FOR IMMEDIATE RELEASE: June 5, 2023
CONTACT: Lisa Patlis, (802) 861-3814
[Morrisville, Vermont] – On Monday afternoon residents, funders, community members, local legislators and two affordable housing organizations came together to celebrate the completion of Gordon Lane Apartments – 25 affordable homes in two new buildings, including 4 apartments that are reserved for households facing homelessness, within walking distance of downtown Morrisville.
Evernorth and Lamoille Housing Partnership (LHP) have a successful history of building affordable housing together – and the completion of Gordon Lane Apartments once again highlights the power of partnerships in creating transformative properties that positively impact communities. This turn-key project was developed by local, private developer, Graham Mink and designed by Silver Ridge Designs, Inc. Evernorth and LHP partnered to purchase Gordon Lane Apartments at 21 & 35 Gordon Lane.
This newly constructed affordable housing boasts high-quality, energy efficient apartments, thoughtfully designed to meet the needs of residents while incorporating sustainable features. Of the 25 apartments, four homes are being reserved for households facing homelessness. Members of the Lamoille Valley Housing & Homelessness Coalition will support these households to achieve housing success.
Jim Lovinsky, LHP’s Executive Director remarked, “Gordon Lane Apartments replicates our previous partnership with Graham Mink, and is another shining example of what’s possible in our communities with collaboration between private and nonprofit developers, and housing advocates. Housing affordability is becoming a challenge for more people in our communities than ever before. With Gordon Lane’s completion, we’re opening affordable doors to home for our neighbors who need a lifeline, now and in the future.”
A total of $7.9 million in funding was raised from numerous sources to cover the total development costs of the project. Over $2.7 million in federal Tax Credit Equity was provided by Housing New England, Fund III which is administered by the Vermont Housing Finance Agency (VHFA). The Vermont Housing and Conservation Board provided $4.6 million, including over $3.3 million in federal American Rescue Plan Act (ARPA) funding. VHFA is providing the permanent loan and provided $225,000 from its Housing Investment Fund. Additional funding was provided by Efficiency Vermont. The Vermont State Housing Authority awarded Gordon Lane Apartments with 4 project based vouchers.
We recognize the pressing need for affordable housing in our communities and we are excited to be cutting the ribbon today on homes that will remain a community asset in Morrisville forever,” said Kathy Beyer, Evernorth’s Senior Vice President for Real Estate Development. “With Gordon Lane, Morrisville now has affordable housing that will remain affordable over the long-term, and will continue to provide housing for folks who simply cannot afford the market rent, but who want to live, work and recreate in Morrisville. Congratulations on your 25 new homes!”