Vermont is putting $13.8 million into housing, community preservation and conservation projects across the state, with a major portion of the funding directed toward creating and preserving affordable homes.
The Vermont Housing & Conservation Board (VHCB) committed $13.815 million in state, federal and philanthropic funding following its October 1 meeting. The investments will support new affordable housing, preserve existing rental and manufactured-home communities, improve aging housing infrastructure and protect more than 725 acres of farmland, forests and natural areas.
The funding includes money for 35 new affordable senior apartments, the preservation and rehabilitation of 52 rental homes, permanent protection of 44 manufactured-home lots, and replacement of failing heating and ventilation systems serving affordable housing communities.
$5.42 Million for New Colchester Housing
One of the largest individual awards is going to Severance Park in Colchester, where VHCB committed $5.42 million toward a new 35-home affordable senior housing development.
The four-story building will provide homes for households earning between 50% and 80% of the area median income. Plans call for a community room and kitchen, garden planters and walking paths, along with support through the SASH program, which connects older residents with health and supportive services.
The project will also mark the beginning of residential development at Severance Park, a planned mixed-use neighborhood in Colchester's Downtown Growth Center. The larger development is expected to eventually include up to 585 homes, along with a grocery store, café, childcare facilities and a central park.
Preserving Existing Affordable Housing
The new funding is also aimed at keeping existing affordable housing available.
In Burlington, $1.5 million will support improvements to South Meadow Apartments, a 148-home mixed-income neighborhood. The money will help fund roofing, siding, drainage, heating and hot-water upgrades while placing permanent affordability restrictions on 44 homes.
In Rutland, another $1.33 million will help acquire and preserve the Allen Street and Brookside manufactured-home communities, protecting 44 homesites and placing permanent affordability restrictions on 33 lots.
VHCB is also committing $1.75 million to replace failing heating and ventilation systems across five affordable housing communities. The work is expected to protect reliable heat for 93 homes.
A Broader Investment in Vermont Communities
The $13.8 million package extends beyond housing. VHCB is also supporting historic preservation, farmland conservation and public access to forests, streams and natural areas throughout the state.
The investments come as Vermont continues to face a significant shortage of year-round housing. By combining new construction with the preservation of existing affordable homes, the latest funding aims to increase housing availability while preventing some existing units from being lost to rising costs or deteriorating conditions.
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