PUTNEY — On Sept. 20, residents, funders, community members, and two affordable housing organizations gathered to celebrate the completion of 18 new apartments on Neumann Lane and the renovation of seven apartments at the historic Noyes House.
According to a news release, Windham & Windsor Housing Trust and Housing Vermont assembled a financing package that included support from the Vermont Housing and Conservation Board, the Vermont Community Development Program, the federal HOME program, and the Green Mountain Housing Equity Fund from the sale of federal tax credits allocated by the Vermont Housing Finance Agency.
Construction financing in the amount of $4.7 million was provided by Citizens Bank, N.A.
“We're thrilled to have completed this project, adding to the supply of new affordable housing in Putney while also preserving the Noyes House,” said Elizabeth Bridgewater, executive director of Windham & Windsor Housing Trust. “This work would not have been possible without true partnership on the part of Putney officials and state funders.”
Housing Vermont President Nancy Owens noted that the construction of new housing and renovations of existing buildings underscored the nonprofits' commitment to sustainability.
“We understand that affordable housing resources are scarce and that the need is great,” Owens said. “This financing enabled us to increase the number of perpetually affordable apartments in Putney while also preserving and caring for the historic Noyes House.”
The two sites offer a total of three studio apartments, nine one-bedroom, 11 two-bedroom, and two three-bedroom units. A centralized biomass boiler will be the main source of heat and hot water for the new apartments on Neumann Lane.
The apartments feature a convenient location, parking, laundry, and green space. Rents range from $525 for an affordable studio unit to $900 for a moderate income three-bedroom unit, including heat and hot water.