Affordable Housing Development Opens in Middlebury

WCAX recently reported on the new Peter Coe Village Apartments, which are now open in Middlebury:

The rule goes: if you’re looking for an affordable apartment to rent in Middlebury, look elsewhere. “We have a very low vacancy rate in Middlebury and in Addison County as a whole. Close to zero percent,” said Elise Shanbacker, Addison County Community Trust. Now, there are a few openings thanks to 21 new apartments built on North Pleasant Street, replacing an old motel that the developer says was riddled with crime. “The motel units didn’t serve our residents well and didn’t serve our community well,” said Kenn Sassorossi, Housing Vermont. In the new Peter Coe Village Apartments, a two-bedroom goes for $785 a month, well below market rate. “Median rent is about a $1,000 in this community, $1,000 for a two-bedroom,” said Shanbacker. A combination of public and private investors poured $6.4 million into the project. A model for development the town may look to expand. “There is also work going on in the Middlebury planning commission looking specifically at affordable housing, the housing stock available in Middlebury, and what segments of the population are not being well-served,” said Chris English, assistant town manager. “Nearly half of Addison County residents are cost-burdened; they pay more than a third of their income a month in rent,” said Shanbacker. Soon, 21 families can open the doors to a new apartment and by 2017 the town plan could change to demand that opportunity for hundreds more.

For the full article, including video, click here.

#HousingCreationandPreservation #VT

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