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Downtown rehab at 1120 Maple Street yields five units; developer cites CDBG funding
Summary
A developer updated the Board of Aldermen on a downtown building rehab that created five rental units — three set aside for people facing homelessness and two market-rate — financed in part with a community development block grant (CDBG).
Developer Zach Hale told the Board of Aldermen on Sept. 15 that a long-vacant building at 1120 Maple Street in downtown Rutland has been renovated and fully leased as of June. Hale said the project used a community development block grant provided through the Infrastructure Investment and Jobs Act (IRA) and that the project would remain under covenants for a minimum term spoken during remarks as "3 5 years." Hale said three units are targeted to people facing homelessness and two are market-rate.
Hale credited the city and the Rutland Redevelopment Authority for assistance and said partners included Cornerstone, Cedar and the Rutland Housing Authority. He said the RA has been working to close out the grant and that the project should help spur additional downtown development.
Mayor Dungess and board members thanked Hale for returning with an update and noted the project as a model for downtown reuse. No formal action or funding request was taken at the meeting.
Hale described the project as having about $25,000 in private investment beyond the grant and said the total trailer and renovation investments were substantial; he said the property would remain rented under the recorded covenants for the period he stated at the meeting.
Aldermen asked no technical questions beyond congratulatory remarks; the mayor and staff noted the RA would complete grant closeout work.
