RACLT

Rockingham Area Community Land Trust (RACLT):

Since 1989 Rockingham Area Community Land Trust (RACLT) has been the area primary resource for affordable housing. RACLT was founded by Louise Park of Grafton, Vermont, whose original goal to preserve existing housing for low to moderate income families is continued by RACLT.

Our Mission:
“RACLT’s mission is to maximize affordable housing opportunities for the people of southeastern Vermont.”

RACLT manages a portfolio of sixty-five shared equity Community Land Trust homes with new homes being brought into program each year. RACLT owns 350 apartments and several mobile home lots which are affordable to low and moderate income families. This year, RACLT is developing affordable housing in Windsor, Ludlow, Springfield and Rockingham. RACLT’s NeighborWorks® HomeOwnership Center of Southeastern Vermont assists over 60 Windsor and Windham county families to become first time homebuyers each year.

Lines of Business:

• Affordable housing development
• Homebuyer education and financial counseling
• Community Land Trust
• Financial assistance for down payments and closing costs
• Housing rehabilitation assistance

Organization Affiliation(s):

NeighborWorks® America Chartered Member (NeighborWorks America Program Participation):

Employee Training: As a member of the NeighborWorks® Network, RACLT has access to both financial and technical support. Each year RACLT participates in national training through the NeighborWorks® Training Institute which provides our employees certification training in homeownership counseling, financial counseling, housing rehabilitation, leadership skills, and asset management.

Housing Awareness: RACLT participates in National NeighborWorks® Week. Organizations across the nation for one week in June create awareness in their communities about the importance of affordable housing. This year RACLT worked with residents at the Southview Apartments, Springfield to empower them to improve their neighborhood. The residents painted and landscaped public areas which provided an inviting space to play and meet.

Affordable Housing Development:

Rockingham Area Community Land Trust works with local communities to develop new housing. RACLT acts as a developer and helps to secure funding from private and public sources. These resources include:

• Federal Low Income Housing Tax Credits
• State Housing Tax Credits
• Federal and state Historic Preservation Tax Credits
• Vermont Housing and Conservation Board loans and grants
• Vermont Housing and Conservation Board HOMELAND (Community Land Trust) Grants
• Community Development Block Grant and HOME funds
• USDA Rural Development loans and grants
• Vermont Housing Finance Agency loans
• Federal Home Loan Bank of Boston Affordable Housing Program funds
• And many other public and private funds RACLT’s development helps ensure safe, energy efficient and durable permanently affordable rental housing.

Additional Businesses Operated at this Location and Purpose:

Homebuyer education and financial counseling services. NeighborWorks® HomeOwnership Center of Southeastern Vermont:

Provides:

• Homebuyer Education
• Personalized pre-purchase and post-purchase counseling
• Direct Financing Assistance for down payments and closing costs
• HOMELAND shared Equity Grants
• Foreclosure prevention counseling
• HECM Mortgage Counseling for “reverse mortgages”

Rockingham Area Community Land Trust started the NeighborWorks® HomeOwnership Center of Southeastern Vermont in 1998. In 2004 RACLT partnered with Windham Housing Trust to expand homeownership center services throughout southeastern Vermont. The Center provides education, counseling, and access to affordable mortgage products that assist first-time home-buyers purchase a home. Each year we help 60-70 Vermonters buy their first home; 20-25 people get home repair loans; and help 20 – 25 people deal with mortgage delinquency and avoid foreclosure. Annually our workshops are attended by over 100 families.

The Center’s nationally certified staff provides unbiased information on home-buying, lending and resolving credit issues. Qualified buyers can then gain access to affordable mortgages. For lenders, real-estate agents, and insurers, the HomeOwnership Center offers mortgage-ready customers, standardized homebuyer education, time and cost savings, and access to special sales outlets including affordable single-family homes land-banked through the Land Trust’s shared equity program. The Community Land Trust shared equity program has been operating since it helped the first family with a HOMELAND grant in 1990. Since that time we have successfully managed and operated the program and now have 65 homes in the program.

RACLT’s Property Management Information by Service Area:

Managed by Rockingham Area Community Land Trust:

• Bunker Hill Mobil Home Park (Windsor)
• 18 Central Street Apartments (Windsor)
• Evergreen Mobile Home Park (Bellows Falls)
• Red Maple Mobile Home Park (Springfield)
• Valley Street Apartments (Springfield)
• Chester Depot Apartments (Chester)
• Gageville Apartments (Bellows Falls)
• Tuckerville Mobile Home Park (Ludlow)

Managed by Stewart Property Management (tax credit based):

• Southview Apartments (Springfield)
• Black River Overlook Apartments (Ludlow)
• Pollard Block Apartments (Proctorsville)
• Williams Street Apartments (Bellows Falls)
• Pine & South Street Apartment (Bellows Falls)
• Saxtons River Apartments (Saxtons River)
• Exner Block Apartments (Bellows Falls)
• Howard Block Apartments (Bellows Falls)
• Phelps Court Apartments (Windsor)
• Union Square Apartments (Windsor)
• Olde Windsor Village Apartments (Windsor)

Current Projects:

Bellows Falls Restructuring (Bellows Falls, Vermont):

• RACLT is beginning the rehabilitation of 28 apartments in Bellows Falls, Vermont. These apartments were among the first housing development projects RACLT undertook during its 20 year history. Significant upgrades will improve both energy efficiency and the existing neighborhoods in which they exist.

Union Square Apartments (former Armory Square Apts., Windsor, Vermont):

• The $9 million dollar construction project began in April 2008 and will be completed in December, 2009. Fifty-eight affordable rental apartments will be created. Last September, RACLT and Housing Vermont acquired the Armory Square Apartments, taking over management of this landmark Windsor housing project. The purchase price was $3.1 million. Housing Vermont and RACLT are the general partners of the Limited Partnership that was created to own the property.
• The Union Square Apartments will provide one, two and three bedroom homes to families with various incomes. Housing Vermont and RACLT are working to incorporate the highest levels of energy conservation, and are seeking to reduce significantly the use of fossil fuels. Additional improvements will include an elevator to access all four floors, a new management office and community room to provide on-site resident support, a playground constructed by RACLT’s Community Leadership Initiative Team and expanded parking created from a now vacant lot on Union Street.
• Funders include USDA Rural Development, US Department of Housing and Urban Development through the support of US Senator Patrick Leahy, the Vermont Housing Finance Agency, the Vermont Housing and Conservation Board, the Vermont Community Development Program, NeighborWorks® America, the Town of Windsor, Housing Vermont, the Federal Home Loan Bank of Boston, the Mascoma Savings Bank, Efficiency Vermont, the Preservation Trust of Vermont and the Freeman Foundation. Project partners include the Vermont State Housing Authority, the Springfield Family Center, the Windsor Improvement Corporation, the State of Vermont Agency of Human Services, the Windsor Connection Resource Center, the Town of Windsor and many others, including churches and community groups in Windsor.
• The project architect is Gossens-Bachman Architects from Montpelier, Vermont. E.F Wall and Associates is the general contractor. Property management, including leasing and facilities and grounds management, is being provided by Bedford, NH based Stewart Property Management.