Yesterday, 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.
The project closes this month, and construction will begin shortly after. Project sponsors are Windham Housing Trust and Housing Vermont.
In February 2009, President Obama signed the American Recovery and Reinvestment Act, which included the American Recovery and Reinvestment Tax Act, intended to create jobs, promote economic recovery and invest in infrastructure.
Section 1602 of the act helps states finance construction or acquisition and rehabilitation of properties for low-income housing in lieu of Low-Income Housing Tax Credits.
VHFA has received more than $14 million through the Sec. 1602 credit exchange to support affordable housing in Vermont.