Sixty new apartments open in South Burlington

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Sixty new apartments open in South Burlington

Mon, 01/13/2020 - 3:58pm -- tim

CHT photo of the Garden Street Apartments in South Burlington.

Vermont Business Magazine City and State leaders clipped the ribbon on 60 new apartments in South Burlington as part of a long-planned – and now coming to life – new City Center.

The apartments, named Garden Street Apartments, were developed by Snyder Braverman Development Company with an agreement to sell the building to the Champlain Housing Trust and Housing Vermont. The apartments will remain affordable forever.

“It’s great to be here halfway between Al’s French Frys and Healthy Living celebrating these new apartments,” said City Council President Helen Riehle. “We’ll keep getting together to celebrate the progress in City Center because this has taken a number of years, involving countless South Burlington residents, committees and boards, and all South Burlington tax payers. This new affordable housing another important step in the culmination of a long-dreamed center that will demonstrate and reflect the community’s inclusive values.”

Nearly a quarter of the funding for the development – $3.9 million – came from the proceeds from Housing for All revenue bond proposed by Governor Phil Scott and enacted by the Legislature in 2017.

The apartments were built at the corner of Market Street, which was recently completed, and a yet-to-be constructed extension of Garden Street. “We’re so pleased to be able to provide new affordable housing options at this new vibrant center near amenities and jobs and in the core of the county,” added Brenda Torpy, CEO of Champlain Housing Trust. “We are especially appreciative of the people of South Burlington for pushing this vision and creating resources to make it happen.”

The City of South Burlington established one of only a few affordable housing trust funds in the state, and has contributed $150,000 in addition to sponsoring an application for state funds through the Vermont Community Development Program.

Other funders include NeighborWorks® America and the Vermont Housing & Conservation Board, which administers the Housing for All bond and also added federal HOME funds for the housing. The largest source, though, is the Low Income Housing Tax Credit Program, administered by the Vermont Housing Finance Agency. TD Bank is the investor providing $6.9 million in equity in exchange for the credits flowing from the development. VHFA also provided a construction loan for the project.

“Thanks to a great team and a superior location near jobs, transportation and services, we were able to raise private equity and public capital to create beautiful new homes for people who cannot otherwise afford to live in South Burlington, said Nancy Owens, President of Housing Vermont.  We’re excited to be part of an inclusive community project which offers economic stability and new opportunities for residents.”

People started moving into the 60 apartments in the last month. There are 26 one-bedroom, 20 two-bedroom, 11 three-bedroom, and three four-bedroom apartments. Rent includes heat and hot water, and are targeted to be affordable to wide range of incomes:

1BR apartments                            $713 to $1,080/month

2BR apartments                            $861 to $1,375/month

3BR apartments                            $990 to $1,750/month

4BR apartments                            $1,230 to $1,950/month

For more information on renting, visit the Champlain Housing Trust website at https://www.getahome.org/garden-st.

The Champlain Housing Trust is a community land trust that supports the people of Northwest Vermont and strengthens their communities through the development and stewardship of permanently affordable homes and related community assets. CHT owns or manages 2,400 affordable apartments, stewards 630 affordable single-family homes and condos, and offers lending, education and counseling programs to help people attain and keep safe, decent, affordable housing. www.getahome.org

Housing Vermont is a private, nonprofit development company founded in 1988 to produce permanently affordable rental housing for Vermonters through partnerships with communities and the private sector. Since its inception, Housing Vermont has raised more than $360 million in private equity to finance 180 affordable rental housing developments throughout the State.  This equity has leveraged an additional $470 million in private financing and public investment.  The 6,000 apartments created or renovated in these efforts serve low and moderate income Vermonters including seniors and those with special needs. Housing Vermont's New Markets Tax Credit program, Vermont Rural Ventures, has created favorable financing in excess of $163 million for 19 economic development projects in low-income areas.  Housing Vermont is an active member of the National Association of State and Local Equity Funds (NASLEF).

Source: South Burlington, Vermont – CHT www.housingvermont.org