The Vermont Housing Finance Agency (VHFA) Board of Commissioners awarded $28 million in LIHTC funding for 241 apartments. These homes will serve low-income renters in seven communities across the state. 

Three projects will receive $26 million for paying development costs: 

  • Highgate Village Housing, Highgate, VT.
    Apartments: 30 
    Part of a downtown redevelopment strategy, these apartments will offer the only permanently affordable housing in the town, although they will be limited to elderly households. Construction will begin in June 2027 with move in starting in August 2028. The developer is Cathedral Square Corporation.
     
  • Park Street Apartments, Winooski, VT.
    Apartments: 24
    A property accommodating residents of all ages, these apartments will help meet the housing needs of Winooski’s larger families by offering 3- and 4-bedroom options. The site of the building is considered a brownfield site which means the land has environmental contaminants. The site will be cleaned to rigorous state standards prior to construction, benefiting the residents and neighborhood. The developer estimates that occupancy will be in 2028. The developers are Champlain Housing Trust and Evernorth. 
     
  • Sykes Mountain Apartments, White River Jct., VT.
    Apartments: 48
    Part of a larger development project for which site work is underway, this 48-apartment building will include studio, 1-, 2-, and 3-bedroom homes. Move in is expected in December 2027. The developers are Twin Pines Housing Trust and Evernorth.

Four additional development projects will receive an estimated $1.9 million from a state rental tax credit program for development costs:

  • Arlington Village Center, Arlington, VT.
    Apartments: 30
    The preservation and rehabilitation project involves 29 existing apartments and the construction of one new apartment across 11 buildings. Twelve of the apartments are reserved for older Vermonters and the remaining have no age restriction. The developers are Cornerstone Housing Partners and Evernorth.
     
  • Caledonia Renaissance Apartments, Saint Johnsbury, VT. 
    Apartments: 18
    This is a rehabilitation of an existing project which will preserve 18 affordable apartments across five buildings in need of reinvestment due to their age and condition (formerly called GHT Caledonia Housing). These homes have a commitment from USDA Rural Development’s 515 program which provides a long-term permanent loan at a 1% interest rate, as well as project-based rental assistance making the apartments deeply affordable for those with very low incomes.The developers are RuralEdge and Evernorth.
     
  • Round Barn, aka Faywood Road, Grand Isle, VT.
    Apartments: 24
    The project involves the rehabilitation and construction of 24 apartments for the elderly in two buildings. An eponymous round barn will be demolished and 16 new, highly energy efficient apartments will be built in its place. Addition apartments within an existing annex building will be renovated. The developers, Cathedral Square Corporation and Evernorth, will acquire the neighboring solar array which will be used to offset the development’s energy needs. 
     
  • Ride Your Bike Building, Burlington VT.
    Apartments: 67
    The project will offer residents a variety of layouts including studios, 1-, and 2-bedroom apartments.  Part of a much larger 240+ housing development, this is the first phase of a master plan for a currently underutilized parking lot. The developers are Jonathan Rose, Ride Your Bike, and Champlain Housing Trust.