Nonprofit plans new Lyndonville affordable housing complex
LYNDONVILLE, Vt. (AP) — A Vermont nonprofit housing agency has proposed replacing its two apartment buildings with a new $6.2 million affordable housing complex.
RuralEdge asset manager Becky Masure tells the Caledonian-Record the nonprofit expects to receive most of its funding for the Lyndonville project from private investors through a low-income housing tax credit initiative. The agency will replace the apartments with a 21-unit complex.
The new complex, called Olivia Place, will include mixed-income housing. Masure says the agency is trying to provide safe affordable housing and help with homelessness. According to Masure, tenants will be protected by the Universal Relocation Act.
Masure says construction will start by 2019 and is expected to take about a year. The agency will work with local laborers for the project.
Information from: The Caledonian-Record, http://www.caledonianrecord.com