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14 New Affordable Apartments are Created Through COTS Renovated Building

Posted April 10, 2017

After a $8.2 million renovation to their building on 95 North Avenue, COTS re-opened their permanent residence. The building consists of 14 new affordable apartment; a permanent home for COTS’ Daystation, the nonprofit’s daytime center for homeless adults to connect with services; and renovated COTS’ program spaces for its homelessness prevention initiative. With this new building intact, COTS will be able to serve over 2,600 people facing homelessness.

COTS will move into the building on the week of April 9, and being to offer its services on April 13. Of the 14 apartments, seven will be fully furnished and for people who are homeless, or at the risk of becoming homeless, with be offered service-enriched housing. The other seven apartments will be used as permanent affordable housing. This means, that households with incomes below 60 percent of the HUD area median income will be able to move into these apartments.

Funding for the renovation came from various sources. Housing Vermont’s Green Mountain Housing Equity VI invested $3.2 million in the project, while the Merchants Bank contributed a loan through the Affordable Housing Program of the Federal Home Loan Bank of Boston. More funding came from the Vermont Housing and Conservation Board, Vermont Community Development through the Town of Williston, HUD’s HOME program administered by the City of Burlington, Burlington Housing Trust Fund, Vermont Gas and Burlington Electric.

Learn more here.