Residents, funders, and community leaders celebrated the completion of renovations of Burlington’s Wharf Lane last week and the preservation of its 37 apartments as affordable rental housing.
Wharf Lane was the focus of community concern when its previous owners had the opportunity to sell the property and change its use. Together, Vermont’s housing organizations and the City of Burlington helped the Burlington Housing Authority acquire the building and preserve its use as rental housing affordable to the many area households whose incomes are not sufficient to afford prevailing market rate rents. VHFA held a preservation agreement on the property with the previous owner that helped facilitate the transaction.
VHFA also provided construction financing and a $1.95 million permanent loan for the building's purchase and renovation. Other funders include Housing Vermont, a HUD grant secured by Senator Leahy, the City of Burlington, the Vermont Housing and Conservation Board, and Vermont’s Downtown and Affordable Housing tax credits. Energy efficiency funds for the building’s window and heating system replacement and improved insulation were also contributed through the Burlington Electric Department, Vermont Gas, the Champlain Valley Office of Economic Opportunity, and the Vermont Fuel Efficiency Partnership.
Learn more from coverage of the celebration by WPTZ and Housing Vermont.
Pictured above: Brian Pine, Burlington's Asst. Director for Housing and Neighborhood Revitalization, and Sarah Carpenter, VHFA’s Executive Director, as Sarah describes the importance of preserving the Wharf Lane apartments as affordable rental housing. Photos by Sam Falzone.