BURLINGTON, Vt. – Opportunities CU received a $208,960 grant and subsidy from the Federal Home Loan Bank of Boston to help finance renovation of a six-unit affordable housing project it is sponsoring with the Burlington Housing Authority.
The FHLB grant will fund acquisition, renovation, and partial demolition of a six-unit historic downtown building to create affordable rental housing for very low-income, formerly homeless individuals with disabilities. All units, which will be energy efficient, will benefit from project-based Section 8 funding.
Opportunities CU will provide the permanent financing through the subsidized advance from the FHLB, and will also provide employment training and financial literacy counseling.
The funding was part of $2.2 million in affordable housing financing made available through the Boston Bank for 22 initiatives.
