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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, officially the City of Burlington, is the List of municipalities in Vermont, most populous city in the U.S. state of Vermont and the county seat, seat of Chittenden County, Vermont, Chittenden County. It is located south of the Can ...
. 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 is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...
. 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