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