FOR IMMEDIATE RELEASE: March 17, 2025
CONTACT: Kathy Beyer, (802) 863-8424
[Barre, VT] Today a gathering of community members, funders, residents, state legislators, and others celebrated the official grand opening for the historic Ward 5 School Apartments. Co-owners and co-developers, Evernorth and Downstreet Housing and Community Development partnered to redevelop the historic Ward 5 School into 9 new permanently affordable homes that are part of the larger Granite City Apartments project, which also includes 18 newly renovated apartments in two buildings on Bromur Street.
Downstreet and Evernorth renovated the 18 existing apartments in two buildings on Bromur Street to address energy efficiency and life safety enhancements and created 9 new affordable apartments by redeveloping the long-vacant Ward 5 School on Humbert Street. The historic building was acquired from the Barre Housing Authority (BHA). Downstreet and Evernorth worked with BHA to secure nine rental assistance vouchers for the new apartments.
“We are thrilled to see the transformation of the historic Ward 5 school into 9 beautiful new homes affordable to our lowest income neighbors,” said Angie Harbin, Downstreet Executive Director. “Support from the Barre Housing Authority, the Barre City Council, and the broader community was instrumental in bringing this vision to life. Downstreet is grateful to be part of the shared commitment that made this project possible.”
The adaptive reuse of the historic Ward 5 School represents historical preservation exemplified by the retention of elements such as the old chalkboards, which were mandated to remain in the building for historical landmark purposes. Rather than discard them, the team incorporated these chalkboards into the walls of each apartment, providing residents with a charming built-in feature. Additionally, original components like windows and doors were preserved, contributing to the creation of a truly unique and historically significant living space for residents to enjoy.
“The Ward 5 School renovations bring new life to a blighted building that has been part of the community for over 100 years.” said Kathy Beyer, Senior Vice President for Real Estate Development at Evernorth. “Granite City Apartments is a perfect example of how we can seamlessly integrate history with the evolving needs of our community.”
Funding and financing totaling over $8 million from a mix of public and private sources was raised to cover the total development costs. Evernorth’s 481 Fund I (TD Bank, N.A.) provided the federal tax credit equity investment of $4.1 million for this project, which is administered by the Vermont Housing Finance Agency (VHFA). VHFA also provided $255,000 from the Vermont Housing Investment Fund. The Vermont Housing and Conservation Board contributed over $ 2.7 million, including $1.2 million in American Rescue Plan Act (ARPA) funding and $585,000 in HOME funds. The City of Barre contributed $500,000 through the VT Community Development Program as well as $250,000 in ARPA Funding. The Federal Home Loan Bank of Boston Affordable Housing Program through Northfield Savings Bank (NSB) contributed $550,000, NSB also provided the $500,000 permanent loan. NeighborWorks and Efficiency Vermont.
Scott + Partners Architecture is the project architect. E.F. Wall is the Construction Manager.
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Downstreet Housing & Community Development is a non-profit organization that strengthens the communities of Central Vermont by creating permanently affordable homes, promoting equity and inclusion, and connecting people to the resources and services they need to thrive. Since 1987, Downstreet has been enriching neighborhoods in Washington, Orange, and Lamoille counties through real estate development projects, homeownership programs, supportive services, and a rental portfolio that provides safe, healthy, mixed-income rentals to over 500 households in apartments and manufactured housing communities.
Evernorth is a nonprofit organization serving the low and moderate income people of Maine, New Hampshire and Vermont with affordable housing and community investments. Evernorth has raised and deployed over $1.6B in equity capital for affordable housing and built more than 17,000 affordable homes and apartments for low and moderate income people across northern New England.
