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Proposed Buttermilk renovation loan application denied; town says timeline and required commitments were factors
Summary
Buttermilk's application to the regional housing finance agency for a revolving loan was not approved; the selectboard was told the project needed quick town commitments (zoning and funding steps) that could not be completed in the agency's deadline window.
Town staff told the Richmond Selectboard on July 1 that Buttermilk’s application to the regional housing finance agency for a revolving loan was denied. The town had been asked to make several quick commitments, including zoning changes and other actions, for the application to remain viable; staff and board members said those steps would have taken months, which contributed to the denial.
The board recorded the update as an informational item; no immediate action or financial commitment was taken. Staff suggested the board could consider longer-term procedural steps to make future projects more 'loan-ready,' but noted that each case would require its own public-review and budgetary process.
Board members acknowledged the disappointment surrounding the funding outcome, and staff said they would discuss possible follow‑up agenda items if the board wanted to pursue changes to make future applications more feasible under tight funding windows.
