Vergennes city council gets affordable housing update
VERGENNES — The Vergennes City Council last Tuesday heard from Addison County Community Trust Executive Director Elise Shanbacker that the planned 24-unit affordable housing project on Armory Lane is advancing. The project is intended to be built across the road from the existing senior housing project, not far from American Legion Post 14.
Shanbacker said her agency and its partner, Housing Vermont, have already raised $1.8 million for the $7 million, roughly 25,000-square-foot project. She told the council she expects the bulk of the funding, the sale of tax credits, to come through by April.
The final piece of the puzzle will be a $400,000 Community Development Block Grant for which Vergennes would have to apply and first hold a public hearing. Mayor Renny Perry pledged to hold the hearing at a January council meeting.
Shanbacker said the units will be intended to be affordable to tenants with incomes “up to 120 percent of area median income.”