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Agreement reached on affordable homeownership at Cambrian Rise
The Champlain Housing Trust and Eric Farrell announced today that an agreement has been reached on the development of 30 affordable condominiums on the former Burlington College land now known as Cambrian Rise. This will be the first of what is expected to be a two phase project.
The agreement stipulates a purchase price of the 30 condominiums of $6.3 million. The sale price is discounted from estimated market value of $8.5 million due to Burlington’s Inclusionary Zoning Ordinance, and is dependent on CHT securing funds to help finance the purchase. Some of the funding is budgeted to come from the proceeds of the affordable housing bond recently enacted by the Vermont Legislature. An application is pending at the Vermont Housing and Conservation Board seeking that funding.
A second phase is anticipated that would double the number of permanently affordable condos to be built for a total of 60 affordable homes. The condominiums are planned to be built over the next two to three years.
“We look forward to adding this significant number of permanently affordable homes to this very challenging housing market in Chittenden County,” said Michael Monte, COO/CFO of the Champlain Housing Trust. “Combined with the affordable family and senior rentals planned for this site, there will be nearly 200 new affordable homes in Burlington to provide a wide range of options.”
These condominiums will help fill a large need for affordable housing in Chittenden County. After subsidy, the 30 condominiums in the first phase of the development will have an estimated sale price of between $140,000 and $180,000. The median priced home in Chittenden County sold for $287,000 in the first half of 2017.
“I’ve always believed in sustainability when developing new homes,” added Eric Farrell. “Sustainability doesn’t only mean all the renewable energy systems and environmental protections that we’re including at Cambrian Rise, it also means equity and ensuring people of all incomes can live here.”
The condominiums will be made affordable through CHT’s shared equity homeownership program. This program provides down payment assistance and homebuyer education for qualified buyers. In exchange, buyer agree to share a portion of the appreciation of their home when they sell, keeping the home affordable. This program was recognized by the United Nations with a World Habitat Award in 2008.
The construction of the new affordable homes are part of a larger development with 739 planned homes, a 12 acre public park with beach access, a community garden and commercial space. In addition to the 60 new affordable homes for sale, the 739 homes will also include 128 affordable rentals for families and seniors with incomes of less than 65 percent of the Chittenden County median income. The first apartments in Liberty House (the old Orphanage) are occupied, and the remaining affordable and market housing will be constructed after Farrell receives necessary permits.
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