Housing Vermont was recently informed of its receipt of a $2 Million grant from the Treasury Department’s Capital Magnet Fund, which will be used to support the development of affordable housing in low income areas around Vermont:
The U. S. Treasury Department awarded Housing Vermont a $2 million grant for the development of affordable housing in low income areas of the state. The award was one of 32 made to organizations under the Capital Magnet Fund. “It’s critical that we increase the resources that we can draw upon to create affordable housing,” said Housing Vermont President Nancy Owens. “This grant, which builds upon our success as a statewide community development and affordable housing organization, is a significant step in that effort.” Housing Vermont will use the $2 million grant to provide short term pre-development and bridge loans as well as permanent subordinate debt to tax credit properties. The debt will be offered at below-market interest rates with non-conventional collateral and other flexible terms. The funds are expected to promote the production and preservation of nearly 950 affordable rental apartments in the next five years.
Read the rest of Housing Vermont’s announcement here.