Federal Bank Funding With Local Bank Support To Further NEK Housing Projects

The Federal Home Loan Bank, in partnership with local banks, is allocating $1.7 million to support affordable housing projects in Newport and downtown St. Johnsbury, contributing to a broader $5.1 million awarded to Vermont for 169 housing units. Rural Edge will utilize these funds for two projects: the Lofts at Sacred Heart, which will create 12 affordable condominium units, and Packard Court, a senior housing facility with 30 apartments, including units reserved for those exiting homelessness. Both projects aim to address local housing needs and will adhere to strict affordability requirements for a 15-year period.

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