Stonecrop Apartments Receives VHFA-Awarded Federal Housing Tax Credit
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced on Monday April 15, 2024, that its annual award of federal housing tax credits will support the construction of 156 homes in perpetually affordable apartment buildings in five communities across the state. The sale of this year’s tax credits to investors is expected to yield over $40 million in funds, covering an estimated 60 percent of total project development costs.
The apartments developed through this award of federal tax credits will be located in Middlebury, Rutland, St. Johnsbury, Waterbury, and Woodstock.
Stonecrop Apartments will comprise approximately 35 new apartments in Middlebury’s Neighborhood Development Area. The site is part of a 33-acre parcel, of which 14 acres will be a planned 218-unit master planned community. Of the 35 units, 22 will be housing credit units affordable to households at or below 60% Area Median Income (AMI). The 35 units will be general occupancy consisting of 12 studio apartments, 15 one-bedroom apartments, 6 two-bedroom apartments and 2 three-bedroom apartments. Ascend Housing Allies will provide on-site supportive services for 6 formerly homeless or at-risk households. Summit Properties will be the property manager.