NorthCountry Federal Credit Union recognizes Champlain Housing Trust’s 500th home

This week, NorthCountry Federal Credit Union presented a donation of $2,500 to the Champlain Housing Trust in recognition of adding its 500th home to its permanently affordable homeownership program. The donation was authorized by NorthCountry’s Board of Directors and recommended by the staff, who has worked closely with the Housing Trust over the years to provide affordable homeownership opportunities to low and moderate income Vermonters.
‘This donation is such a generous one, and we’re so pleased that our friends at NorthCountry appreciate our efforts,’ said Brenda Torpy, CHT’s CEO. ‘For the credit union to step forward like this unsolicited and make a gift recognizing our lasting impact in the community, it just means so much to us.’
‘Home ownership supports long-term financial stability, but it has to be affordable,’ said Jeff Smith, NorthCountry’s Lending Manager. ‘The Champlain Housing Trust’s innovative approach to home buying is critical to allowing people to cross the bridge to affordable ownership. We’re proud of our role in CHT’s quest to fulfill people’s dreams of home ownership, and congratulate the staff on their success and growth.’
With 500 homes in its shared equity homeownership program, CHT has provided the opportunity to buy a home for nearly 800 low and moderate income families over the last 27 years. By offering down payment assistance for qualified buyers in exchange for sharing market appreciation with future buyers, CHT has been able to create permanently affordable homeownership opportunities.
CHT has pioneered this Community Land Trust model, one which was recognized by the United Nations with a UN World Habitat Award in 2008, and is now being implemented in London, Brussels and Sydney, Australia. Over 240 Community Land Trusts are in the United States today.
The Champlain Housing Trust stewards 500 shared equity homeownership properties and over 1,500 affordable rental apartments throughout Chittenden, Franklin and Grand Isle counties. In addition to providing affordable housing, CHT offers homebuyer education, credit counseling, foreclosure intervention support, affordable loan products and develops new homes for rent or for sale. More information is available at www.champlainhousingtrust.org.
NorthCountry Federal Credit Union is a not-for-profit community-based financial cooperative. Organized in 1950 by employees at General Electric’s Burlington plant, it is now the third largest credit union in Vermont. It serves the Vermont counties of Addison, Caledonia, Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orange, Orleans and Washington. Deposit accounts are insured to at least $250,000 by the National Credit Union Administration.