30 Unit Building Proposed: The Central and Main Project Seeks Grant for Housing

By Dylan Marsh
EAGLE TIMES STAFF
WINDSOR, Vt. — The Central and Main Project, a proposed 30 unit apartment building in Windsor, is seeking a Community Development Block Grant.

The multi-family housing facility would feature mostly one bedroom apartments and would aim to house mixed income residents. The $12.6 million dollar project aims to be completed in 2024.

At the town of Windsor Selectboard meeting on August 23,2022, representatives approached selectboard members with specifics regarding the plan to complete their “funding stack” which would be greatly aided by the CDBG funding made available by the state. To obtain CDBG funding, the application would have to come from the municipality of Windsor, therefore, a resolution will be voted on to submit an application for the project at the upcoming Selectboard meeting in September.

Peter Paggi, Director of Real Estate Development for the Windham & Windsor Housing Trust, was one of three individuals associated with the project that attended the most recent meeting. According to Paggi, the project intends to break ground this spring should all of the funding be obtained. Matt Moore, Senior Developer with Evernorth, who also attended the meeting as a representative for the Central and Main Project, said that while they would still need to go through zoning and permitting processes, the purpose of the meeting is to seek approval from the town and offer information regarding the project. The third member of the group Bob Flint, with the Windsor Improvement Corporation, informed the board that WIC owns the property which sits behind the Windsor Diner. According to Flint, the area the property sits on is “funky” as it is on a slope but they strongly believe that this is a great project for the community and look forward to taking a piece of property that hasn’t been productive and putting it to use.

Flint described the “financial stack”, as “sausage making”, in so much that it will require taking portions of funding from different sources to attain the total they are reaching toward. The CDBG is a particularly critical piece of that stack, as it not only provides funding for the project but, due to the municipality being the applicant, it becomes a signal for other sources of funding that the town is behind the project. According to Moore, the project will be funded by a roughly 50/50 split of private equity and public funding, with nearly half of the finances potentially coming from the CDBG as well as ARPA funding from the state, with an application for the latter having already been submitted.

The Selectboard did raise questions of potential concerns such as roadblocks and/or underestimated project costs, but representatives with the group are confident that due to the funds that have already been raised, along with municipal support, other sources of funding won’t balk at their application. The project once closed and funding secured will also receive a fixed construction price.

Another important goal for the housing project is to aid people currently experiencing homelessness, with six units set aside specifically for aid. Utilizing the application process from Stewart Property Management, applicants will be rigorously screened before being approved. The group also assured the Selectboard that while they look to help people experiencing homelessness the building will not act as a shelter or a “walk-in situation” but will be permanent housing with approved applicants signing a minimum six month lease.

Seven of the apartments will be committed to market value for workforce housing. The remainder of the apartments will be focused on income restrictions with fixed rent and will average $800 for one bedroom and $1,100 for two bedrooms. As to yearly rent increase, Paggi says that the group will be limited as to how much rent can be raised each year. The building will also be designed to Efficiency Vermont’s high performance multi-family building standard and due to energy savings will be able to keep costs low. The building will be entirely run on electricity and all utilities will be included. Should the group receive all necessary funding the project will break ground in early spring of 2023 and has a 12-14 month construction period.