Vermont Housing Conservation Board 2005 - Vermont Housing and ...

VHCB HOUSING PROGRAMS
During 2005 the Board continued to focus on increasing the supply of
housing and supporting opportunities for homeownership. In addition,
the Board funded several key downtown developments that renovated important
buildings, created additional apartments, or rebuilt after major fires. The
Board’s transitional housing fund provided capital grants to house people who
need housing with supportive services before they can live independently. As in
the past, the Board supported preservation of existing subsidized housing and
the Vermont Center for Independent Living’s Home Access Program, which
provides accessibility modifications to homes and apartments statewide.
Increasing the Supply
Sixty-nine percent of the developments funded by the Board will add new housing
to the market. These developments will add 368 new apartments, condominiums
and single family homes either through new construction or adaptive
reuse of existing buildings. As in the past, many of the new units are in the
northwestern part of the state where the housing market has been extremely
tight in recent years. Virtually all the new housing is located in downtowns or
neighborhoods and serves the dual purpose of providing affordable housing
while strengthening and revitalizing neighborhoods.
Increasing Homeownership Opportunities
This year, the Board significantly increased the amount of money dedicated to
homeownership and also raised the amount of subsidy available per home to
help lower-income Vermonters break into a rapidly escalating housing market.
Homeownership funds were provided to develop single family homes and condominiums,
for the Homeland program in which buyers select homes available
Fiscal Year 2005
HOUSING
State Funding Commitments
$6, 293, 909
436 units
20 projects
Homeownership 133 units
Rental Housing 303 units
Federal Funding Commitments
HOME Program
$4,450,694
Lead-Based Paint
Hazard Reduction Program
$ 837,340
4
Groton Community Housing
VHCB is contributing to extensive
community development efforts in
the village of Groton. Renovations
are underway in 19 units of mixedincome
rental housing developed
by the Gilman Housing Trust in
partnership with Housing Vermont.
There will also be a new, expanded
home for the Groton Free Public
Library, a renovated general store,
three business incubator spaces
and streetscape improvements
along Groton’s Main Street.