Hardwick hosted a party late last month, celebrating completion of Jeudevine Housing — a project that involved rehabilitation of three apartment buildings, two of them historic, and the third home to Main Street businesses as well as apartments.
The two nonprofit developers, Lamoille Housing Partnership and Housing Vermont, were joined by state and municipal officials, residents and funders to celebrate the commitment to affordable housing and the Hardwick community.
The renovated buildings are at 143 Highland Ave., 38 Slapp Hill Road and 9 S. Main St. The two nonprofits helped to construct the building at 9 S. Main in 1993 after a fire left a huge hole on Main Street.
Tektonika Studio Architects was the lead architect and EF Wall Construction was the construction manager for the renovations. The buildings are managed by Alliance Property Management.
A total of $4.4 million was raised from numerous sources to cover the development costs.
Union Bank and Housing Vermont’s Green Mountain Housing Equity Fund 8 invested $2.4 million through the low-income housing tax credit program, which is administered by the Vermont Housing Finance Agency.
The Vermont Housing & Conservation Board awarded $545,000. Other sources of money include the U.S. Department of Agriculture’s housing preservation funds, energy funding from 3E Thermal and the Northeast Employment and Training Organization, and loans from the town of Hardwick.
The project included energy efficiency upgrades that will cut heating and hot water costs by 35 percent.
“Renovating these three properties was a challenge,” said Housing Vermont President Nancy Owens. “However, it offers several important benefits, including investment in the long-term quality of the buildings to preserve 18 homes, while creating a safer, healthier environment for current residents and for the Hardwick community for years to come.”
“When we invest in housing, we make a long-term commitment both to the project and to the community at large; we help house residents, improve properties, and add value to the grand list,” said Jim Lovinsky, executive director of Lamoille Housing Partnership.
“Our hope is that our investments will help spark other private investment as well.”
In earlier work, the two nonprofits had added 56 affordable rental apartments in Hardwick, plus four commercial spaces.