Representatives from Vermont Housing Finance Agency, Housing Vermont, Vermont Housing & Conservation Board (VHCB), the Vermont Legislature and many others cut the ribbon on Johnson Community Housing yesterday.
VHFA Senior Development Underwriter Cindy Reid (top, right) spoke at the event.
The $6.3 million project consists of 24 new apartments at the site of the former Vermont Electric Cooperative on School Street, and the renovation of two duplexes at 334 Lower Main St. and 71 Mack Mudgett Dr.
“This was a complex development project which would not have been possible without the commitment of Union Bank, TD Bank and Vermont’s public agencies,” Housing Vermont President Nancy Owens said at the event.
VHFA provided a $3.1 million construction loan and allocated Tax Credits. TD Bank and Union Bank provided equity by investing in those credits. Other funding sources included VHCB; Vermont Department of Economic, Housing and Community Development (DEHCD); and Vermont Electric Cooperative.
Lamoille Housing Partnership and Housing Vermont partnered to develop the project. Jeff Stetter of Gossens Bachman Architects designed the buildings and Wright & Morrissey was general contractor.
Twenty-five apartments at Johnson Community Housing are targeted to families and seniors at or below 50% and 60% of Lamoille County median income. Three units are market rate.
Rents range from $525 to $750, including all utilities, for the senior apartments; and $595 to $850 for the family units, including heat and hot water, but not electricity.
People interested in renting at Johnson Community Housing should contact Lisa at Alliance Property Management: (802) 899-3400, toll free (877) 321-3400, or by email at [email protected].