Champlain Housing Trust

New Markets Tax Credit Coalition

Winooski,
VT
(2021)

Champlain Housing Trust

Affordable Housing

CHT used its $8M allocation to build 20 condominiums in downtown Winooski, VT at the request of the city, driven by growing resident concern about gentrification.

Investment

NMTC Amount: $8,000,000
Total Project Cost: $9,600,000

IMPACT

24 construction jobs
27 affordable, single family homes

CDEs

Housing Partnership Network

Investor

US Bank

Voices from the Community

It helped us built 20 new affordable condos and counting. It is a critical resource for affordable homeownership!

-Julie Curtin, Champlain Housing Trust, Burlington, Vermont

Project Description

CHT used its $8M allocation to build 20 condominiums in downtown Winooski, VT at the request of the city, driven by growing resident concern about gentrification. CHT will sell the homes under its Shared Equity Program, making the homes permanently affordable. The homebuyers and CHT share in the appreciation/equity at the time the buyer sells the home so that CHT can resell it to another low-income homebuyer to ensure the home is permanently affordable. The target site for the condominiums is the O’Brien Community Center site which is in a highly distressed QCT where the AMI is 36.67% and the poverty rate is 30.90%. CHT provides its buyers with homebuyer education, pre and post-purchase financial counseling and other services.

MAP

Address: 32 Malletts Bay Avenue, Winooski, VT 5404

Census Tract: 50007002400

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