Vermont Business Magazine On Friday, December 9, 2022, The Committee on Temporary Shelter (COTS), Evernorth, community members and funders, will be joined by Mayor Miro Weinberger to mark the start of construction of deeply affordable housing for 16 families currently living in emergency shelters or motels.
The new multifamily apartment building, named Main Street Family Housing, is being constructed on existing COTS property, adjoining their Main Street Family Shelter. These new apartments will provide families with permanent, service-enriched housing as well as continued access to COTS support services.
The downtown location will help residents maintain easy access to a wide array of amenities and transportation options.
Funding totaling $8.3 million from a mix of public and private sources was raised to cover the total development costs. Evernorth’s Housing New England, Fund IV invested $3.2 million of Low Income Housing Tax Credit equity, which is allocated by the Vermont Housing Finance Agency. The Vermont Housing and Conservation Board provided over $2 million of the overall cost of the development through the American Rescue Plan Act funding.
Generous contributions from donations raised $2 million – including $1 million from the New England Federal Credit Union. The City of Burlington provided $495,000 in HOME funds. The permanent loan was provided by Northfield Savings Bank and additional funds were provided by the Burlington Electric Company.
12.7.2022. Burlington evernorthus.org
