Cedar's Edge Ribbon Cutting Ceremony

New Rental Development Opens in Essex

- Champlain Housing Trust and Housing Vermont Complete 30 Apartments -

[Essex, VT]   Today, Senator Bernie Sanders joined the Champlain Housing Trust (CHT) and Housing Vermont to celebrate the completion of thirty apartments in a single building located off Susie Wilson Road in the Town of Essex.  Cedar’s Edge Apartments offers a mix of 24 two-bedroom and six one-bedroom apartments.

Senator Bernie Sanders noted that “at a time when many Vermonters are struggling economically, when affordable housing is very hard to come by in many Chittenden County towns, and when many families are spending fifty percent or more of their limited income on housing, this project is sorely needed.  In fact, these units will double the number of affordable family apartments in Essex.   I’m very pleased to have worked with Champlain Housing Trust and Housing Vermont to support this effort.”

The 3-story structure was constructed to meet the Vermont Housing Finance Agency’s Green Standards for New Construction and incorporates spray-foam insulation, very efficient windows and highly efficient mechanical equipment.  Other green materials will include low-VOC paints and adhesives and durable flooring materials. 

The completion of Cedar’s Edge Apartments was made possible through an agreement between the two nonprofits and Snyder Homes of Essex Junction which permitted the site and owned it through construction.

“Working with Snyder Homes was mutually beneficial,” said Housing Vermont President Nancy Owens.  “The infill site meets our smart growth objectives while providing needed housing for working families and individuals in a desirable community,” Owens said. 

The first apartments were available in August.  Just two months later all 30 have been leased. Rents for two bedroom apartments are as low as $745, including heat and hot water.

“The rapid rent-up reflects the shortage of affordable apartments for working families,” said Brenda Torpy, CHT’s CEO. 

A recent Department of Housing and Urban Development (HUD) study of the Burlington area rental market noted that vacancy rates are a very low 3.5 percent and that rent increases have outpaced income gains for area residents.  According to the study, 57 percent of the area renters pay 30 percent or more of their income for housing costs.

Funding for Cedar’s Edge Apartments included both private and public funds.  Senator Bernie Sanders secured a critical $231,425 HUD grant. 

Other permanent financing sources included $3,526,000 in private equity invested by RBC Capital Markets. The Vermont Housing and Conservation Board loaned $72,814 from its general fund and $337,185 in federal HOME program funds.  The Town of Essex obtained $515,000 from the Vermont Community Development Program.  Other sources included a permanent loan of $632,000 from the Merchants Bank and $236,500 from the proceeds of the sale of state tax credits. 

 “Nearly two-thirds of the funding came from an equity investment by RBC Capital Markets through the Low Income Housing Tax Credit program,” Owens said.  “The tax credit program has been the single most important source of affordable housing funds over the past 25 years and it continues to demonstrate its critical role,” she said.

“There are so many pieces that came together for this project to work, and they came together so smoothly. From Senator Sanders’ support to the Town of Essex sponsoring a community development block grant, to State funding through tax credits and VHCB,” added Torpy. “We appreciate everyone’s help in making these new homes possible.”

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