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. Three of the buildings, containing 23 units, were renovated. A fourth 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
renovated 3 historic buildings (23 units)
constructed 1 new building (16 units)
created 7 accessible units
raised approximately $1,200,000 in equity from low income housing tax credits
creation of the North Branch Tenants Association
Funding:
VHCB
$570,000.00
Historic Tax Credits
$7,500.00
Green Mountain Power
$83,000.00
LIH Tax Credit Equity
$1,200,000.00
Private Lenders
$300,000.00
VCDP
$290,000.00
FEMA
$45,000.00
Donations
$30,250.00
Total
$2,525,750.00
The Montpelier Home Ownership Opportunity Program:
Franklin Square Condominiums
This City housing program began in 1987. VCDP funds were used to acquire 6 buildings which were renovated by the City as 18 condominium units. VCDP funds provided the part of the subsidy necessary to assure the units affordability to low and moderate income households. The City maintains a first right of refusal option. Appreciation is shared between the City and the owner on a 50/50 basis at sale. The project has received national recognition from HUD for its success.
To Date:
renovated 6 historic buildings
created 18 condominium units
has provided affordable housing to:
75 L/M income persons
32 families
3 handicapped families
monthly mortgage payments between $200 and $300 a month
the program has enabled households to purchase conventional housing upon sale of their condominium unit
Funding:
The project was funded in 2 phases with 2 separate VCDP grants. The numbers below represent project totals.
VCDP (2 grants):
$423,300.00
HUD 312:
$603,000.00
VHCB:
$60,000.00
VHFA:
$48,000.00
City of Montpelier:
$198,100.00
Total:
$1,332,400.00
Past Economic Developent Projects
Woodbury College:
Woodbury College had outgrown its facility at 659 Elm St. Across the street stood a vacant barn with plenty of space but it was more suitable for cows than people.
A 1987 VCDP grant to the City made it possible for Woodbury College to purchase and renovate this building as its new home. Their former home was renovated as a
daycare center which is available for students' children while they are attending classes. The City saw this not just as an economic development project which
created new jobs but also as a public service project addressing one of the root causes of lower incomes by providing job training and education.
Highlights:
renovation of the barn
job training and educational services to low and moderate income household
(93% of Woodbury College students receive some financial aid)
job creation, (30 full and part-time employees)
degrees and training offered in
Mediation
Para-legal
Prevention & Community Development
Essential Career Skill
Funding:
VCDP
$189,500.00
Other Funds
$860,396.00
Total:
$1,049,896.00
City Center:
In 1983 a fire destroyed the Cody building on the corner of State and Main St. in Montpelier, leaving a vacant lot at the center of town. The HUD RDAG program played a critical role in development at the site. The project was seen as crucial to the revitalization of the City's downtown.
Highlights:
250 new jobs
90,000 sq ft of new commercial space
flood-proofed and accessible building
100 new parking spaces
Funding:
RDAG
$100,000.00
Other Funds
$6,131,200.00
Total
$6,231,200.00
Capitol Plaza
The future of the Capitol Plaza building was uncertain following the 1992 Montpelier flood. This largest of Montpelier's commercial properties sat vacant, suffering from deferred maintenance, flood damage, and bankruptcy. This slums and blight project utilized VCDP funds for renovations.
Benefits:
47 hotel rooms
57,000 sq ft of accessible office space
14,000 sq ft of retail space
the hotel employs approximately 100 full and part-time people, most of these positions are available to L/M income persons.
Funding:
VCDP
$264,000.00
SBA Loan
$750,000.00
VEDA Loan
$400,000.00
City Loan
$50,000.00
Bank
$710,000.00
Owner's Funds
$240,000.00
Total:
$2,414,000.00
Past Public Facilites & Services Projects
Heaton Woods
This Public Facilities grant enabled the City of Montpelier to provide a deferred loan to the Capital City Housing Foundation for the purchase and renovation of the then vacant Heaton House. The project resulted in the creation of a 39 bed, licensed Level III, Residential Care Home. Prior to this there was no Level III facility in Montpelier that was open to the general public.
Benefits:
39 beds assisted living
created 20 full and part-time jobs, 17 available to low and moderate income persons
City of
Montpelier
Department of Planning and Community Development
39 Main Street, City Hall
Montpelier, VT 05602-2950
Tel: (802) 223-9506
FAX: (802) 223-9524
E-mail: planning@montpelier-vt.org
