Located on Maple Street in Stowe, River Bend Apartments adds 16 income eligible, affordable rental apartments to the community - 14 units are located in Stowe, while an additional 2 units are located in Morrisville.
The income eligible apartments will be rented to households who earn 30% to 120% of the area median income, or about $12 to $15 at an hourly wage. 6 of the 16 total apartments will be designated for households who have endured homelessness.
River Bend's monthly rental rates range from $680 for a studio apartment to $993 for a three-bedroom apartment including heat and utilities. For comparison, similar apartments in the area at Fair Market Rate (FMR) average $788 to $1,264 per month to rent and often exclude heat and utilities. A Craiglist search for apartments within 7 miles of Stowe during the last week of October 2021 turned up just two results that exceed FMR, ranging from $1,500 to $2,500 per month excluding utilities.
The first residents are expected to move in in December 2021.
Project funding sources include Low Income Housing Tax Credits and Homelessness Relief Funding from the Vermont Housing & Conservation Board (VHCB.) More information regarding the projectβs cost of development can be viewed here.
Riverbend Apartments is a βturnkey," rapid action development opportunity made possible by collaborative efforts with local private developer Graham Mink to address the concerning lack of affordable housing options in Stowe. Compared to the overall stock of affordable housing in Lamoille County, Stowe currently has the lowest density of affordable housing.
Integral to this project's advancement was strong advocacy from Stowe residents and business owners who spoke in support of the project, and partnership with the Town of Stowe who will apply for additional project based grant funding from the Vermont Community Development Program on behalf of LHP. If awarded, this funding with further preserve and enhance the affordability of the apartments for all future residents.
