Increasing Woodstock’s housing units - Rental Incentive Pilot Program

Applicant Name

Jill M Davies (on behalf of the EDC Housing Working Group)

Applicant Organization

EDC

Phone Number

802-291-3695

Mailing Address

PO Box 810

Woodstock

VT

05091

Grant Request Summary

The EDC Housing Working Group’s objective is to expand housing supply for the local workforce to grow our local economy. This is one of two initiatives in 2022 and one of three grant applications.

Rental Incentive Pilot Program: Provide financial incentives for short term rental property owners or second home owners to convert smaller properties, that would be appropriate for the local workforce, to long term rentals
For the 2022 Pilot Program, Woodstock EDC will issue up to five grants (amounts still being determined but we expect the average to be in the range of $7,000)
Incentive levels will be dependant on length of participation (1 year, 2 years, 3 years)
Legal agreement with participants to ensure compliance
Project Budget $35,000

Project Budget

$25,000+

Desired Grant Amount

$25,000+

Other Funding Sources

No-one, this is not an opportunity for philanthropy

Project Timeframe

Pilot 12 months 2022/23

How will this project benefit the economic and community development of Woodstock?

Increasing the number of long term rental units will provide primary homes for local workers and families, and increase number children in Woodstock schools .

Which EDC Working Grouop Objectives does your project best support?

Housing (Expanding housing supply for local workforce)

Other Objectives

Project Collaborations

Woodstock Town Planning & Zoning and Fre/EMS chief

Additional Comments

no