[Waterbury, VT] Today, the Waterbury community cut the ribbon to celebrate the opening of Marsh House Apartments. Co-owners and co-developers, Evernorth and Downstreet Housing & Community Development partnered on Marsh House Apartments which provides essential housing and services for 26 low- and moderate-income households in Waterbury, Vermont.
Marsh House Apartments is a newly constructed three-story building with 26 energy efficient, permanently affordable apartments for families ideally situated in the heart of downtown Waterbury. Three of the apartments will be reserved for people with intellectual or developmental disabilities and five of the apartments will be reserved for people experiencing or at-risk of homelessness. Downstreet partners with Upper Valley Services and the Good Samaritan Haven to provide individualized support and services for these residents. These new homes would not have been possible if not for the citizens of Waterbury and Town officials’ strong support for the creation of new housing within the downtown.
“The opening of Marsh House Apartments is a hopeful and tangible step forward for Central Vermont,” said Angie Harbin, Downstreet Executive Director. “Every new permanently affordable home matters, and this project shows what can happen when a community makes room for people of different incomes, life experiences, and support needs. Downstreet is proud to help create homes that will remain affordable not just today, but for generations to come.”
“Marsh House Apartments reflects the kind of partnership and long-term investment needed to create permanently affordable, energy-efficient homes that help people remain connected to the communities where they work, live, and belong.”saidKathy Beyer, Senior Vice President for Real Estate Development at Evernorth.
Funding and financing totaling $15.3 million from a mix of public and private sources was raised to cover the total development costs. Evernorth’s 481 Fund II (TD Bank, N.A.) provided the federal tax credit equity investment of $7.9 million for this project, which is administered by the Vermont Housing Finance Agency (VHFA). T.D. Bank, N.A. provided construction financing and VHFA provided $768,292 for the permanent loan. The Vermont Housing and Conservation Board contributed over $5.7 million, including over $800,000 in Congressionally Directed Spending from former Senator Patrick Leahy and $106,466 in HOME Funding. The Vermont State Housing Authority (VSHA) awarded six project-based vouchers to the project. The Town of Waterbury contributed $100,000 through American Rescue Plan Act funds. Other sources of funds include the Agency of Commerce and Community Development Sales Tax Reallocation Funding and Efficiency Vermont.
Marsh House was designed by gbA Architecture & Planning and ReArch Company provided Construction Management services.
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Downstreet Housing & Community Development is a non-profit organization that strengthens the communities of Central Vermont by creating permanently affordable homes, promoting equity and inclusion, and connecting people to the resources and services they need to thrive. Since 1987, Downstreet has been enriching neighborhoods in Washington, Orange, and Lamoille counties through real estate development projects, homeownership programs, supportive services, and a rental portfolio that provides safe, healthy, mixed-income rentals to more than 800 households in apartments and manufactured housing communities.
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 $1.6B in equity capital for affordable housing and built more than 17,000 affordable homes and apartments for low and moderate income people across northern New England. Learn more at https://evernorthus.org/
