New apartment complex opens in South Burlington

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South Burlington Vermont (GEN)_-8314995250947929560

The Garden Street Apartments, developed by Snyder Braverman Development Company, officially opened in as city and state leaders attended a ribbon cutting ceremony. The 60 unit complex, located between Al’s French Frys and Healthy Living, is part of a long-planned City Center in South Burlington. With the idea of affordability in mind, Snyder Braverman made an agreement to sell the building to the Champlain Housing Trust and Housing Vermont. Nearly a quarter of the funding for the development – $3.9 million – came from the proceeds from Housing for All revenue bond proposed by the Governor and enacted by the Legislature in 2017.

The City of South Burlington established one of only a few affordable housing trust funds in the State, and has contributed $150,000 in addition to sponsoring an application for state funds through the Vermont Community Development Program. Other funders include NeighborWorks® America and the Vermont Housing & Conservation Board, which administers the Housing for All bond and also added federal HOME funds for the housing. The largest source, though, is the Low Income Housing Tax Credit Program, administered by the Vermont Housing Finance Agency. TD Bank is the investor providing $6.9 million in equity in exchange for the credits flowing from the development. VHFA also provided a construction loan for the project.

There are 26 one-bedroom, 20 two-bedroom, 11 three-bedroom, and three four-bedroom apartments. Rent includes heat and hot water, and are targeted to be affordable to wide range of incomes. For more information on renting, visit the Champlain Housing Trust website at https://www.getahome.org/garden-st.

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