FOR IMMEDIATE RELEASE: December 3, 2024
CONTACT: Lisa Patlis, (802) 861-3814
[West Rutland, Vermont] — Today, the West Rutland community celebrated the groundbreaking of Marble Village Apartments. Co-owners and co-developers, The Housing Trust of Rutland County and Evernorth partnered on Marble Village Apartments which will provide essential housing for 24 low- and moderate-income households.
Marble Village Apartments is the redevelopment and remediation of three vacant properties into 24 newly constructed, energy efficient, permanently affordable homes in the community. The 3-story building will have an inviting outdoor community space, community gardens and green space, and off-street parking.
“We appreciate the support of our partners and funders in making these much-needed affordable homes a reality,” said Mary Cohen, Executive Director of the Housing Trust of Rutland County. “Marble Village Apartments is a critical step in addressing housing needs and providing safe, stable homes. The Housing Trust of Rutland County is proud to be part of the collaborative effort that brought this project to life.”
Ideally located in the heart of West Rutland’s Village Center, Marble Village Apartments is within walking distance of essential services and amenities, including a local supermarket, pharmacy, restaurants, a post office, a library, and West Rutland School—all less than half a mile away. The project is located just four miles from downtown Rutland, a quick 10-minute drive, providing residents access to regional services and major employers. Additionally, Marble Valley Regional Transit offers seven-day-a-week service to West Rutland on its Fairhaven-to-Rutland route, a convenient public transportation options for residents.
“We are so glad to be breaking ground today on homes that will remain a community asset in West Rutland forever,” Evernorth President and Co-Founder, Nancy Owens said. “Like investments made in roads, sewers, schools and municipal buildings, this housing will remain in West Rutland to serve the community as a valuable resource you can rely on.”
Funding and financing totaling over $13 million from a mix of public and private sources was raised to cover the total development costs. Evernorth’s Housing New England (HNE) Fund, VI provided the tax credit equity investment of $7.8 million for this project, which is administered by the Vermont Housing Finance Agency. The Vermont Housing Finance Agency also provided a $750,000 LIAC Loan. The Vermont Housing and Conservation Board contributed over $2.3 million, including over $1 million in National Housing Trust Funds. The Vermont Agency of Commerce & Community Development provided a $475,000 CRRP Grant and $600,000 from the Brownfield Revitalization Fund. Green Mountain Power and Efficiency Vermont are other funders. NBT Bank provided the construction loan. The Rutland Housing Authority is providing project-based rental assistance.
VT Integrated Architecture is the project architect. Naylor & Breen is the project Construction Manager. Construction is expected to be complete in early October, 2025.
Housing Trust of Rutland County 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 County. Based in downtown Rutland, the Housing Trust provides full-service property management and maintenance services, including 24/7 emergency response. The Housing Trust currently provides apartments and mobile home lots in Benson, Brandon, Castleton, Fair Haven, Ludlow, Poultney, Rutland City and West Rutland. The Housing Trust is very much a grass roots organization, providing much of its outstanding service through partnerships with local businesses, proudly paying its property taxes and other municipal charges, and responding to neighborhood concerns and community needs. www.housingrutland.org
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.
