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Against the Odds, a Burlington Housing Development Will Remain Affordable — Forever


By Kevin J. Kelley [08.08.12] The fate of two low-income housing projects in Burlington hung in the balance last year when Pizzagalli Properties announced plans to sell the Wharf Lane and Bobbin Mill apartment buildings to the highest bidder. Almost 100 renters faced eviction until the Burlington Housing Authority swooped in with a deal that keeps the apartments subsidized for the indefinite future. There’s no such cliffhanger at South Meadow, a 148-unit mixed-income development off Pine Street between Home Avenue and Queen City Park Road in the city’s South End. Under a financing deal struck with the Champlain Housing Trust that is expected to be formally concluded next month, the development’s cheaper units will remain affordable permanently, and some market-rate units will convert to affordable apartments and condos. Bottom line: The total number of affordable units will grow from 40 to 88. Link to full Seven Days article PDF of Seven Days article

#ChamplainHousingTrust #CEDO #BTV #HousingCreationandPreservation #AdvocacyandPolicy #Housing #HousingAgencyandNonprofitNews #VHFA

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