[Rutland, VT] On August 6, the Rutland community celebrated the ribbon cutting of Maplewood Commons Apartments. Co-owners and co-developers Cornerstone Housing Partners and Evernorth partnered to develop Maplewood Commons Apartments, the new construction of 30 permanently affordable homes which provides essential housing and services for low- and moderate-income households near the city center of Rutland, Vermont.
Maplewood Commons Apartments transformed a vacant industrial site into a vibrant, newly constructed three-story building. Ten Project-Based Vouchers were provided by the Rutland Housing Authority with six apartments set aside for people experiencing or at risk of homelessness through the local Continuum of Care provider, the Homeless Prevention Center (HPC). HPC will also provide resident services in conjunction with the Cornerstone Housing Partners’ resident services staff. There are two fully accessible apartments: one on the ground floor and one on the second floor.
We are grateful to our partners and funders for helping make these 30 affordable homes a reality,” said Mary Cohen, Chief Executive Officer of Cornerstone Housing Partners. “The completion of Maplewood Commons Apartments is an exciting milestone for our community and a testament to what strong partnerships can accomplish. These 30 new homes will provide safe, stable, and affordable housing for individuals and families, and Cornerstone Housing Partners is proud to have worked alongside so many dedicated partners to bring this vision to life.”
Located on Forest Street, Maplewood Commons Apartments is near downtown Rutland and is on the bus route which provides transportation to services and amenities throughout the region.
“Maplewood Commons Apartments represents how strong collaboration between nonprofit developers, municipalities and state and federal partners can create lasting positive change in our communities,” said Kathy Beyer, Senior Vice President for Real Estate Development at Evernorth. “We are so glad to be celebrating these new homes that will remain a community asset in Rutland forever.”
A mix of public and private funding totaling $14.6 million was raised to cover development costs. Evernorth’s Housing New England, Fund VI and VII provided a federal tax credit equity investment of $6.6 million for this project. VHFA provided a permanent loan of $1.2 million. The Vermont Housing and Conservation Board contributed over $4.5 million in federal ARPA funding, $1 million in national Housing Trust Funds as well as over $900,000 in state general funds. KeyBank provided construction financing. Other sources of funds include Green Mountain Power and Efficiency Vermont.
# # # #
_____________________________________________________________________________________
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 www.evernorthUS.org.
Cornerstone Housing Partners is a 501(c)(3) non-profit corporation that develops, manages, and maintains supportive affordable housing using the community land trust (perpetual affordability) model throughout Rutland and Bennington Counties. Cornerstone Housing Partners also offers sustainable homeownership services to perspective and current homeowners in Addison, Bennington and Rutland Counties. Learn more at www.cornerstonehousingpartners.org
