FUNDERS

Efficiency Vermont is a nonprofit organization which provides technical assistance and incentives to help Vermont residents and businesses lower their energy use. Efficiency Vermont has granted funds for weatherization and other energy efficiency measures.

Housing Vermont, a statewide developer of affordable housing and source of equity, is one of two nonprofits which are spearheading the redevelopment of Union Square. In addition to providing development services, Housing Vermont is also raising capital through the syndication of tax credits. Housing Vermont will retain an ownership position in Union Square once the rehabilitation is complete.

The HUD Economic Development Initiative (EDI) grant program directs funds at deserving projects which achieve critical community development objectives. Senator Patrick Leahy secured HUD EDI funding for the redevelopment of Union Square. The grant will be administered by the Vermont Housing and Conservation Board.

With total assets of about $800 million, the Mascoma Savings Bank provides a broad array of services to individuals and businesses. The Bank is providing below-market permanent financing through the Affordable Housing Program of the Federal Home Loan Bank of Boston.

NeighborWorks America (also known as the Neighborhood Reinvestment Corporation) is a national public/private organization which creates affordable housing opportunities and strengthens communities. NeighborWorks America is providing below-market financing through its affiliate, the Rockingham Area Community Land Trust.

The nonprofit Preservation Trust of Vermont initiates and assists local and statewide efforts to preserve and use Vermont's rich collection of historic, architectural cultural and community resources. This support includes grants to projects like the historically sensitive redevelopment of Union Square.

Incorporated in 1988, the Rockingham Area Community Land Trust (RACLT) grew out of a grassroots effort in the Bellows Falls area to address the problems facing low-income residents. Today, the organization operates in 20 towns in northern Windham, southern Windsor, and a portion of Bennington Counties. RACLT is the co-developer in the reconstruction of the former Armory Square and will be responsible for overseeing the management of the building when work is finished.

The Town of Windsor operates a revolving loan fund which uses program income from past federal grants as capital for new loans. These loans are used to address important community needs.

The Vermont Community Development Program uses federal Community Development Block Grant funds to make grants to municipalities. The funds must be used for affordable housing and economic development activities which benefit low and moderate income families. This program, administered by the Vermont Department of Housing and Community Affairs, is providing a deferred loan through the Town of Windsor.

The Vermont Housing and Conservation Board (VHCB) is an independent state agency with a dual goal mission: to meet the housing needs of Vermonters and to conserve the state’s working landscape, natural areas and recreational lands. VHCB also administers the federal HOME program, HUD Lead Paint Program and HUD Special Purpose grants. Since its creation in 1987, VHCB has helped to create 8,700 permanently affordable homes. VHCB is providing Union Square with deferred loans and grants through state and federal funds.

The Vermont Housing Finance Agency (VHFA) is an independent state agency which provides low cost financing for home ownership and multi-family rental developments. In addition, VHFA administers federal and state affordable housing tax credit programs which generate capital to create and preserve affordable housing. VHFA is participating in the redevelopment of Union Square by providing construction financing and administering the Low Income Housing Tax Credit and Vermont Downtown Credit programs.

The Rural Development arm of the US Department of Agriculture, once known as the Farmers Home Administration, provides low cost financing of single family homes and apartments. The State office is located in Montpelier and works to expand access to the Agency’s programs. Rural Development is providing permanent financing for Union Square at very favorable rates.

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