WOODSTOCK — Twin Pines Housing purchased the 26-unit Mellishwood Senior Residences on Tuesday, preserving the affordable apartments in downtown Woodstock for the future, Twin Pines announced in a news release.
The $2 million purchase, from the estate of Geoffery Nichols, was funded through a loan from the Vermont Housing Finance Agency. The U.S. Department of Housing and Urban Development, which provides rental assistance for the property’s residents, approved the sale to Twin Pines, according the release.
The goal of the purchase is to “keep this as an affordable asset in the community for the long term,” Andrew Winter, Twin Pines executive director, said in an interview on Wednesday. The portion of the rent the seniors who live there pay is based on their income, Winter said.
Twin Pines plans to complete energy and accessibility upgrades of the property, which includes two historic structures and two 1970s-era buildings, beginning in 2024.