Fox Run Apartments Unveils New Housing Solution in Berlin
Deal News | Aug 06, 2025 | Housing Vermont Inc
In a major stride towards offering affordable housing solutions, Fox Run Apartments has opened in Berlin, Vermont, providing 30 new homes for low- and moderate-income households. This development is a collaborative effort between Downstreet and Evernorth, reinforcing the notion that investments in homes are synonymous with investments in community and people. These permanently affordable houses are strategically located near essential services and workplaces, coupled with environmentally sustainable features such as cold climate heat pumps which substantially reduce CO2 emissions. The project was funded through a mix of public and private investments, accumulating over $15 million. Notably, Housing New England Funds contributed $5.8 million, while Citizens Bank provided a $7 million construction loan. Additional funding was sourced from several Vermont-based organizations. The project's architectural design was handled by Wiemann Lamphere Architects with Neagley & Chase overseeing construction.
Sectors
- Real Estate Development
- Affordable Housing
Geography
- United States – The activities and companies involved are located in Berlin, Vermont, which is in the United States.
- Vermont – The state of Vermont is specifically mentioned as the location for the real estate development of the Fox Run Apartments.
Industry
- Real Estate Development – The article pertains to a real estate development project focused on affordable housing in Berlin, Vermont.
- Affordable Housing – The focus of the article is on the development of affordable housing, highlighting the new Fox Run Apartments aimed at providing housing solutions for low- and moderate-income families.
Financials
- $15 million – Total development costs covered by a mix of public and private funding.
- $5.8 million – Tax credit equity investment by Housing New England Funds for the project.
- $7 million – Construction loan provided by Citizens Bank.
- $3.1 million – Contribution from the Vermont Housing and Conservation Board, including ARPA funding and HOME funds.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fox Run Apartments | Target | Company | The newly developed affordable housing project aimed at supporting low- and moderate-income households. |
| Downstreet Housing & Community Development | Co-Developer | Company | A nonprofit organization focused on creating permanently affordable homes in Central Vermont. |
| Evernorth | Co-Developer | Company | A nonprofit organization serving low and moderate-income populations with affordable housing investments in Northern New England. |
| Vermont Housing Finance Agency | Public Funder | Government | Provider of tax credit equity investment and additional funding for the project. |
| Citizens Bank | Private Funder | Company | Provided a $7 million construction loan for the development of Fox Run Apartments. |
| Wiemann Lamphere Architects | Project Architect | Company | The architectural firm responsible for the design of Fox Run Apartments. |
| Neagley & Chase | Construction Manager | Company | The firm managing the construction process for the development of Fox Run Apartments. |