Last week, the New England Federal Credit Union (NEFCU) announced a $1 million grant to VHFA to be used to address affordable housing needs throughout the state. The funds will be directed towards low-income Vermonters who struggle to find homes that fit their means. VHFA will use the grant funds to underwrite projects in the Burlington and Montpelier downtown areas, which each have a high number of low-income renters facing tight rental markets.
Money will be allocated for the Allard Square project in South Burlington, which will be located in the new City Center neighborhood and will include 29 “service-enriched” apartments for seniors as well as ten additional market rate rentals. Funds will also go towards a rehabilitation of the upper two floors in the French Block building across from City Hall in Montpelier. When complete, the renovation will create 14 new affordable units and 4 market rate apartments for rent.