Rural Housing Service Deputy Administrator, Bryan Hooper, the top multi-family housing official for the U.S. Department of Agriculture (USDA), was in Lyndonville Friday to celebrate nearly $2 million of USDA loans that will help RuralEdge rehabilitate aging housing stock. The funding comes as part of the Agency’s Rural Economic Area Partnership (REAP) Zone whose mission is to improve the quality of life in Vermont’s Northeast Kingdom through investing in housing, job creation and community infrastructure.
“By investing in affordable housing, USDA Rural Development invests in rural communities just like Newport and Derby,” said Hooper. “The families who can now afford to live in this town in these homes will work for local employers or start their own local businesses, they will shop at local stores, and contribute to the growth of their communities.”
Hooper announced that RuralEdge, a Lyndon-based community development corporation, will receive two low interest loans from the USDA’s Multi-Family Housing program to take on multi-family housing property rehabilitation projects. RuralEdge will use $1,300,000 to rehabilitate Parkview, an affordable family housing property comprised of 12 units subsidized by U.S. Department of Housing and Urban Development outside of the City of Newport, VT. RuralEdge expects to use the funds to perform energy efficiency improvements, interior appliance upgrades and site work including increasing off street parking for the residents.
RuralEdge will use the second loan of $650,000 to renovate Derby Housing, a nine unit affordable family housing complex in Derby Line, VT. The Derby Housing apartments will receive a rental subsidy from the USDA’s Rental Assistance program to ensure that the families living there contribute no more than 30% of their income towards rent. RuralEdge plans to do extensive renovations including: accessibility renovations, exterior improvements, bathroom and kitchen renovations in the units and energy efficiency upgrades.
RuralEdge is one of the leading providers of affordable housing in the Northeast Kingdom. The Executive Director of RuralEdge, Trisha Ingalls, noted that the community development corporation manages 12properties in Caledonia, Essex and Orleans counties in partnership with the USDA’s Multi-Family Housing program providing affordable housing to over 250 households. The announcement was held at the Darling Inn in Lyndonville, a building that RuralEdge recently rehabilitated with a USDA loan and that now provides 28 units of affordable housing to seniors and individuals with disabilities.
Hooper said that funding for RuralEdge’s efforts to provide affordable housing in the region is bolstered by the USDA Rural Development’s designation of the three Northeast Kingdom counties as a REAP Zone. The investment is part of a set-aside of Rural Development funding authored by U.S. Sen. Patrick Leahy and supported by U.S. Sen. Bernie Sanders and U.S. Rep. Peter Welch that is only available to REAP Zones in Vermont, New York and North Dakota. Vermont’s REAP Zone was created in 2000 and includes Caledonia, Essex and Orleans counties.
Across Vermont, USDA Rural Development partners with affordable housing providers to invest in the acquisition, rehabilitation and upkeep of properties providing affordable homes to low and very-low income Vermonters. The program currently supports 82 affordable multi-family housing properties across the state providing safe and secure housing to over 2700 Vermonters.
USDA, through its RD mission area, administers and manages housing, business and community infrastructure programs through a national network of state and local offices. Rural Development has an active portfolio of $214 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural areas. For more information on Rural Development visit the Vermont Rural Development website (www.rd.usda.gov/vt ) or contact USDA RD at (802) 828-6000.