Cedar's Edge Apartments Now Open in Essex
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State Representative & Selectboard Chair Linda Myers (right of Nancy) participates in cutting the ribbon |
Thirty families and individuals will be celebrating the holidays in new homes.
On November 7, Housing Vermont and the Champlain Housing Trust (CHT) celebrated 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.
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 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. 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 Executive Director.
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.
Speaking at the ribbon cutting, 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.”
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.