Maplewood Commons Breaks Ground on Affordable Housing
Deal News | May 21, 2025 | Housing Vermont Inc
Maplewood Commons Apartments, a housing project in Rutland, Vermont, has commenced construction, transforming a vacant industrial site into 30 energy-efficient, permanently affordable homes. Spearheaded by Cornerstone Housing Partners and Evernorth, the project aims to address local housing needs and support those at risk of homelessness. The development includes six designated apartments for individuals experiencing or at risk of homelessness, supported by the Homeless Prevention Center. The Vermont Housing Finance Agency, Vermont Housing and Conservation Board, and other partners contributed to the $14.6 million project through various funding sources, including federal tax credits and ARPA funding. The effort underscores the impact of collaboration among nonprofit developers, municipalities, and state and federal contributors in enhancing community infrastructure and providing long-term housing solutions.
Sectors
- Real Estate Development
- Nonprofit Sector
- Community and Social Services
Geography
- United States - Vermont – The project is located in Rutland, Vermont, and the article discusses housing development within this geographical context.
- Northern New England – Evernorth operates in Maine, New Hampshire, and Vermont, so the broader geographic scope is Northern New England.
Industry
- Real Estate Development – The article discusses the development of new housing projects, specifically affordable housing units, on a previously unused industrial site.
- Nonprofit Sector – Evernorth, a nonprofit organization, involved in providing affordable housing is a key player in the project.
- Community and Social Services – The project involves services for people at risk of homelessness and collaboration with Homeless Prevention Center, highlighting the social welfare aspect.
Financials
- $14.6 million – Total funding required to cover the development costs of Maplewood Commons Apartments.
- $6.6 million – Federal tax credit equity investment provided by VHFA's Housing New England, Fund VI and VII.
- $1.2 million – Permanent loan provided by VHFA for the project.
- $4.5 million – Federal ARPA funding contributed by the Vermont Housing and Conservation Board.
- $1 million – National Housing Trust Funds provided by the Vermont Housing and Conservation Board.
- $900,000 – State general funds contributed by the Vermont Housing and Conservation Board.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Maplewood Commons Apartments | The Target project | Companies | The new housing development in Rutland, Vermont. |
| Cornerstone Housing Partners | Co-developer and funder | Companies | Involved in the development and funding of Maplewood Commons Apartments. |
| Evernorth | Co-developer and nonprofit partner | Companies | Nonprofit organization partnering in development and funding of affordable homes. |
| Vermont Housing Finance Agency (VHFA) | Funder | Government | Provided federal tax credit equity investment and a permanent loan for the project. |
| Vermont Housing and Conservation Board | Funder | Government | Contributed federal ARPA funding and other financial resources for development. |
| Key Bank | Financial Institution | Companies | Provided construction financing for the project. |
| Green Mountain Power | Funder | Companies | One of the additional sources of funds for the development. |
| Efficiency Vermont | Funder | Companies | Contributed to the funding of energy-efficient housing development. |
| Homeless Prevention Center (HPC) | Service Provider | Companies | Provides resident services and support for those at risk of homelessness in the new development. |