Renovations Complete at Pleasant Street Apartments
Silos are a common sight in dairy-rich Franklin County, but it is unusual to spy them nestled in amongst apartments. So, it is not surprising that three silver silos, which store wood pellets not feed, drew much attention at the ribbon cutting for Pleasant Street Apartments in Enosburg Falls.
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| HV's Trevor Parsons discusses the new pellet boiler system |
The Champlain Housing Trust (CHT) and Housing Vermont joined funders, residents and others on July 27 to celebrate the completion of nearly $1.4 million in improvements to the 24 affordable apartments on Kennison Drive.
“One of our major goals was to minimize future energy costs,” said Housing Vermont Vice President Kenn Sassorossi. “We also wanted to use regional renewable resources. Using wood pellets to provide heat and hot water allows us to do both,” Sassorossi said.
Pleasant Street Apartments was originally developed in 1989. Housing Vermont and CHT acquired the property in December 2007. Renovations include the installation of new heating systems incorporating three wood pellet-fired boilers; insulation and other weatherization improvements; new roofs, siding, and kitchens, low-flow toilets; and the construction of a playground.
The rehabilitation results in a 30% reduction in net BTUs needed to heat and provide domestic hot water and a 60% reduction in cost at today’s prices for propane and wood pellets.
Pleasant Street Apartments offers eight one-bedroom, and 16 two-bedroom apartments. USDA Rural Development provides rental assistance for 22 apartments, capping residents’ rent at 30% of their income. The rent for the remaining two apartments, which includes heat, hot water, and trash removal, is just over $900.
Financing for the $3.2 million total development cost included $766,555 in tax credit equity from the Community National Bank.
“As a community bank, we appreciate the importance of affordable housing in meeting the needs of our neighbors and maintaining vibrant towns of all sizes,” said Community National Bank President Steve Marsh. “Participating as an equity investor is a very effective way for the Bank to support our communities.”
USDA Rural Development provided two loans totaling $1,850,346. Other sources of financing included the Vermont Housing and Conservation Board, Vermont Clean Energy Development Fund, and federal stimulus funds from the Vermont Housing Finance Agency which also provided construction financing. The project was designed by S2 Architecture. Coleman Construction was the general contractor.