Progress Report: Housing Revenue Bond

The Housing for All Revenue Bond has had immediate and significant impact on Vermont’s affordable housing landscape. Since January 2017, VHCB has awarded Housing Revenue Bond funds for 843 new apartments and homes including 60 home accessibility improvements, tripling VHCB’s capacity to invest in affordable housing.

VHCB is committed to investing in downtowns and village centers to enhance their economic vitality. The Revenue Bond has allowed for significant investment in restoring vacant or underutilized historic buildings and adding new developments in downtowns:

• Putnam Block in Bennington
• Woolson Block in Springfield
• New Avenue in St. Johnsbury
• Allard Square in South Burlington
• Laurentide in Burlington
• Monument View in Bennington
• Taylor Street Apartments in Montpelier
• Snow Block in Brattleboro
• Garden Apartments in South Burlington
• Juniper House in Burlington
• Maiden Lane in St. Albans
• Putney Landing
• Congress Street in St. Albans
• Wentworth Apartments, Hartford
• East Branch Farms, Manchester 

Housing Revenue Bond funds are also being used to provide options for individuals and households with complex housing needs, such as for those experiencing homelessness, exiting a corrections facility, or in recovery from addiction. Housing with long-term support services helps these households to successfully maintain independent living. Developments serving these populations include:

• Great River Terrace in Brattleboro
• Clara Martin in Randolph
• Tiny Homes in Barre
• Groundworks Collaborative in Brattleboro

The Revenue Bond has accelerated innovation in the affordable housing industry. Four developments – the Putnam Block in Bennington, Cambrian Rise in Burlington, City Center in South Burlington, and Maiden Lane in St. Albans – are co-developed by for-profit and non-profit developers, resulting in an additional 300 market rate homes created by the for-profit developers. Housing Revenue Bond investments are helping developers pioneer advanced energy efficiency approaches including high performance building envelopes, balanced ventilation, and advanced electric heating. Examples of these innovations are engineered into Taylor Street in Montpelier, the Snow Block in Brattleboro, and Wentworth Community Housing in White River Junction. Tiny homes in Barre and micro-apartments in Bennington and Brattleboro are being built in response to evolving housing needs. Lessons learned from these and other innovations are being applied to new projects in the pipeline.

Handout summarizing the Housing Bond Activity