Redevelopment Aid for Barre
On August 13th, the city of Barre received a $1.77 million grant from the Vermont Neighborhood Stabilization Program for redevelopment initiatives. With the highest percentage of foreclosures in the state, Barre certainly proved eligible for the grant, which stems from $19.6 million allocated to Vermont by the U.S Department of Housing and Urban Development after the foreclosure crisis in late 2008.
About $1 million of these funds will be spent on the purchase and renovation of a foreclosed, three-story, four-unit apartment house on Laurel street. The renovated property will be available to moderate and low income families.
Remaining funds will be spent on the Depot Square Redevelopment project, which involves demolishing a vacant store front on North Main Street and acquiring an adjacent parking lot. The new 18,700 ft property will present a unique opportunity for redevelopment in the heart of Barre’s Designated Downtown area.