FOR IMMEDIATE RELEASE: May 21, 2025
[Rutland, VT] Today, the Rutland community celebrated the groundbreaking of Maplewood Commons Apartments. Co-owners and co-developers Cornerstone Housing Partners and Evernorth have partnered to develop Maplewood Commons Apartments, the new construction of 30 permanently affordable homes in Rutland, Vermont.
Maplewood Commons Apartments will transform a vacant industrial site into a vibrant, newly constructed three-story building with 30 energy efficient, permanently affordable apartments for families. Six apartments will be 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 for the Project. There are three fully accessible apartments: one on the ground floor and two on the second floor. Additionally, the Rutland Housing Authority awarded Maplewood Commons ten project-based rental assistance vouchers.
“We appreciate the support of our partners and funders in making these much-needed affordable homes a reality,” said Mary Cohen, Chief Executive Officer of Cornerstone Housing Partners. “Maplewood Commons Apartments is a critical step toward addressing housing needs and providing safe, stable homes. Cornerstone Housing Partners is proud to be part of the collaborative effort that brought this project to life.”
Located on Forest Street, Maplewood Commons Apartments is within walking distance of downtown Rutland. It is located on The Bus’s West route which provides transportation to services and amenities throughout the region.
“The development of 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 Nancy Owens, President of Evernorth. “We are so glad to be breaking ground today on 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, which is administered by the Vermont Housing Finance Agency (VHFA), 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. Key Bank provided the construction financing. Other sources of funds include Green Mountain Power and Efficiency Vermont.
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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
