Addison Housing Works Preserves 24 Affordable Senior Homes Through Acquisition of Valley View Apartments

On June 8, Addison Housing Works completed the acquisition of Valley View Apartments, preserving 24 affordable homes for seniors in Vergennes and ensuring that the community will remain affordable for generations to come.

Located at 13 Walker Avenue, Valley View has been an important housing resource for older adults since it was built in 1979. The property includes 24 apartments—22 one-bedroom homes and two two-bedroom homes—and all of the apartments are supported through a federal housing assistance program that allows residents to pay rent based on their income.
For many residents, Valley View is more than just an apartment building. It is a community where neighbors look out for one another, where residents can remain connected to local services and amenities, and where older adults can continue living independently in the community they call home.

When the property became available for sale, Addison Housing Works saw an opportunity to preserve a critical affordable housing resource at a time when both housing costs and demand for senior housing continue to rise. Across Addison County, affordable apartments remain in short supply, and AHW maintains waitlists that far exceed the number of homes that become available each year.

“Preserving affordable housing is often the fastest and most effective way to address our housing shortage,” said Addison Housing Works Executive Director Elise Shanbacker. “By acquiring Valley View, we're protecting 24 affordable homes that already exist, while strengthening the services and support available to the residents who live there.”

AHW began managing Valley View on April 1, giving staff an opportunity to become familiar with the property and build relationships with residents before the acquisition closed. Now, as both owner and manager, AHW is focused on providing long-term stewardship of the property while expanding opportunities for resident engagement and support.

"We're so happy you all are here. It's so nice to see so many smiling faces." One resident said of their experience with AHW employees. In passing, another resident shared, "Your maintenance team is so quick to respond. They are all so nice. Please let them know we appreciate that." 

Because Valley View serves older adults, AHW plans to strengthen connections to supportive services through its SASH (Support and Services at Home) program and Family Support Team. Residents will have access to wellness programming, service coordination, community-building activities, and other resources that help seniors remain healthy, connected, and independent.

The acquisition was made possible through a partnership of public and mission-driven financing sources. More than $2.1 million in funding was provided through the Vermont Housing and Conservation Board, complemented by $500,000 in social impact financing from the Vermont Community Loan Fund. These investments reflect a shared commitment to preserving affordable housing and preventing the displacement of Vermont seniors.

AHW is also excited to build on the strong sense of community that already exists at Valley View. Earlier this spring, the organization's Family Support Team helped arrange a donation of flowers for the property's raised-bed gardens, and AHW looks forward to expanding community gardening and resident engagement opportunities in the years ahead.

As Addison Housing Works continues its mission of creating and preserving affordable housing throughout Addison County, the acquisition of Valley View Apartments represents an important investment in both housing stability and healthy aging.
​
Most importantly, it ensures that 24 affordable homes in Vergennes will remain available to the seniors who need them—not just today, but for generations to come.