed housing to the downtown,” said Housing Vermont President Nancy Owens.

Funding for the redevelopment included $1.4 million in federal Neighborhood Stabilization Program grants made possible by a provision of the Housing and Economic Recovery Act of 2008 authored by Sen. Patrick Leahy. Sen. Leahy also secured a $125,000 U.S. Housing & Urban Development (HUD) appropriation made available through Preservation Vermont.

VHFA allocated federal and state Housing Credits.

The Green Mountain Housing Equity Fund IV provided a tax credit equity investment of $1.3 million. NBT Bank provided construction financing. Other sources include HUD; the Vermont Housing and Conservation Board; VHFA; Vermont Department of Economic, Housing & Community Development; Town of Springfield; Springfield Housing Unlimited; and the Vermont Energy Investment Corp.

The apartments are 410 to 575 square feet. Rent for the one-bedroom units is $563 to $682 and includes heat and hot water.

The apartments, managed by Springfield Housing Authority, will be available Aug. 1. Application forms are available at the authority’s 80 Main St. office or by calling 802. 885.4905.

“There are some income restrictions which apply, but they are fairly generous,” according to Authority Executive Director Bill Morlock. “Single individuals can have annual incomes as high as $27,720 while two-person households can earn up to $31,680."

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