Our Community Role & Impact
Preserving Housing & Community Affordability: our mission, business model and funding
Lamoille Housing Partnership is a 501c3 nonprofit affordable housing developer. We develop income eligible, affordable rental housing specifically for households considered low and moderate income that earn 30% up to 120% of area median income through employment or social security income. As a nonprofit and mission driven organization, our community role is to collaborate with communities to create and preserve quality affordable housing opportunities for Hardwick and Lamoille County to reduce barriers to housing among individuals and families.
Mack Mudgett Drive, Johnson VT
Unlike private landlords, Lamoille Housing Partnership prioritizes preserving housing affordability for our residents and has structured our business model to do so. The monthly rental rates that we charge are income based and reflect the US Department of Housing & Urban Development’s affordability thresholds, designed so that renters’ access to basic needs is not compromised by disproportionately high housing costs. Lamoille Housing Partnership does not generate significant income from collected rent. Rental revenue is reinvested into the property to preserve affordability for the residents, as well as maintain valuable and shared community housing assets that the community can rely on well into the future.
Lamoille Housing Partnership’s business model and funding streams require adherence to stringent development and regulation criteria, attributing to greater complexity of development and higher development costs than compared with private developers.
However, meeting these higher standards and upfront investments are reflected in the quality of our affordable housing development (such as building design and materials used,) and the continued reinvestments into our properties’ maintenance and upkeep. These critical investments preserve affordability for the residents, protect and enhance public health and safety, and ensure that the properties and infrastructure continue to be a valuable, shared community asset for the long term.
As a nonprofit organization, we rely on a combination of public and private funding sources to advance our affordable housing projects from pipeline to completion in local communities. A common misnomer is that our projects are funded by taxpayers. Our work is primarily funded by federal and state grant funding, low income housing tax credits, historic preservation tax credits, and private grant and foundation funding. We also rely on and earmark philanthropic contributions and annual town appropriations for project specific use.
Additionally, developer fees collected from completed projects are integral to our business model and strengthen our organization’s sustainability. Developer fees are garnered through investment capital that is raised to fund projects - these sources include federal, state, local and private entities.
We invite you to support our work with a gift to our Housing Opportunity Fund!
Impact: community members and service area communities
The beneficiaries of LHP’s affordable housing and inclusive community development projects are people that we work, live, and play alongside with in our communities everyday.
Our residents include families, members of the workforce, older people, people with disabilities, veterans and individuals who have experienced homelessness.
Our residents are considered lower and moderate income earning households. We provide affordable homes for households that earn between between 30% up to 120% of the area median income through employment or social security income.
Our mission driven work is focused in Lamoille County and the Town of Hardwick.
We currently have developed and manage over 300 units of affordable housing properties throughout Jeffersonville, Johnson, Morrisville, Stowe and Hardwick.
Expertise & Local Connection
Lamoille Housing Partnership has a 30 year span of developing institutional knowledge essential to navigating the complexities of affordable housing development, real estate and land acquisition, financing and investment that bring our multimillion dollar affordable housing developments to fruition.
Lamoille View Apartments ribbon cutting ceremony.
Our project development team is exceedingly equipped in education and experiential knowledge across these aspects of affordable project development, and our organization’s achievements demonstrate Lamoille Housing Partnership’s capability to successfully and effectively leverage millions of dollars in state and federal grant funding and tax credits into high quality, affordable housing infrastructure that meets community needs.
Lamoille Housing Partnership is a well respected and knowledgeable resource regarding Lamoille County and Hardwick’s housing needs, challenges, opportunities, and solutions. We represent our service area in federal and state housing advocacy efforts, providing testimony and advocating to our elected officials to support state investments into affordable housing development that benefit low and moderate income residents in our region and other communities across Vermont.
