The Rutland Herald reports that "a proposal to demolish and rebuild the biggest low-income housing development in Rutland has received $8.4 million." The plan was "conceived more than six years ago, [and] planners have worked through a number of revisions and meetings with residents and neighbors while trying to figure out how to [get] funding" for the project's $20-$25 million price tag. Notably, "a big part of the answer came earlier this month when the Vermont Housing Finance Agency (VHFA) awarded planners $975,000 in federal low income housing tax credits. Those credits, which amount to almost half of the VHFA annual allocation of $2.3 million in tax credits, are expected to leverage more than $8 million in private equity for the project during the next 10 years." In addition to the credits, "VHFA has approved a $9.25 million construction loan for the project."

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