Cathedral Square Corporation (CSC), a nonprofit organization that develops and manages affordable senior living communities, today received a $625,000 award from the Vermont Housing & Conservation Board (VHCB) to help fund a new, 39-unit residence for seniors in South Burlington’s new city center. CSC is partnering with Snyder Braverman Development Company LLC to develop the project on Market Street.
CSC Chief Executive Officer Kim Fitzgerald called the VHCB award “a critical piece of the financing puzzle” needed for City Center Senior Housing, which will provide service-supported homes for 39 senior households. The development will be mixed income, providing affordable and market-rate homes for elders. The vacancy rate for rental housing in the Chittenden County area is approximately 1 percent, which makes finding affordable housing extremely difficult for seniors of modest means, she added.