Condo Media - October 2014 - 20

C A I

R e g i o n a l

N e w s

VERMONT

Closing the Gap
Apartments to Add More Affordable Housing in Waterbury

A

new rental housing development under construction in
Waterbury will take a large
step toward closing the community's affordable housing gap. A
patchwork of local, state, and federal
housing and development programs
are providing funding for the $6.2
million project, which will convert
the Ladd Hall Building, a historic
structure at what was formerly the
State Office Complex, into 27 mixedincome apartment units.
Local officials were looking for
ways to develop new rental housing

when Tropical Storm Irene hit three
years ago, shifting attention to the
massive recovery effort needed to
repair the damage in Waterbury and
other Vermont communities. The
disaster intensified Waterbury's need
for housing, but it also made the
Ladd Building, which was severely
damaged by flooding, available for
this development.
"Affordable housing was a goal
before Irene hit, and it was a goal
after Irene," says Kathy Beyer, vice
president for development at Housing
Vermont, co-developer of the project

Jim Stento, SVP,
Controller

True Service ---"It's providing thoughtful
answers to every financial question, including,
'Should we tip the mail carrier?'"
Jim Stento gets financial questions on budgets, investment strategy, insurance and
more. Whether asked the reason for a $39 accrual, the assumptions of a five-year
capital plan, or whether to tip the mail carrier, Jim and his accounting staff are ready
with the answers.

781-533-7200
Info@TheDartmouthGroup.com
Learn more at TheDartmouthGroup.com

20

Condo Media * OctOber 2014

THE
DARTMOUTH
GROUP
True Service: You define it. We deliver it.

with Central Vermont Community
Land Trust.
Plans for what will be the South
Main Street Apartments call for 12
one-bedroom, 13 two-bedroom, and
two three-bedroom units. Some will
be reserved for low- and moderateincome residents. But other units will
have no income restrictions.
"Think about who will be living
here," Jen Hollar, deputy commissioner of the Department of Housing
and Community Development, said
at the groundbreaking ceremony. "It
could be an instructional assistant
at the elementary school and her
daughter. It could be a retired state
worker who spent his entire career
working at the State Office Complex
and needs an affordable place to live
out his retirement. It could be a line
worker from Green Mountain Coffee
Roasters and his family. It could be
just about anyone."
A HUD Community Block Grant
for disaster recovery is providing
$1 million in development financing with an additional $3 million
coming from federal tax credits.
Various local agencies contributed
$426,000. And the Vermont Housing and Conservation Board added
$625,000 for construction costs.
The balance of the financing will
come from bank loans.
"This is a remarkable coming
together" of local, state, and federal
resources, notes Sen. Patrick Leahy
(D-Vt.), who helped arrange the
federal funding for the project. The
affordable rental units "will not only
[help] families stay together, they will
help Waterbury stay together. And
that is worthwhile." CM
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Condo Media - October 2014

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