Multifamily activity
Fiscal year 2010
As the economy improved throughout the year, multifamily housing development activity in Vermont increased substantially. Through funding for 17 projects across the state, VHFA facilitated the creation or rehabilitation of 574 affordable rental housing units this year.
The Agency provided $25.6 million in construction/short-term financing to 10 projects. Another $386,000 in loans were provided to two projects with funding from the MacArthur Foundation.
Approximately $900,000 in allocated Housing Credits was awarded to two projects, generating $7.2 million in tax credit equity. Additional tax credit equity of $8.3 million was generated in conjunction with approximately $1.0 million in bond credits dispersed among seven projects.
VHFA provided an additional $15.9 million in federal funds to 10 projects through the American Recovery and Reinvestment Act (ARRA) Section 1602 program and through the Tax Credit Assistance Program (TCAP). These programs provided much-needed capital to housing developers who would otherwise face recession-driven constraints on the ability of the low-income housing tax credit to raise equity.
Building or renovating affordable housing stimulates the economy and benefits the entire community. The multifamily housing financed by VHFA in FY2010 created an estimated $132 million in economic activity across the state by creating and sustaining jobs and generating income for Vermont workers and businesses.
Pleasant Street Apartments, Enosburgh Falls
(Photo: Mary Claire Carroll)
Multifamily loan program and Housing Credit activity
Key
= Activity in FY10
= Activity in previous fiscal year
| Project name | Town |  |
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|---|---|---|---|---|---|---|---|---|---|
| Alburgh Family Housing | Alburgh | 13 | |
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| Anne Wilder Richards Building | Brattleboro | 21 | |
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| Armory Square | Windsor | 58 | |
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| Blake Commons | Swanton | 16 | |
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| Brookside Village | Colchester | 37 | |
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| Cathedral Square Senior Living (Senior) | Burlington | 108 | |
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| Ellis Block | Springfield | 9 | |
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| Grand Way Commons II (Senior) | South Burlington | 28 | |
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| Johnson Community Housing | Johnson | 28 | |
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| Missisquoi Manor (Senior) | Richford | 24 | |
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| North Branch Apartments | Montpelier | 45 | |
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| Pine Manor (Senior) | Alburgh | 16 | |
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| Pleasant Street Apartments | Enosburgh | 24 | |
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| Proctor Place | Rutland | 12 | |
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| River Bend Senior Housing (Senior) | Enosburgh | 30 | |
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| Salmon Run Redevelopment | Burlington | 80 | |
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| Vergennes Senior Housing (Senior) | Vergennes | 25 | |
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