Jan 24, 2014 -
Twin Pines Housing Trust and Ledyard National Bank are proud to announce that the Federal Home Loan Bank of Boston (FHLBB) approved Affordable Housing Program funding for the Hartford Scattered Site Project. The Affordable Housing Program allows the Federal Home Loan Bank of Boston to address, in partnership with member institutions such as Ledyard, affordable-housing needs primarily in communities across New England.
The Hartford Scattered Sites Project involves the rehabilitation of eight buildings on five distinct properties in Hartford, Vermont. It will help preserve, for the long-term, a vital housing resource for low-income families in the Town of Hartford.
Twin Pines has owned the majority of these properties for several years. There are 34 units in the 8 buildings that will be available to rent, and the majority of the units will be affordable to families with low-moderate income. They range in size from a studio unit to three-bedroom units. Construction will begin in the Fall of 2014 and will be completed in two phases. Completion date for the full project is expected in the Fall of 2015.
Ledyard National Bank served as the sponsoring member bank. Ledyard provided the credit underwriting, relationship management and industry expertise in advocating for Twin Pine’s selection as a recipient of a portion of the FHLBB funding pool.
The support for the Hartford project includes both a subsidized loan and grant. These funds are highly competitive with 115 applications totaling $56 million submitted from all across New England. The FHLBB had $20 million available for projects and approved only 43 applications.
Twin Pines Housing Trust is a not-for-profit housing developer, owner and property manager located in the Upper Valley of Vermont and New Hampshire, and is dedicated to perpetually affordable housing. Since its inception in 1990, Twin Pines has provided hundreds of Upper Valley families with the opportunity to live in safe, affordable housing through a variety of housing options including apartments, single family homes, and a mobile home park.