Architect rendering.
Rehabilitation of the former Bennington High School
Vermont Business Magazine Mascoma Community Development (MCD) has announced the closing of $15 million in New Markets Tax Credit (NMTC) allocation to finance the Benn High project, a rehabilitation of the former Bennington High School into a mixed-use development that includes affordable housing, a childcare facility, a fitness and wellness facility, and community space.
The $55 million redevelopment also includes federal ARPA funds, Evernorth Rural Ventures ($14.2 million), and National Trust Community Investment Corporation ($5 million).
With the support of MCD’s New Markets Tax Credit allocation, the project developer, Vermont Housing Initiative, LLC, will construct two condominiums within the building; MCD’s NMTC funding will support the second, 48,115-square foot condo, housing 22 residential units (both market-rate and affordable), a relocation and expansion of Berkshire Family YMCA’s health and wellness services and after-school program, a new 102-seat daycare facility, the relocation and expansion of the Town of Bennington’s Senior Center, offices for University of Vermont (UVM) Extension, and a community function room for the town of Bennington. Condominium #1 will offer 17 residential units designated as perpetually affordable and financed through Low-Income Housing Tax Credits; both condos will be funded in part by Historic Tax Credits.
Benn High’s redevelopment will improve the existing physical infrastructure of Bennington by providing more high-quality housing for residents of all ages. The redevelopment of this mixed-use building will also benefit the Town by expanding access to centrally located childcare, wellness, and senior services.
“MCD is pleased to provide NMTC funding toward the Benn High project and its revitalization of a centrally located historic building that has sat vacant for two decades,” said Michelle LeClair, Chief Investment Officer of MCD. “This project represents an opportunity to support the wellbeing of Bennington area families and individuals by creating much-needed housing, recreational spaces, and community services. It will also help further local revitalization efforts, create jobs, and catalyze wider economic impact.”
MCD is a Community Development Entity (CDE) established by Mascoma Bank which creates impactful jobs in highly distressed, low-income rural and minor-urban communities. MCD specifically targets downtown redevelopment projects that help revitalize communities and provide services to residents.
With the completion of Benn High, Berkshire Family YMCA will greatly expand wellness programming for all ages and focus their efforts on the Bennington neighborhood with the highest need. The new space will include a gymnasium, locker and changing rooms, a fitness center, exercise room, multipurpose rooms for youth afterschool and summer camp activities, and a childcare center. This expansion will double the YMCA’s capacity and allow more programming for seniors, after-school programs for school-age children, and an expanded fitness center and gymnasium for teens and adults. Sixty percent of individuals served by the YMCA will be low income. The 102-seat childcare facility is new to the area and will offer a sliding scale tuition.
As an adaptive reuse of a historic structure, Benn High eliminates waste and the disposal of embodied carbon by reusing rather than demolishing the existing structure. This project will use geothermal alternative energy sources as well as support walkability and alternative modes of transportation, supporting environmental sustainability.
Vermont Housing Initiative (VHI), founded by the principals of Hale Resources and 802 Group, is a Vermont-based real estate development firm dedicated to creating high-quality housing and revitalizing historic or underutilized properties. VHI undertakes both residential housing developments and community-focused mixed-use projects, with a mission to deliver sustainable, impactful developments that strengthen neighborhoods and meet the state’s evolving housing needs. The Benn High Redevelopment is VHI’s inaugural project and the first of many planned investments to support Vermont’s housing and community revitalization efforts.
“This initiative stands at the forefront of our plans to provide essential housing and foster community engagement,” shared Shannon Barsotti, Town of Bennington Community Development Director, in a letter of support. “The downtown Bennington census tract stands out for its significant social vulnerabilities, including below-average life expectancy, high rates of childhood poverty, and physical inactivity among adults. Nearly half of the children in this tract live in families with incomes below the federal poverty level, underscoring the urgent need for targeted interventions to address the multifaceted determinants of health and well-being. While revitalizing historic structures, these important redevelopment projects along Pleasant Street will also stimulate neighborhood development, increase safe and affordable housing, and improve community resilience.”
The Benn High project is supported by allocations from three CDEs: Mascoma Community Development ($15M), Evernorth Rural Ventures ($14.2M), and National Trust Community Investment Corporation ($5M).
Evernorth Rural Ventures, the community development financing arm of Evernorth, is providing a $14.2 million New Markets Tax Credit (NMTC) allocation toward the creation of a 78,000 - square-foot commercial and residential condominium that will become 22 mixed-income apartments; community-based programming administered by the Town of Bennington’s senior center; a new 102-seat childcare center, town fitness and recreational programming, after school and summer camps for youth, and community meeting space all administered by the Berkshire Family YMCA; educational programming by the University of Vermont Extension; and a management office occupied by Community Resource Management, LLC.
“Evernorth is proud to be part of this complex project that expands services and housing for families and community members while returning a vacant historic building to productive use,” said Beth Boutin, Vice President of Community Investments at Evernorth. “Benn High is a great example of how Evernorth’s strong commitment of investing in both housing and essential services can come together to enhance quality of life and support economic growth for everyone who lives and works in the community.”
In addition to the Evernorth Rural Ventures investment, Evernorth’s Housing New England, Fund VII is investing $6.1 million toward the creation of 17 permanently affordable apartments for families through the federal Low Income Housing Tax Credit program (LIHTC). The finished Benn High complex will include an additional 22 mixed-income apartments developed simultaneously with the NMTC component of the Project. In this way, Benn High will address Vermont’s need for housing for residents of all income levels.
The U.S. Treasury’s New Markets Tax Credit program, which began in 2000, is designed to spur economic development activity in economically disadvantaged communities nationwide. These communities often have good, viable business and economic development opportunities, but limited access to capital. The Treasury's program addresses the capital gap by providing the incentive of a federal tax credit to corporations that invest in a Community Development Entity like Evernorth Rural Ventures.
Goldstone Architecture is the Project’s architect. MLB Construction Services, LLC is contracted as Construction Manager and Community Resource Management is proposed as Property Manager.
MCD is pleased to report that this project has also made possible MCD’s grant of $75,000 to its third-party CDFI (Community Development Financial Institution) partner, Vermont Community Loan Fund. This grant will provide a 0% loan to an affordable housing development entity to support the creation of affordable senior housing units in Vermont. MCD takes great pride in supporting CDFI organizations that strengthen the communities they serve.
Evernorth is a nonprofit organization serving the low- and moderate- income people of Maine, New Hampshire and Vermont with affordable housing and community investments. Evernorth has raised and deployed over $1.6 billion in equity capital for more than 17,000 affordable homes and apartments for low- and moderate- income people across northern New England.
Evernorth Rural Ventures, a subsidiary of Evernorth, is a qualified rural Community Development Entity that uses its New Markets Tax Credit resources to support investment in the economic, environmental, and social well-being of northern New England communities and its regional economies. Funds are used to retain and create quality jobs and expand essential goods and services by financing key community developments in downtown and village centers and in other concerted community efforts that demonstrate positive impacts to low- income persons and communities. Learn more about Evernorth Rural Ventures at www.evernorthus.org/financing-and-investing/evernorth-rural-ventures.
About Mascoma Community Development
MCD was awarded the NMTC Allocation by the Community Development Financial Institutions Fund (CDFI Fund), a branch of the U.S. Department of Treasury. Using its tax credit allocation, MCD seeks to provide low-cost, flexible financing to businesses throughout the United States and emphasizes creating impactful jobs in highly distressed low-income communities nationally.
About Mascoma Bank
Mascoma Bank is a $2.9 billion mutual community bank and Certified B Corporation® with 25 branches and two loan production offices located throughout Northern New England and is the controlling entity to Mascoma Community Development. The bank has a 126-year history of serving communities and businesses primarily in rural and minor-urban areas. Member FDIC and Equal Housing Lender.
BENNINGTON, VERMONT (July 30, 2025) – Mascoma Bank Serving the Financial Needs of Northern New England
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