BURLINGTON, VT — Today, U.S. Senator Peter Welch (D-Vt.), Ranking Member of the Senate Agriculture Subcommittee on Rural Development, Energy, and Credit, joined the Champlain Housing Trust to celebrate the groundbreaking of 30 new permanently affordable condominium homes for sale to low-income households in Burlington’s Cambrian Rise neighborhood. A majority of the 30 new condos developed will be sold to homebuyers earning at or below 80% of the average median income (AMI) to eliminate obstacles to homeownership for lower-income Vermonters.
“Vermont’s housing affordability crisis has wreaked havoc across our state, and skyrocketing housing prices are right at the center of it. Home prices have more than doubled in the last ten years, making it tougher than ever for families to achieve the American dream of homeownership,” said Senator Welch. “The Champlain Housing Trust’s newest project is a great example of how we can leverage federal investments to increase access to affordable housing. I’ll continue to fight for policies that help bring down housing costs and make homeownership a reality for more working families in Vermont.”
“This development brings jobs to the community and builds Burlington’s tax base. So not only are these condos affordable to the people who will buy them next year, they are making Burlington more affordable overall,” said Michael Monte, CEO, Champlain Housing Trust. “And the lasting impact of retaining affordability through our shared equity homeownership program will have a ripple effect for future generations of City residents.”
The project is made possible through the deployment of $20 million in New Markets Tax Credits (NMTC), a federal program that utilizes tax credits to incentivize private investments in community development and economic growth in distressed communities. Senator Welch cosponsored the New Markets Tax Credit Extension Act, which permanently extended the NMTC Program last year.
View photos from the event below:
Senator Welch has led bipartisan efforts to address Vermont’s affordable housing crisis. Last month, the Senator introduced the Supporting Small Affordable Housing Developers Act, new legislation that would exempt grants supporting affordable housing development from taxation to empower small, rural housing developers to build more affordable housing. Senator Welch also cosponsored the Build American Efficiency Act, bipartisan, bicameral legislation to help homebuilders cut costs and red tape as they work to address the national housing shortage.
In March, Senator Welch introduced the bipartisan FARM Home Loans Act to spur rural economic growth by helping more homebuyers qualify for rural housing assistance. The Senator is also a cosponsor of the First-Time Homebuyer Tax Credit Act, legislation that aims to support middle-class Americans purchasing their first home, and the End Rent Fixing Act, which would crack down on companies that help landlords increase rents in already high-priced markets. The Senator is also a cosponsor of the 21st Century ROAD to Housing Act, which was signed into law earlier this year.
The Senator’s bipartisan, bicameral HOPE for HOMES Act, which helps lower energy costs for homeowners and reduce greenhouse gas emissions while also investing in the workforce, was included as part of the Biden-Harris Administration’s historic Inflation Reduction Act.
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