August 16, 2021
Construction is underway on our newest Shared Equity housing development: Butternut Grove. Once completed, the project will add 20 three-bedroom affordable homes for sale on Malletts Bay Avenue in the “Onion City.”
Butternut Grove adds a twist to already complex real estate development by employing New Market Tax Credits as part of the financing. This program incentivizes development in economically disadvantaged communities, allowing Champlain Housing Trust to offer the homes at a more affordable price.
Malletts Bay Avenue is near Winooski’s downtown and has been identified for redevelopment in coming years. Butternut Grove will be a cornerstone of this growth, while providing the quality, permanently affordable housing for which CHT is known.
Once completed, each of Butternut Grove’s 20 homes will feature three bedrooms, and have between 1200-1300 square feet of living area. Each rowhouse unit will include a rooftop balcony and front door access to the street, just steps from Winooski’s vibrant downtown.
Another aspect of the project is a focus to expand homeownership opportunities for Black, Indigenous or People of Color. Winooski is Vermont’s most racially and ethnically diverse community and 15% of Winooski residents are immigrants or refugees. CHT will collaborate with the AALV (also known as Association of Africans Living in Vermont) and other BIPOC-led organizations to market Butternut Grove homes, with the goal of increasing BIPOC homeownership in a community with low rates of it.
The homes will be available for well under $200,000, making them affordable to many households that would be otherwise priced out of Chittenden County’s expensive real estate market. At least 20% of the completed homes will be specifically made available to households with incomes less than 80% of the area’s median income. The homes will be offered through CHT’s Shared Equity Program, which has helped more than 1,200 families secure homeownership since its founding in 1984.
Construction of Butternut Grove will continue for the next year, and is on track for completion in June of 2022. Stay tuned for more updates on this exciting new homeownership initiative.
Anyone interested in Butternut Grove (or any of Shared Equity Homeownership Opportunities) please visit the Share Equity Program page on our website.