Vermont Housing Conservation Board 2005 - Vermont Housing and ...

Bob Eddy
HOME OWNERSHIP OPPORTUNITIES
CITY’S EDGE, SOUTH BURLINGTON:
“Putting a Dent in the Housing Crisis”
hen City’s Edge Condominiums opened this year in South Burlington, just
18 Woff I-189 and Shelburne Road, its 60 homes were offered for sale at prices
that ranged from affordable to market rate — and a partnership of private, public,
and nonprofit agencies celebrated the success.
“City’s Edge is a great example of creating neighborhoods, not developing projects,”
said State Senator Jim Condos, who chairs the South Burlington City Council.
“This also represents another step forward for the City of South Burlington, by
significantly increasing the supply of high-quality housing, to put a real dent in
the regional housing crisis.”
Working together with the Burlington Community Land Trust and private
developers, the city played a leadership role in the 8.7 million project. VHCB
funding combined with loans from the Vermont Housing Finance Agency, funds
from the Vermont Community Development Program, and a contribution from
the Neighborhood Reinvestment Corporation.
“These homes are located near the heart of a vibrant mixed-use commercial area,
with excellent proximity to good schools, convenient shopping, and public trans-
Walum Awotho and Lossi Budju with
their children, Bob, Glory and Faith,
are among 60 proud new homeowners
at City’s Edge. Owners were able
to use grants of $20-45,000 from
the American Dream Downpayment
Initiative to assist with downpayments
and closing costs. Contractors Eric
Farrel and Danny Morrisey contributed
a $220,000 grant towards the
building's brick façade. The homes
sold for $115,500-$165,900.