500th Home

 Champlain Housing Trust Marks 500th Home Entering its Innovative Homeownership Program 

Program started in 1984 and is the largest of its kind in the country and a model for the globe
 

Burlington, Vermont – The Champlain Housing Trust marked the addition of the 500th home into its innovative shared‐equity homeownership program, the largest of its type in the country. The program provides permanently affordable homeownership opportunity for low to moderate income households in northwestern Vermont. 

At the home on North Champlain Street in Burlington’s Old North End, dozens of people gathered to celebrate the milestone. U.S. Senator Bernie Sanders, who was Mayor of Burlington when the program was formed, offered words of praise and encouragement to the staff, Board, homeowners, state and local officials assembled at the home. 

“One of my proudest achievements as mayor of Burlington was starting the first municipally‐funded community land trust in the nation. It's hard to believe now,” said Senator Sanders, “but 25 years ago it was considered a ‘radical’ idea to create homeownership opportunities for low and moderate income Vermonters by taking land off the speculative market, and to require housing developed with government subsidies to remain affordable in perpetuity. Five hundred homes later, the Champlain Housing Trust has proven that the land trust model works. That is an incredible accomplishment that we should all be proud of.” 

City of Burlington Mayor Bob Kiss added, “When Burlington launched the Housing Trust back in 1984, it was in response to a federal retreat from a commitment to safe, decent and affordable homes for all Americans. We have shown how a small community can create an innovative model that secures the benefits of homeownership for persons of limited means, while achieving larger social goals like the preservation of affordability, the stewardship of public subsidies, and the stabilization of residential neighborhoods. With the celebration of the 500th home, CHT can also celebrate over 25 years of delivering on the promises envisioned by its founders.” 

CHT acquired the 500th home with funding administered by the City of Burlington through the Vermont Community Development Program, who collaborated to allocate federal stimulus funds to 

purchase, rehab and make affordable homes which had been in foreclosure. The home will be sold in the coming weeks to an income‐eligible buyer, and will remain affordable to subsequent buyer through the Trust. Other homes that have entered the Trust have largely been made affordable by grants from the Vermont Housing and Conservation Board and by homes set aside as affordable through the City of Burlington’s Inclusionary Zoning Ordinance, as well as a number of other sources. The Vermont Housing Finance Agency has been a key lender partner for buyers over the years attaining affordable mortgages. 

“Years ago, when we were going to do our first home, many said that we couldn’t do it – and even that we shouldn’t do it,” remembered Brenda Torpy, CHT’s CEO. “It’s gratifying to stand here with so many partners, friends and CHT homeowners who over the years have made this program one that is being copied across the nation and around the globe.” 

The milestone was noted by housing advocates nationally as well. “CHT has had an incredible local and national impact,” said Roger Lewis, Executive Director of the National Community Land Trust Network. “As the nation’s largest Community Land Trust, CHT’s work has inspired hundreds of organizations across the country. Congratulations on this remarkable accomplishment.” 

The Champlain Housing Trust, founded in 1984, is the largest community land trust in the country. Throughout Chittenden, Franklin and Grand Isle counties, CHT owns or manages more than 1,500 apartments, stewards 500 owner‐occupied homes in its signature shared‐equity program, provides services to five housing cooperatives, and offers affordable energy efficiency and rehab loans. In 2008, CHT won the prestigious United Nations World Habitat Award, recognizing its innovative, sustainable programs. More information is available at www.champlainhousingtrust.org. 

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