BRATTLEBORO-It has taken years and years for Chloe Learey, executive director of the Winston Prouty Center, to raise funding to begin building the Village at Winston Prouty on the former Austine School campus in Brattleboro.
Now Brattleboro native and State Treasurer Michael Pieciak has given the project a major boost.
On March 12, Pieciak stopped off in Brattleboro to join a party of 40 or so of the town’s movers and shakers and to announce that $4 million from his “10% for Vermont” program will go to support Learey’s project.
“I value this community,” Pieciak said. “Brattleboro is full of local businesses, nonprofits, and service providers who care deeply about the community, but they can’t grow and succeed unless working people can afford to live here.”
Noting that the town “has invested so much in me,” Pieciak called it “an honor to invest in this project that will expand opportunities for others to lay roots here. I can’t think of a better use for this funding.”
The funding will be issued in low-interest loans.
Pieciak’s funds will serve as seed money to jump-start the development. The $9.5 million for the first part of the project will fund 28 to 30 units of “workforce,” or affordable, apartments close to downtown services.
Residents will also have direct access to child and family services from the Winston Prouty Center and enjoy the property’s nearby trails and natural green space.
The eventual goal will be to build 250 energy-efficient, multi-family housing units.
A clearly overjoyed Learey thanked Pieciak profusely for his support, calling it “the largest commitment to the Village at Winston Prouty to date.”
She predicts that it will be “a catalyst for bringing together more partnerships for funding that we need to make this project a reality.”
‘We want young people to build their lives here’
Brattleboro currently has one of the lowest housing vacancy rates in the country — 2.7% — which drives up costs for renters and homeowners alike, according to Pieciak. The aging and dilapidated housing stock also burdens residents with high utility costs.
“This project began seven years ago when Winston Prouty reached out to the community to ask how the campus can be used to support local needs,” said Chris Campany, Windham Regional Commission’s executive director and vice chair of the Prouty board.
“Because of that early and continuous engagement with the community, I’ve seen an uncommon level of support and enthusiasm for a significant housing development project.”
The “10% for Vermont” project, initiated by the Legislature in 2014, allows the state treasurer to invest up to 10% of the state’s average daily cash balance for economic development in Vermont.
“The program puts state funds that we’re holding in our office to work out in the community, offering low-cost financing to home builders,” Pieciak said. “This is a major milestone for Brattleboro.”
Other speakers — including John Potter, Brattleboro’s town manager, and Frank Parisi, EastRise Credit Union’s vice president of commercial lending — agreed that it was badly needed.
“We really want to make this project happen,” Potter said. “We want young people to build their lives here.”
Brattleboro Museum & Art Center Executive Director Danny Lichtenfeld said, “I’m here to show support for something positive.”
Brattleboro Regional Chamber of Commerce Executive Director Kate O’Connor said, “This is exciting and so much needed.”
Since becoming treasurer, Pieciak has invested more than $130 million in supporting about 1,600 units statewide.
Still in a giving mood, on March 16, Pieciak stopped off in Bennington to announce the Building Up Bennington County program — a new partnership with the Bank of Bennington that will make millions in low-cost loans available for new housing development in Bennington County.
“These historic investments are moving the needle on Vermont’s housing shortage, but we have to keep our eye on the ball,” Pieciak said in Brattleboro.
“Long term, our office will continue investing in bold solutions that grow our economy, bring down costs, and ensure every Vermonter can afford to live here with dignity,” the Treasurer noted.
This News item by Joyce Marcel was written for The Commons.