Congressman Peter Welch and Montpelier Mayor Anne Watson were among the elected officials, funders, community members and other municipal officials that celebrated the much-anticipated opening of Taylor Street Apartments and Transit Center.
The project is a collaboration between the City of Montpelier and nonprofits, Downstreet Housing & Community Development and Housing Vermont. The City of Montpelier led the planning, permitting and environmental clean-up to prepare this property adjacent to the Winooski River for development. The state’s Housing For All Revenue Bond combined with housing tax credits and other public resources, made it possible for Downstreet and Housing Vermont to purchase the development rights to the apartments, after other market rate developers were unable to proceed.
The new apartments offer a mix of affordable and market rate rents right in the heart of downtown Montpelier. The Taylor Street Apartments are located on the three floors above the new multi-modal Transit Center and connected to the City’s expanding bike path. These 30 newly-constructed apartments include six studios, eighteen 1-bedroom and six 2-bedroom apartments. All of Taylor Street housing will be permanently affordable.
Congressman Peter Welch said, “Today, we celebrate the completion of this historic project in downtown Montpelier. We also celebrate the efforts of community leaders who brought together in this project their vision for affordable public transportation and affordable housing. I’m particularly pleased that the federal Low Income Housing Tax Credit played an important role in this vibrant project.”
In 2003, Senators Leahy and Jeffords secured $7 million in federal funding for the Montpelier Transit Center laying the groundwork for the project.
In 2017, Downstreet and Housing Vermont partnered to develop Taylor Street Apartments, securing funding totaling over $7.7 million from numerous sources to cover the total development costs. People’s United Bank invested $4.0 million through the Low Income Housing Tax Credit program which is administered locally by VHFA and $3,950,000 in construction financing. Vermont’s new Housing for All Revenue Bond, administered through the Vermont Housing & Conservation Board (VHCB), added $1.9 million. The Vermont Community Development Program (VCDP) through the City of Montpelier contributed $450,000. VHFA also provided $500,000 in permanent debt. Efficiency Vermont provided funding and expertise.
Mayor Anne Watson said she was excited about the transformation of the former Carr Lot into a new transportation and housing facility. “This is an entrance to our city,” the Mayor continued. “This may be where people take their first steps in our city, where we have a chance to make a first impression with visitors, and I think this lovely building is a great first impression.”
Housing Vermont Vice President for Development, Kathy Beyer noted, “We have created our most transportation efficient apartments with Taylor Street. Surprisingly, Vermonters spend over half of their energy budget on transportation; more than we spend on heating our homes.” Beyer added, “Households who live in our downtowns drive their cars 50% less than the average Vermonter.”
“Downstreet is honored to be part of this important project for the city of Montpelier,” said Eileen Peltier, Executive Director, Downstreet Housing & Community Development. Peltier added, “Housing and transportation are often the most costly aspects of a family budget. Offering affordable housing options alongside public transportation in a community with ample services and opportunities makes sense for the occupants and the community at large.”
Those interested in housing opportunities at the Taylor Street Apartments should contact Downstreet Housing & Community Development (802) 476-4493 or visit http://downstreet.org/for-rent/.