$6M from VHFA for Housing in Middlebury
The Vermont Housing Finance Agency (VHFA) awarded Summit Properties $6,075,405 to build "workforce housing" as part of the Stonecrop Meadows housing project in Middlebury.
When completed, Stonecrop Meadows will include about 200 mixed-income homes, offering a combination of rental and for-sale properties. The VHFA award will help with construction of around 35 units with estimated sales prices from $291,000 for a two-bedroom home to $336,000 for a three-bedroom home.
The Stonecrop Meadows project received the largest award from the Missing Middle-Income Homeownership program money for this year.
If all goes well, construction could begin as soon as Fall 2023 or Spring 2024.
The Vermont Housing Finance Agency (VHFA) Board of Commissioners awarded $14.2 million to 12 projects totaling 92 homes across eight counties as part of the Missing Middle-Income Homeownership Development Pilot Program (Missing Middle-Income Program). The program represents the largest single investment in the state’s history to create new homeownership opportunities. Signed into law by Governor Scott in June of 2022, the program was established by the Vermont Legislature with an initial investment of American Rescue Plan Act (ARPA) funding. VHFA also received a $2 million funding commitment from the Vermont Housing and Conservation Board to establish a construction guarantee component to the program, which will be awarded at a future meeting.
“We simply are not building enough homes in Vermont,” remarked Maura Collins, Executive Director of VHFA. “With this historic investment into the rehabilitation and construction of new, modest homes, Vermont is ensuring more people have access to the benefits of owning their home and meeting our state’s housing goals.”