Celebration at Fourwinds Senior Housing

A celebration will be held on Oct 31, 2009 from 3 – 5 p.m. to mark the completion of the purchase and renovation of Fourwinds Senior Housing in St Albans, Vermont located at 145 North Elm Street. The guest speaker will be Senator Bernie Sanders. As the principle author of the National Housing Trust Fund, Senator Sanders has made it a cornerstone of his work in Congress to expand and preserve affordable housing opportunities for senior citizens.

Fourwinds provided attractive and affordable one bedroom apartments for seniors for 30 years under the ownership of Emile Legere. When he decided to sell, Cathedral Square, stepped in to renovate the buildings and provide the service enriched management they are known for. “It’s hard to transition ownership of affordable housing, and Cathedral Square had the skill and sensitivity with Mr. Legere to strike the deal and find the key resources to bring these apartments back to life. We are so happy that Cathedral Square can now add this senior housing to their portfolio, and that tenants today and tomorrow will reap the benefits of the tenant services that Cathedral Square offers”, said Robert McDonald, Housing Director, USDA Rural Development.

Cathedral Square Executive Director Nancy Eldridge states “We took this project on for Laura, and for friends and neighbors here at Fourwinds. The accessibility renovations that were completed in Laura’s apartment and around the site itself will make it much easier for current and future residents to stay in their homes as they age.” Cathedral Square communities offer residents on-site management, resident service coordination and wellness nursing. These services are critical in an older housing complex where the average age of residents is typically more than 80 years of age. “These services were greatly needed and have made a big difference to residents here at Fourwinds” said Eldridge.

The project benefited from a new preservation program established by Rural Housing Service, US Department of Agriculture to address their concern that the portfolio of affordable rental housing is aging and needs repair. Cathedral Square was pleased to be one of the first organizations to use these funds. “ We know how hard our local office worked to secure these funds for the Fourwinds project” said Eldridge. “We were also pleased that this construction project made it possible to employ so many local trade people.” In these difficult economic times, this project provided dozens of high paying jobs in Franklin County.

Financing of this preservation project was awarded to Cathedral Square from the Vermont Housing and Conservation Board and the Rural Housing Service, US Department of Agriculture and the Vermont Housing Finance Agency. Partnership with the Chittenden Bank brought resources to the project through the Low Income Housing Tax Credit Program. “The Chittenden Bank supports community development in many ways” said Amy Wright, Cathedral Square’s Director of Development. “Without their willingness to invest in our projects we would not be able to help communities like Fourwinds stay affordable and secure.”

Cathedral Square Corporation is an award-winning developer, owner and manager of affordable housing for older Vermonters and individuals with disabilities. CSC is proud to be an American Association of Homes and Services for the Aging (AAHSA) Quality First participant and an equal opportunity employer and housing provider.