Housing Vermont is a not-for-profit syndication and development company founded in 1988. It creates rental housing intended to be permanent and affordable for Vermonters through partnerships with local organizations, public agencies and the private sector. It has produced more than 4,000 apartments in 131 different developments. It is headquartered in

Burlington, Vermont Burlington is the most populous city in the U.S. state of Vermont and the seat of Chittenden County. It is located south of the Canada–United States border and south of Montreal. As of the 2020 U.S. census, the population was 44,743. It ...

. It is Vermont’s largest developer of affordable housing.

History

In 2009, it employed 100 people.

Funding

As of 2008, it had raised $163 million for its projects. In 2003, Housing Vermont formed the Green Mountain Housing Equity Fund with a total investment of $14 million from nine investors. The Fund’s dollars were spread out over nine projects and it provided an internal rate of return of 7.75%. This allowed the agency to finance projects in which it was not the co-developer. Green Mountain Housing Equity Fund II was created in 2005 with total capital of $22 million. In all, commitments were made to seven developments, which created 232 new homes. The agency's third offering closed in 2007 with a total investment of $25 million.

Organization

It has 16 managers for its properties, including the Vermont State Housing Authority. There are developments in all of Vermont's 14 counties. It is managed by an 11-member

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

. It has a staff of 21. It has a budget of nearly $3 million. Key people include: *President - Andrew Broderick. Salary - $102,700 *Vice President - Kathleen Cannon. Salary - $88,000. *Vice President - Kenn Sassorossi. Salary - $80,100 *Vice President - Nancy Owens. Salary - $65,603.

References

{{DEFAULTSORT:Housing Vermont Organizations based in Burlington, Vermont Non-profit organizations based in Vermont 1988 establishments in Vermont Affordable housing Housing organizations in the United States