Rural Edge worked through Community National Bank and Passumpsic Bank to apply for funding through the Federal Home Loan Bank of Boston and have been awarded funds for several projects. The Lofts at Sacred Heart project in Newport will receive $850,000 toward creating 12 affordable housing units. Another $850,000 will be used for the Packard Court project on Main Street in St. Johnsbury.
The Lofts at Sacred Heart involves the acquisition and rehabilitation of the former Sacred Heart school building to create 24 homeownership loft-style condominiums. This project is the second phase of a three-phase project on the 8.4-acre site. Additional plans include converting the convent, adaptive reuse of the school, and the development of a neighborhood with rental apartments and single-family homes.
A four-story senior housing facility, Packard Court will offer nine one-bedroom and 21 studio apartments, as well as office and common space for residents.