FOR IMMEDIATE RELEASE: February 10, 2025
CONTACT: Kathy Beyer, (802) 863-8424
[Waterbury, VT] Today, the Waterbury community celebrated the groundbreaking of Marsh House Apartments. Co-owners and co-developers, Evernorth and Downstreet Housing and Community Development partnered on Marsh House Apartments which will provide essential housing for 26 low- and moderate-income households in Waterbury, Vermont.
Marsh House Apartments is the new construction of a 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 possible if not for the citizens of Waterbury and Town officials’ strong support for the creation of new housing within the downtown.
“The communities of Central Vermont are in desperate need of more housing,” said Angie Harbin, Downstreet Executive Director. “Marsh House Apartments is a critical part of the solution that will provide safe, stable homes for families, workers for local employers, kids for local schools, and people for the local community. Downstreet is grateful to be part of the collective effort that made this project possible.”
Ideally located, Marsh House Apartments is within walking distance of essential services and amenities. As a regional center Waterbury has municipal services, a grocery store, pharmacy, schools, restaurants, and retail. The Waterbury Commuter bus line runs to Montpelier and to Burlington several times a day Monday through Friday.
“The development of Marsh House Apartments exemplifies how strong collaboration between nonprofit developers, municipalities, local residents 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. “Marsh House is also addressing climate change, by electrifying our building, instead of using fossil fuels, we will avoid the emission of over 72 tons of CO2 annually.”
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. is providing the construction financing and VHFA provided $768,292 for the permanent loan. The Vermont Housing and Conservation Board contributed over $4.8 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.
“Housing is essential to the strength and vitality of our community. The Town of Waterbury is proud to support this project, and to have provided funding from the Town’s American Rescue Plan Act allocation to support its construction.” said Alyssa Johnson, Chair of Waterbury Select Board. “We are grateful to Downstreet and Evernorth for their partnership in creating housing opportunities in Waterbury, and we look forward to welcoming neighbors to their new homes in our community.”
“The Edward Farrar Utility District residents are excited to see the start of the Marsh House construction to complete the vision of affordable housing that resulted in the District making this property available to help meet a need in the Town Plan. It is an honor to have the project named Marsh House to recognize Waterbury’s first settler “James Marsh” who arrived here in the spring of 1783.” said Skip Flanders, Chair, Edward Farrar Utility District. “Thank you to everyone who played a part in bringing this critical resource to Waterbury to benefit future generations.”
The project architect is gbA Architecture & Planning and ReArch Company is the Construction Manager. Construction is expected to be completed in May of 2026.
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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 over 500 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.
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.
