Windham & Windsor Housing Trust Advances Putney Housing Project

Deal News | Nov 15, 2024 | Housing Vermont Inc

The Vermont Supreme Court has ruled in favor of the Windham & Windsor Housing Trust (WWHT), allowing a housing project on Alice Holway Drive in Putney to proceed without an ACT 250 review. This decision concludes a legal process that began in March 2022, following a site plan approval by the Putney Development Review Board. The development, planned since 2019, will consist of 25 mixed-income, energy-efficient apartments across two buildings. These homes will integrate with the community by maintaining existing gardens and the local farmers market while fostering smart-growth principles. Both state and federal support, including funding from the Vermont Housing & Conservation Board and Vermont Housing Finance Agency, have been pivotal. Despite a 30% increase in construction costs, partners WWHT and Evernorth look forward to breaking ground in spring 2024 and welcoming new residents by 2026. Kathy Beyer of Evernorth cites their successful historic partnerships in Putney as a foundation for future successes in this development.

Sectors

Real Estate Development
Nonprofit Housing

Geography

Vermont, USA – The article is focused on a housing development project in Putney, Vermont, involving local organizations and funding bodies.
Northern New England, USA – Evernorth operates across Maine, New Hampshire, and Vermont, impacting affordable housing in these regions.

Industry

Real Estate Development – The article discusses the development of a new housing project in Putney, Vermont, which falls within the real estate development industry.
Nonprofit Housing – Both Windham & Windsor Housing Trust and Evernorth are nonprofit organizations focused on creating affordable housing solutions, placing this article within the nonprofit housing sector.

Financials

30% – Construction costs have increased by approximately 30%, impacting the overall budget for the housing development project.
$1.6B – Evernorth has raised and deployed over $1.6 billion in equity capital for affordable housing projects.

Participants

Name	Role	Type	Description
Windham & Windsor Housing Trust	Development Owner	Company	A mission-driven nonprofit organization focused on providing affordable housing solutions in Southeast Vermont.
Evernorth	Development Partner	Company	A nonprofit organization that provides affordable housing and community investments across Northern New England.
Vermont Supreme Court	Judicial Authority	Government	The highest court in the State of Vermont, which ruled in favor of the development proceeding without an ACT 250 review.
Vermont Housing & Conservation Board	Funder	Government	Provides state funding support for the development.
Vermont Housing Finance Agency	Funder	Government	Provides tax credit and other financial support for housing projects.
Elizabeth Bridgewater	Executive Director	Person	The Executive Director of Windham & Windsor Housing Trust, leading the housing project.
Kathy Beyer	Senior Vice President for Real Estate Development	Person	A senior executive at Evernorth, involved in the real estate development process.