Grand Opening and Re-dedication of West Brattleboro's A.W. Richards Building
April 28, 2010 - While the exterior of West Brattleboro’s A. W. Richards Building may look unchanged, that belies the extensive renovations which have transformed the former commercial building into 21 affordable apartments while retaining 7,130 square feet of commercial space.
Brattleboro Housing Authority Executive Director Chris Hart hailed the creation of 21 new apartments during her remarks at Wednesday’s ribbon cutting ceremonies. “Thanks to the cooperation of Mark Richards and the investment of nearly $5.8 million in private and public funds, we are able to increase the supply of sorely needed affordable housing in the Brattleboro area,” Hart said.
 from left: Chris Hart, John Nopper and Nancy Owens |
The A. W. Richards Building offers 4 efficiencies, 15 one-bedroom units, and 2 two-bedroom units. Rents, which include heat, hot water, and trash removal range from $493 for an efficiency to $785 for a market rate one-bedroom apartment. Financing for the $5.8 million project included $3,038,000 in tax credit equity from Chittenden Bank, a division of People’s United Bank.
“This is an outstanding example of creating new affordable apartments through an imaginative re-use of an existing building,” said Marilyn Hardacre, Senior Vice President at the Chittenden Bank. In addition to its equity investment, the Chittenden Bank provided loans totaling $900,000.
Other sources of financing included the Vermont Housing and Conservation Board, Town of Brattleboro, Federal Home Loan Bank of Boston, Vermont Community Development Program, HOME program, Residential Energy Efficiency Program, and federal stimulus funds from the Vermont Housing Finance Agency. The project was designed by Jeremy Coleman, architect. Baybutt Construction was the general contractor.
“This is the first time that Housing Vermont has developed housing with BHA,” said Housing Vermont President Nancy Owens. “Their commitment and professionalism made it possible to secure funding from so many sources,” Owens added.
The A. W Richards Building is owned by a limited partnership under the direction of Housing Vermont and BHA, which is also the property manager. Those interested in renting apartments should contact BHA’s Heidi Flaherty at (802) 254-6071.