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New Affordable Homes Open in Downtown Bennington

On July 17, residents, funders, community members, and two affordable housing organizations celebrated the completion of construction of 24 new apartments in downtown Bennington.

The 24 unit Monument View Apartments will address the continued demand for new affordable housing in the downtown area of Bennington.  Owners of the building, Shires Housing and Housing Vermont, are using Vermont’s Housing Revenue Bond (HRB) funds to finance its construction. The 24 apartments include a mix of twenty homes targeted to households with annual incomes ranging from a maximum of $30,960 for a one-person household to $39,780 for a three-person household.  Four homes will target households with annual incomes ranging from a maximum of $61,920 for a one-person household to $79,560 for a three-person household. There are 16 2-bedroom units and 8 one -bedroom units. Ground floor apartments have a back door to the outside and the second floor apartments are designed with small balconies. All of the ground floor apartments are adaptable with accessible entrances and each apartment has a dishwasher and washer/dryer hook up.

Shires Housing and Housing Vermont assembled a financing package totaling $7.3 million from numerous sources to develop the housing. TD Bank provided a $4.5 million construction loan and is investing $4.6 million through the Low Income Housing Tax Credit program which is administered locally by the Vermont Housing Finance Agency. The State of Vermont’s new Housing for All Revenue Bond, administered through the Vermont Housing and Conservation Board, added $750,000. Other sources of funds include the Vermont Community Development Program through the Town of Bennington, the U.S. Department of HUD’s HOME program and Efficiency Vermont

 “We are so excited to welcome residents to the new apartments at Monument View,” said Stephanie Lane, Executive Director of Shires Housing. “Vermont’s Housing for All Revenue Bond is allowing us to provide homes for a wide range of incomes, helping to address the Bennington area’s critical need for new housing in a more inclusive way. The construction of this development took approximately 15 months, with the work of an outstanding development team, and I think the results speak for themselves. The apartments are not only attractive, but extremely energy efficient and built to last at least 20 years without further capital investment. This development will provide beautiful homes for Bennington residents for years to come and we are so pleased to incorporate them into the Shires Housing portfolio of properties.”

Housing Vermont President, Nancy Owens concurred that the construction of new mixed-income housing underscored the nonprofits’ commitment to solving one of the region’s most pressing problems – the severe shortage of affordable housing. “We understand that affordable housing resources are scarce and that the need is great,” Owens said. “The Housing Revenue Bond funding has enabled us to build new comfortable, energy efficient and affordable homes within a Vermont Designated Downtown.”

Vermont’s $37 million Housing for All Revenue Bond was issued in 2017 by the Vermont Housing Finance Agency and the program is administered by the Vermont Housing & Conservation Board. The sale exceeded expectations and raised $37 million. To date, VHCB has awarded approximately $29 million for 617 homes in 9 counties plus accessibility improvements and Habitat for Humanity homes statewide, including Wentworth Community Housing. The 25 projects funded by the HRB thus far will result in an estimated $137 million in construction activity.

Steve Schenker of S2 Architecture was the project architect and Naylor & Breen Builders was the general contractor.

Those wishing to learn more about housing opportunities at Monument View Apartments should contact Shires Housing at (802) 442-8139 or visit www.ShiresHousing.org.