Lamoille Housing Partnership and Housing Vermont Complete Improvements to Jeudevine Housing
Morrisville, VT – This afternoon, State Senator Jane Kitchel and State Representative Chip Troiano were among residents, funders, community members, municipal officials and two nonprofit affordable housing organizations celebrating the completion of Jeudevine Housing and their continued commitment to the Hardwick community.
Affordable housing owners and developers, Lamoille Housing Partnership (LHP) and Housing Vermont (HVT) completed improvements of Jeudevine Housing which includes the rehabilitation of three multi-family properties including two historic buildings and a Main Street commercial business in downtown Hardwick. The Jeudevine rehabilitation project significantly upgrades and preserves 18 affordable rental homes and makes renovations to 9 Main Street, a mixed-use building the nonprofits’ helped to construct in 1993 after a fire destroyed an existing building on Main Street. 25 years later, Housing Vermont and Lamoille Housing Partnership continue their commitment to downtown Hardwick.
Tektonika Studio Architects was the lead architect and EF Wall Construction was the Construction Manager for the Jeudevine Housing renovations. The buildings are managed by Alliance Property Management.
Funding totaling $4.4 million from numerous sources was raised to cover the total development costs. Union Bank and Housing Vermont’s Green Mountain Housing Equity Fund 8 invested $2.4 million through the Low Income Housing Tax Credit program, which is administered by the Vermont Housing Finance Agency. The Vermont Housing & Conservation Board (VHCB) awarded $545,000. Other sources of funds include USDA RD Housing Preservation funds, administered by VHCB, energy funding from 3E Thermal and the Northeast Employment and Training Organization (NETO). Loans from the Town of Hardwick/VCDP and VHCB were refinanced to provide continuous investment.
The extensive energy efficiency upgrades to the thermal shell of 2 historic buildings and the mechanical systems will result in a 35% savings in heating and hot water costs. Newly renovated buildings include 143 Highland Avenue, 38 Slapp Hill Road and 9 South Main Street.
“Renovating these three properties was a challenge,” said Housing Vermont President Nancy Owens. “However, it offers several important benefits including investment in the long term quality of the buildings to preserve 18 homes, while creating a safer healthier environment for current residents, and for the Hardwick community for years to come.
“When we invest in housing, we make a long term commitment both to the project and to the community at large; we help house residents, improve properties, and add value to the grand list. Our hope is that our investments will help spark other private investment as well,” said Jim Lovinsky, Executive Director of Lamoille Housing Partnership.
In addition to Jeudevine Housing, LHP and HVT’s prior affordable housing collaborations in Hardwick include Bemis Block, Maple Street Apartments, and Cherry Street Apartments. These community development projects have added 56 units of affordable rental housing, both subsidized and permanently affordable and 4 commercial spaces to Hardwick’s housing landscape.
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The Lamoille Housing Partnership develops, rehabilitates, and maintains safe, decent, energy efficient affordable housing through rental, home ownership, and other means to low and moderate income persons and families living within Lamoille County and the Town of Hardwick. The Lamoille Housing Partnership provides such assistance without discrimination or prejudice, using a combination of private and public funding partnerships. Learn more at www.lamoillehousing.org.
Housing Vermont is a private, nonprofit development company founded in 1988 to produce permanently affordable rental housing for Vermonters through partnerships with communities and the private sector. Since its inception, Housing Vermont has raised more than $360 million in private equity to finance 180 affordable rental housing developments throughout the State. This equity has leveraged an additional $470 million in private financing and public investment. The 6,000 apartments created or renovated in these efforts serve low and moderate income Vermonters including seniors and those with special needs. Housing Vermont's New Markets Tax Credit program, Vermont Rural Ventures, has created favorable financing in excess of $163 million for 19 economic development projects in low-income areas. Housing Vermont is an active member of the National Association of State and Local Equity Funds (NASLEF). www.housingvermont.org
Photos courtesy of Sally McCay and Housing Vermont.
