Champlain Housing Trust
Overview
Champlain Housing Trust (CHT) is a community land trust based in Burlington, Vermont, dedicated to providing permanently affordable housing solutions. Established in 1984, CHT supports the people of Northwest Vermont by developing and maintaining affordable homes and related community assets. Since its inception, Champlain Housing Trust has raised significant funds, including grants and loans, to achieve its goals. Michael Monte serves as the organization's CEO.
Recent Developments
In recent years, Champlain Housing Trust has been active in several significant housing projects aimed at addressing the affordable housing crisis in Vermont:
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10th Cavalry Apartments, Colchester: In collaboration with Evernorth, CHT is transforming three historic buildings, initially part of the Fort Ethan Allen Historic District, into 65 affordable apartments for various income levels. This project is expected to reach completion by May 2025, with initial occupancy slated for November 2024.
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Post Apartments, Burlington: A new development comprising 38 apartments and additional commercial spaces in downtown Burlington is underway. The building at the former Howard Plant VFW Post location will include community amenities and is expected to be completed by winter 2025-2026.
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Bay Ridge Neighborhood, Shelburne: CHT purchased the former Econo Lodge property in 2013 and is in the process of converting it into Bay Ridge, featuring 94 permanently affordable homes, including apartments and condominiums. This project, anticipated for completion in Summer/Fall 2025, will incorporate sustainable energy solutions.
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Supports and Partnerships: CHT has continued to receive support for its initiatives, receiving significant project and capacity awards from the Burlington Housing Trust Fund.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 1984 |
| Headquarters | Burlington, Vermont |
| Founders | Supported by Burlington City Hall |
| Revenue | Not specified |
| Profits | Not specified |
| Key Investors | Burlington City Hall, Housing Trust Fund |
| Industry | Community Land Trust, Affordable Housing |
| Number of Employees | Not specified |
Early History
Champlain Housing Trust began as the Burlington Community Land Trust in 1984, during a time when the federal government had reduced funding for housing programs. With initial support, including a $200,000 contribution from the City of Burlington, CHT acquired land for affordable housing development. Recognizing the benefits of combining resources and expertise, CHT merged with the Lake Champlain Housing Development Corporation in 2006. This merger expanded its capacity and influence, allowing CHT to innovate and adapt various housing models like shared equity homeownership, rental units, and cooperative housing to meet community needs.
Company Profile and Achievements
Champlain Housing Trust operates on the community land trust model, emphasizing the creation and protection of affordable housing for low- to moderate-income households:
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Affordable Ownership: CHT sells homes through a shared equity program, ensuring long-term affordability by retaining ownership of the land while selling the home to a qualified buyer. Over time, this has made housing accessible to thousands of residents.
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Rental Solutions: The trust manages over 2,200 rental units that serve households earning on average 57% of the area median income, including cooperative homes.
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Community Impact: CHT has won international acclaim, including the World Habitat Award, recognizing its efficacy and innovation in affordable housing.
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Current Projects: CHT continues to leverage its broad network and partnerships to enhance housing availability and affordability through ongoing developments across Northwest Vermont.
Current Operations and Market Position
Champlain Housing Trust plays a pivotal role in Vermont's housing sector, consistently addressing statewide housing shortages through strategic development projects. Despite its achievements, CHT faces challenges due to Vermont's significant demand for affordable housing, intensified by rising construction costs and regulatory hurdles. Corporate partnerships, community support, and innovative housing models bolster CHT’s initiatives in expanding affordable housing supply.
Conclusion
Champlain Housing Trust has firmly established itself as a cornerstone institution for affordable housing in Northwest Vermont. Through its dedicated efforts in property development, community partnerships, and innovative housing models, CHT continues to address critical housing needs in the region. As Vermont grapples with housing shortages, CHT's ongoing projects and strategic vision position it to play a significant role in shaping the future housing landscape, promoting sustainable and equitable community development.