Burlington, VT – May 1, 2015 – (RealEstateRama) — On May 4th at 10am, Governor Shumlin will be joining Champlain Housing Trust and Housing Vermont to announce state and federal grant awards for their efforts to preserve the affordability and invest in energy efficiency at Winchester Place in Colchester.
What: Announcement of grant awards for Winchester Place, a 166-apartment development in Colchester
When: Monday, May 4 at 10am
Where: Winchester Place, 7 Douglas Drive, Colchester (between the Vermont National Guard and Fort Ethan Allen on Route 15, take Barnes Avenue to Hegeman, then left onto Douglas)
About Winchester Place and the redevelopment:
Built in 1989, Winchester Place’s 166 apartments are a significant piece of Chittenden County’s affordable housing stock. The property is conveniently located on Route 15 and rarely has any vacancies. Almost all of the apartments have two bedrooms, with just a handful of three bedroom apartments. The average rent at the property is $1,050; Fair Market Rent for Chittenden County is $1,328. There are no vacancies among the 166 apartments.
The work to be undertaken will secure the affordability of Winchester Place’s apartments for the long-term as a resource for the community. In all, approximately $14 million will be invested into the property, including purchasing the land from St. Michael’s College, investing in energy efficiency measures such as new windows, air sealing and insulation, conducting site work, and improving storm water systems. The work will begin in the summer of 2015. Funding has come from the Vermont Community Development Program, Vermont Housing and Conservation Board, State and Federal housing tax credits, the Town of Colchester, the federal HOME program, NeighborWorks® America with construction and permanent financing from the Vermont Housing Finance Agency. The Ronald McDonald House Charities in Burlington recently awarded a $3,000 grant to help install a playground.