Johnson Housing Development Celebrates Opening
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Union Bank CEO Kenneth Gibbons, Speaker of the House Shap Smith and Susan Bartlett, from the Governor's office, celebrate with members of VHFA, VHCB and HV.
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Some new housing developments target seniors; others seek to serve families. Some new housing developments rehabilitate existing buildings; some build new structures. On April 11, the Johnson community celebrated the opening of new affordable apartments which benefit both seniors and families and make use of buildings new and old.
Area renters will benefit from the 24 new apartments constructed on the School Street site formerly owned by the Vermont Electric Cooperative. The $6.3 million project, developed by the Lamoille Housing Partnership and Housing Vermont, also renovated two duplexes located at 334 Lower Main Street and 71 Mack Mudgett Drive. Twenty-five apartments are targeted to families at seniors below 60% of the county median income and three units are market rate.
LHP Board member Nancy Merz welcomed everyone by noting that the development demonstrated the strength of community-based housing. She introduced Vermont Speaker of the House Shap Smith who congratulated the two nonprofits and noted that funding for the Vermont Housing and Conservation Board was a priority item for the legislature.
Nancy Owens, President of Housing Vermont, recognized the multiple funding sources needed to carry out this ambitious project. “This was a complex development project which would not have been possible without the commitment of Union Bank, TD Bank and Vermont’s public agencies,” Nancy said.
Union Bank and TD Bank provided a total of $3.8 million in tax credit equity while the Vermont Housing Finance Agency provided a construction loan. Other funders include the Vermont Housing and Conservation Board; Vermont Department of Economic, Housing and Community Development; and Efficiency Vermont.
Wright and Morrissey was the general contractor and Gossens Bachman Architects designed the apartments.
Those interested in renting apartments should contact Lisa, Alliance Property Management, at (802) 899-3400 or toll free (877)-321-3400 or by email at lisa@apmvt.com.