Completed Housing Projects

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. 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:

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.