Champlain Housing Trust (CHT) is hosting a Grand Opening this week for a new Shelburne, Vermont neighborhood called Bay Ridge. The project includes 94 new permanently affordable homes for Vermont residents, including 26 condominium for-sale units, and 68 affordable apartments for rent developed by CHT and Evernorth, Inc.
The project was made possible through an array of financing sources, including funding from the Vermont Housing Finance Agency, Vermont Housing and Conservation Board, Vermont Community Loan Fund, RBC Community Investments, the Vermont Agency of Commerce and Community Development’s VCDP program and a Congressionally Directed Spending Award secured by Senator Welch’s office.
The Vermont Agency of Commerce & Development has identified that the projected need in Vermont is 172,000 new homes by 2050. That translates to an average of 7,000 new homes needed annually over the next 25 years. The Chittenden County Regional Planning Commission has a housing target of 15,783 – 47,407 new homes in Chittenden County alone by 2050. The Bay Ridge community, along with other affordable housing projects developed by CHT, Evernorth and their partners, helps the State’s efforts to meet this daunting goal.
SRH Law attorneys Drew Kervick, Megan Grove, and Mark Saunders worked with CHT and Evernorth on the development and LIHTC financing of the project. Mark and attorney Rachel Seelig are now working on the sale of the Bay Ridge condominiums to qualifying homeowners. We are thrilled to join CHT and Evernorth in celebrating this milestone.
