North Branch Apartments

This Housing Project was initiated in 1992 by the Central Vermont Community Land Trust. VCDP funds were used by the city to provide a deferred loan to the Land Trust for acquisition purposes. The city renovated 3 of the buildings, containing 23 units. A 4th building was demolished and a new 16 unit building was constructed at that site. The project relied heavily upon the Low Income Housing Tax Credit Program which was coordinated by Housing Vermont.

Highlights
  • 39 affordable housing units
  • Constructed 1 new building (16 units)
  • Created 7 accessible units
  • Creation of the North Branch Tenants Association
  • Raised approximately $1,200,000 in equity from low income housing tax credits
  • Renovated 3 historic buildings (23 units)
Funding
  • Donations $30,250
  • FEMA $45,000
  • Green Mountain Power $83,000
  • Historic Tax Credits $7,500
  • LIH Tax Credit Equity $1,200,000
  • Private Lenders $300,000
  • VCDP $290,000
  • VHCB $570,000
  • Total: $2,525,750
North Branch Apartments After Renovation