SOUTH BURLINGTON, Vt.—New England Federal Credit Union has announced a $1-million grant to Vermont Housing Finance Agency (VHFA) to address the critical need for affordable housing.
The money will be awarded by VHFA over the coming year to several housing developments that have funding shortfalls.
According to the credit union, the goal is to help Vermont’s 30,000 low-income renter households who receive no housing assistance but face rents that are out of line with their income. More than half of the state’s low-income renters live in Addison, Chittenden, Franklin, Grand Isle, Lamoille and Washington counties—the six counties served by NEFCU.
“We are delighted to help increase the number of homes that are affordable to those Vermonters who struggle the most,” said NEFCU President/CEO John J. Dwyer, Jr. “We have also heard from area employers about lack of affordable workforce housing and look forward to using this money to support the local economy,” he continued.
Due to its long-standing role running the state’s largest affordable rental housing development programs, VHFA was given the million dollars and will underwrite and select projects to receive the funds.
The NEFCU funding will allow the state to meet the immediate funding needs of two development projects in South Burlington and Montpelier, according to Sarah Carpenter, VHFA’s executive director. Both projects are located in downtown areas and will house low-income renters facing extremely tight housing markets.
In South Burlington, money will be awarded for the construction of “Allard Square,” located in the new City Center neighborhood. Allard Square will be a service-enriched residential building that includes 29 apartments for low income seniors and another 10 market-rate units. Cathedral Square Corporation is developing the project with Snyder-Braverman Development Company.