by Nancy Owens, President of Evernorth
In West Rutland last November, dozens of community leaders, elected officials, and state agencies gathered to celebrate the opening of Marble Village Apartments: 24 new permanently affordable apartments developed by Evernorth and Cornerstone Housing Partners on what had been a blighted property in the center of the village.
A similar scene played out in Windsor, where we cut the ribbon at Central & Main Apartments with our partner, Windham & Windsor Housing Trust. The project transformed an unusable lot into 25 permanently affordable homes, six of which are designated for households exiting homelessness or housing instability. Central & Main is right downtown, supporting access to local businesses, jobs, and community services.
In July, well over 100 people, joined by Senator Peter Welch and Representative Becca Balint, marked the opening of Bay Ridge in Shelburne which will be home to over 300 Vermonters – some of them buying their first home, some exiting homelessness – in a new neighborhood developed by Champlain Housing Trust and Evernorth. Capturing the energy and excitement of the day, one speaker declared, “We need to replicate this everywhere in Vermont.”
The impact of these developments extends far beyond adding new housing on ribbon cutting day because these homes will be affordable forever. Not only for the first tenants or buyers, but all subsequent residents have access to safe, stable, affordable homes providing public benefit long after memories of the celebrations fade. Businesses can reliably operate and grow when the people they employ have a safe, affordable place to live.
Evernorth is one part of a statewide, regional network of nonprofit housing developers working across the state to build and support affordable homes for Vermonters with low- and moderate- income. This network acts in partnership with the State of Vermont and state agencies such as the VHFA, VHCB, and DHCD to meet state housing needs and priorities.
This partnership between public and private entities works. Most recently, starting in 2020, the Vermont State Legislature and administration prioritized housing spending with the wave of federal funds that came to the state. The network put those funds to work quickly and efficiently across the state, leveraging private investments to maximize effectiveness.
The result is that between 2020 and 2025, the state’s investment in VHCB, VHFA, the Agency of Human Services, and the Department of Housing and Community Development led to the creation or preservation of more than 5,600 new homes and shelters. That is an average of more than 900 per year.
However, without continued funding we are headed toward a major cliff. The average of 900 new state-funded homes per year is projected to drop to about 700 in 2026 and then plummet to around 175 the following years.
With significant regulatory and zoning revisions in the past few years, we are encouraged that we are moving in the right direction. If the State is serious about reaching its goal of 30,000 new homes, reducing its reliance on short-term solutions for homelessness, and slowing the increase of property taxes, it will take additional resources. Vermont’s regional housing network is a ready and willing partner.
Nancy Owens lives in Burlington and is the Co-founder and President of Evernorth, a nonprofit organization that provides affordable housing and community investments in Vermont, New Hampshire, and Maine. Under her leadership, the organization helped communities to advance critical housing, economic, energy, and environmental goals. Nancy is the Vice Chair of VEIC, a nonprofit energy efficiency utility and a past member of the Federal Reserve Bank of Boston’s Community Development Advisory Council. She was recognized as a Top 91 Influential Vermonter by Vermont Biz in 2025 and she is a past recipient of the Mollie Beattie Award from the Vermont Housing Conservation Board and the Tim Mackenzie Award from Champlain Housing Trust.