State announces $1.8 million grant to redevelop Barre properties

first_imgA foreclosed apartment building will be refurbished and two blighted downtown buildings razed for redevelopment after the City of Barre was awarded a nearly $1.8 million grant by the Douglas Administration. In a ceremony at City Hall Park, Deputy Commerce and Community Development Secretary Jim Saudade announced the $1,769,400 Neighborhood Stabilization Program grant, funded by the federal government in response to the mortgage foreclosure crisis that gripped the country last year.“This money will help Barre revitalize its downtown, as well as preserve much-needed affordable housing,” Saudade said. “And it will help the economy in the short-term as well by creating jobs for local contractors and others.”The Neighborhood Stabilization Program grant will be used for three projects:1) $994,400 will be sub-granted to Central Vermont Community Land Trust who will buy the foreclosed apartment building at 8-10 Laurel St. and completely rehabilitate it;2) $700,000 will be used by the city to purchase the unsafe and blighted “Old Brooks Building” at a discount and then demolish it and clean the site as part of the city’s Depot Square re-development project;3) $75,000 for the city to purchase the burned-out “All Fired-Up” property at a discount and then demolish the remaining foundation, allowing the City to move forward with re-development plans for Merchants Row that includes re-location & design of the road, landscaping, sidewalks, other public amenities. “We are very pleased that the Douglas Administration and the state have stepped up to help as we invest in improving our downtown and creating both affordable housing and jobs for our residents,” said Barre City Mayor Thomas Lauzon.Late last year the federal government authorized Vermont to distribute $19 million in federal Neighborhood Stabilization Program funds to be used to buy and resell foreclosed homes and to refurbish or even demolish other buildings as part of the response to the mortgage crisis.The state’s plan for distributing the funds calls for providing $7 million to the Vermont Housing Finance Agency to buy and re-sell foreclosed homes to low- and moderate-income Vermonters.$3.1 million of the funds will be made available to municipalities that can administer their own such Neighborhood Stabilization plans.$8.9 million will go to non-profit or private developers for specific projects, with $3 million of the money administered for housing funding by the Vermont Housing and Conservation Board and $5.9 million administered by the Vermont Community Development Program.To view the complete plan visit: www.dhca.state.vt.us/VCDP/NSP.html(link is external) Source: State of Vermont-30-last_img