A $21.5 million affordable housing project has added 40 rental units in Newport and Newport Center, including 26 apartments in a former convent in downtown Newport, according to a statement by developer RuralEdge.
The total development cost works out to about $537,500 for each of the 40 completed units, although RuralEdge did not provide a separate cost for the 26-unit convent renovation.
RuralEdge celebrated completion of Newport Crossing Sept. 25 with state and local officials, lenders and housing agencies. The project combined redevelopment of the former convent with construction at two sites in Newport Center and included cleanup of two brownfield properties.
The former convent in Newport was converted into 26 mixed-income rental units while retaining parts of the historic building. RuralEdge said original stained-glass windows, furniture and a kitchenette were preserved. Apartments also include large windows overlooking Lake Memphremagog.
In Newport Center, two buildings at 4116 and 4127 Vermont Route 105 were demolished and replaced with buildings containing another 14 apartments. Those include four three-bedroom townhouses as well as one- and two-bedroom units.
“Newport Crossing represents what is possible when communities, housing organizations, government agencies, financial institutions, and other partners come together around a shared vision,” RuralEdge Executive Director Patrick Shattuck said.
Funding partners included the Vermont Housing & Conservation Board, Vermont Housing Finance Agency, Community National Bank, Federal Home Loan Bank of Boston and NeighborWorks America.
RuralEdge also plans stabilization work at the Sacred Heart School, including a new roof, as it prepares for another 32-unit redevelopment expected to begin construction in 2027.