Springfield, VT — Work has begun on a new affordable homeownership project on South Street in Springfield that will replace a burned and blighted house with a new, Zero Energy Modular home. The property is being redeveloped under Windham & Windsor Housing Trust’s Shared Equity Program, and presents an affordable homeownership opportunity for qualified homebuyers. Critical gap funding for construction is through the VHFA Missing Middle Homeownership program.
“I am excited to now have the funding in place to replace the burned home and make an affordable home available to a family,” says Bruce Whitney, Director of Homeownership. “And, the home will stay affordable to the next buyers on a permanent basis through the Shared Equity program.”
The multi-phase process for construction began with demolition of the burned structure. Once the site is ready, WWHT will work with a qualified buyer to secure a general contractor. Construction will likely be complete by fall of 2024.
Features and benefits of the 3 bedroom, 1.5 bath home include new, high quality, energy-efficient construction with low maintenance, heating and cooling costs; full basement and outdoor shed, offering plenty of storage space; entry porch, outdoor space and safe entry to the house. The home is within walking distance of the high school and close to downtown shopping and amenities.
Under the Shared Equity program guidelines, the property will be made available to qualified homebuyers who have completed WWHT’s Homebuyer Education Workshop. Interested buyers can sign up for the class on the WWHT website, or contact their WWHT homeownership specialist for next steps if they have already completed the course.
The Missing Middle-Income Homeownership Development Program was established in 2022 to create new, modest homes throughout the state and help meet the needs of low and moderate-income households due to decades of underinvestment in homeownership and increasing median home prices. The program provides subsidies and incentives for home builders to construct or rehabilitate modest homes affordable to Vermont homebuyers at or below 120% of the area median income. Subsidies from the program will remain in the homes in perpetuity.
More information about WWHT’s Homeownership Center, including the Shared Equity Homeownership Program, is available at www.homemattershere.org.
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Windham & Windsor Housing is a mission-driven non-profit organization, established 35 years ago in response to increasing threats to the region’s supply of affordable housing. Their mission is to strengthen the communities of Southeast Vermont through development and stewardship of permanently affordable housing through ongoing support and advocacy for its residents. WWHT builds concrete solutions to the region’s housing challenges, and provides better housing opportunities to more than 1,500 Southeastern Vermonters each year. To learn more about our upcoming development work visit our webpage www.homemattershere.org and scroll to the FAQ section.
