VHCB awards $6.5 mil to preserve and rehabilitate affordable housing

The Vermont Housing and Conservation Board (VHCB) awarded $6,594,615 for housing developments that will help to build or rehabilitate 59 affordable homes and conserve 1,050 acres of farmland and 146 acres of recreational and forest land.

Rural Edge will rehabilitate and refinance 23 apartments in three historic buildings in Derby using $333,094 in VHCB funds and $358,411 in federal National Housing Trust funds. Fifteen of the apartments have rental assistance from U.S. Department of Agriculture Rural Development and the Vermont State Housing Authority.

Habitat for Humanity chapters around the state will use $199,500 in Housing Revenue Bond funding and $279,300 in VHCB funds to build 12 homes over a two-year period, providing down payment grants of $30,000 per home (up to $34,000 for high performance, energy efficient homes).

The board also recapitalized funding for home access improvements to 45-50 homes be undertaken by the Vermont Center for Independent Living ($445,000) and shared equity homeownership grants to 12 home buyers working with community land trusts and Home Ownership Centers ($600,000). –– from the Vermont Housing and Conservation Board