Cathedral Square Corporation has 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.
The City of South Burlington has been a strong supporter of affordable senior housing in City Center, as it fulfills a vital component of the city’s vision for a centralized and walkable downtown with a mix of affordable and market-rate housing, neighborhood parks, retail shops and other businesses.
South Burlington voters in November approved a bond supported by tax increment financing that will enable Market Street to be reconstructed. The senior housing project also has received funding commitments from the federal HOME program, South Burlington’s Affordable Housing Trust Fund, and TD Charitable Foundation. Developers are seeking additional support from the Vermont Community Development Program, as well as federal and state housing tax credits from the Vermont Housing Finance Agency.
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. “We have more than 750 people on waiting lists for our homes right now, and demand is only going to grow with the increase in Vermont’s aging population,” she said. “Cathedral Square and those on our waitlist are tremendously grateful for the support from VHCB, which recognizes the crucial need for high-quality, affordable housing with services for Vermont’s older citizens.” 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.
Like those living in other CSC senior communities, City Center residents will have access to SASH®, the award-winning “Support and Services at Home” comprehensive care-management model developed by Cathedral Square. SASH combines the strength of social-service agencies, community health providers and nonprofit housing organizations to currently help more than 5,000 Vermonters age safely and healthily at home. It has been demonstrated to improve senior health outcomes while also reducing growth in Medicare expenditures. The SASH model is being replicated in Rhode Island and is the inspiration behind a federally funded, three-year demonstration project just getting underway in seven states.
Cathedral Square Corporation is Vermont’s leader in the development of affordable, service-enriched housing communities for seniors and individuals with special needs. A nonprofit organization founded in Burlington in 1977, CSC owns and/or manages 30 senior housing communities in Vermont and administers the SASH program statewide as part of Vermont’s Blueprint for Health.