Business

$21.8M housing project to create 40 units in Newport area

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by Bryan Marovich, in the Newport Dispatch

NEWPORT — RuralEdge has acquired properties for Newport Crossing, a major housing development that will bring 40 affordable and mixed-income rental units to Newport City and Newport Center.

The $21.8 million project includes converting Newport City’s historic Sacred Heart Convent into 26 mixed-income rental units, with plans to transform the high school into 24 condominiums starting in 2025.

“Investing in new housing will help lower costs, address workforce shortages, and strengthen Vermont’s economy,” said State Treasurer Mike Pieciak.

In Newport Center, the project will replace two buildings on Route 105 with 14 modern housing units and community space, designed to complement the village’s historic character.

“This acquisition is a significant step toward achieving our mission of fostering stronger communities through quality housing,” said Patrick Shattuck, RuralEdge Executive Director.

The development, one of RuralEdge’s largest projects, is funded through partnerships with the Vermont Housing Finance Agency, Vermont Housing & Conservation Board, and Vermont Community Development Program.

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Categories: Business, Housing

11 replies »

  1. 21.8 million divided by 24 units = $545,000 per unit.

    If you are wondering why your taxes are so high, welcome to Vermont’s affordable housing cabal sponsored by Montpelier.

    Can you see now why they want to build 20,000 housing units with your tax dollars?

    This has been going on for decades, they are hoping nobody does the simple math. You can easily build a home on its own land for $250k, super easy $300k. Hell, you can do it for less than $200k.

    Why wouldn’t Vermont do that? $$$$$$$$$$$$$$$$$$$$

    Oh and they support all the tenants with your tax dollars too. Only make $400 per month that’s ok, we’ll subsidize the rest of the $1400/mos rent with tax dollars. No need to have a roommate like the rest of the world. No need for boarding homes, nope we’ll give you this nice $550k apartment for free.

    We have much grifting in Montpelier.

    This is a rinse and repeat program.

    Housing
    Education
    Health Care
    EB-5

    Same grift, different field.

    We need to stop the grift.

    • It’s common knowledge that landlords advertise in Massachusetts for people needing to live on subsidized housing.

      Wondering why Newport has big city problems. Here’s your sign.

    • correction…..it should be 40 units not 24…..they will NEVER talk about the per unit price of property, NEVER…because they are insanely drunk with taxpayer subsidies.

      VDC…ask them….

    • A total of 68 units with the condos and apartments so it comes out to 320,580 a piece. Yeah affordable, Right. Someone’s palm is getting greased pretty good

  2. This is standard propaganda put out by all the people involved with housing/zoning and when you start asking questions, checking the math, it doesn’t make sense.

    Our pocket park in Sugarbush area was for $200k plus. It won state awards as the best idea to spend grant money on, your tax dollars. When we started asking questions, why did you buy a rock in the flood way at a million dollars per acre to do this? Why are you doing it in the flood way? Why are we needing engineering and permit budgets of $45,000?

    What was the pocket park? Park benches, plantings, some stonework, it is truly very appealing, but the cost? Insane. Many in town suggested other ways, actually better too, but they had their plan in place, just like the 10 people who run Montpelier.

    When I started just examining the numbers asking questions, that’s when I was banned from Front Porch Forum.

    The press needs to ask questions, not carry water for these agencies that just pump out unquestioned press releases, spun to look good and sound great. They are stealing you money left and right with good pr.

    We really need to stop the grift.

  3. so this is another example of all the current State Representatives are greasing the hands of their buddies and causing our taxes to rise and rise and rise

  5. I don’t know who did the math on this, but 24 + 26 + 14 = 64….

    64 units for 21.8 million. Means 340k per unit. That number would make much more sense if they were all real houses…. Who other than the state would be $340,000 for an apartment?

    • I think the 40 units total, and they are referring to 14 of the units that are in one location, I don’t believe it’s in addition too. They typically build apartments for $500k, they have been doing this for some time. Open to correction. But I believe the 40 is the correct number. Maybe VDC can clarify since they got the press release they kno whom to speak with.

  6. You will own nothing and you will be happy. Follow the money and find out who is buying the tax exempt bonds. You have a bonding ponsi scheme where more debt is needed to pay off old debt. This is agenda 2030 where the super rich will own it all and destroy the middle class. Now, who is the largest rental property owner in the state of Vermont??????

  7. The local Knights of Columbus offered to buy the property a few years ago but the sisters refused to sell it to them.