FOR IMMEDIATE RELEASE: June 14, 2022
CONTACT: Lisa Patlis, (802) 861-3814
Stowe Celebrates the Opening of New Affordable Apartments Located in Stowe Village
Ribbon cutting also represents the official kick-off of Phase 2
[Stowe, Vermont] – Tuesday morning brought together residents, funders, community members, local legislators and two affordable housing organizations to celebrate the completion of 9 new homes and to officially kick-off the second phase of River Bend Apartments.
River Bend Apartments represents the first opportunity that Lamoille Housing Partnership (LHP) and Evernorth have had to develop affordable housing in Stowe in 10 years. These energy efficient, affordable homes will provide much-needed housing and combine both preservation of existing apartments and new construction in order to best meet the needs of the community. On Maple Street in Stowe, the LHP/Evernorth partnership is celebrating the completion of 9 new apartments and the start of renovations to preserve 5 existing apartments that have served the community well over the years. The apartments will remain perpetually affordable. In Morrisville, renovation work is underway on a newly acquired duplex located on Hutchins Street. Both apartments, one with 2-bedrooms and one with 3-4 bedrooms, will be reserved for households facing homelessness.
Lamoille Housing Partnership and Evernorth partnered to purchase the four buildings, now named River Bend Apartments, 3 in Stowe and 1 in Morrisville. Today, the ribbon was officially cut at 607 Maple Street, a turn-key project that was developed by Graham Mink. The two buildings on either side of the newly constructed 607 Maple Street, 605 and 635, as well as 6 Hutchins Street in Morrisville, will be renovated by Millbrook Building & Remodeling. The project architect is Steve Schenker of S2 Architecture.
“River Bend Apartments is a shining example of what is possible in our communities through successful collaboration between private and nonprofit developers, towns, and housing advocates, as well as strong state and federal resources. Now, nine households are finding a sense of safety, stability and comfort as they settle into their new homes in Stowe, grounding feelings that we all can understand. LHP is deeply grateful to all who are with us in this work,” said Jim Lovinsky, Executive Director of LHP.
Funding totaling $5.7 million was raised from numerous sources to cover the total development costs of the project. Union Bank provided the equity in this project, investing over $1.5 million through the Low Income Housing Tax Credit program which is administered locally by the Vermont Housing Finance Agency (VHFA). The Vermont Housing & Conservation Board provided $3.2 million in funding. The VHFA is providing the permanent loan as well as funding from its Vermont Housing Investment Fund. Other sources of funds include the Vermont Community Development Program through the Town of Stowe.
“Evernorth and Lamoille Housing Partnerships have a successful history developing affordable housing together,” said Nancy Owens, Evernorth’s Co-President. “In partnering on River Bend Apartments, we believe we will improve the lives of the residents and strengthen the economies of Stowe and Morrisville.”