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Mascoma Community Development (MCD) is pleased to announce the closing of $15 million in New Markets Tax Credit (NMTC) allocation to finance the Benn High project, a rehabilitation of the former Bennington High School into a mixed-use development that includes affordable housing, a childcare facility, a fitness and wellness facility, and community space.
With the support of MCD’s New Markets Tax Credit allocation, the project developer, Vermont Housing Initiative, LLC, will construct two condominiums within the building; MCD’s NMTC funding will support the second, 48,115-square foot condo, housing 22 residential units (both market-rate and affordable), a relocation and expansion of Berkshire Family YMCA’s health and wellness services and after-school program, a new 102-seat daycare facility, the relocation and expansion of the Town of Bennington’s Senior Center, offices for University of Vermont (UVM) Extension, and a community function room for the town of Bennington. Condominium #1 will offer 17 residential units designated as perpetually affordable and financed through Low-Income Housing Tax Credits; both condos will be funded in part by Historic Tax Credits. Benn High’s redevelopment will improve the existing physical infrastructure of Bennington by providing more high-quality housing for residents of all ages. The redevelopment of this mixed-use building will also benefit the Town by expanding access to centrally located childcare, wellness, and senior services.
“MCD is pleased to provide NMTC funding toward the Benn High project and its revitalization of a centrally located historic building that has sat vacant for two decades,” said Michelle LeClair, Chief Investment Officer of MCD. “This project represents an opportunity to support the wellbeing of Bennington area families and individuals by creating much-needed housing, recreational spaces, and community services. It will also help further local revitalization efforts, create jobs, and catalyze wider economic impact.”
MCD is a Community Development Entity (CDE) established by Mascoma Bank which creates impactful jobs in highly distressed, low-income rural and minor-urban communities. MCD specifically targets downtown redevelopment projects that help revitalize communities and provide services to residents.
With the completion of Benn High, Berkshire Family YMCA will greatly expand wellness programming for all ages and focus their efforts on the Bennington neighborhood with the highest need. The new space will include a gymnasium, locker and changing rooms, a fitness center, exercise room, multipurpose rooms for youth afterschool and summer camp activities, and a childcare center. This expansion will double the YMCA’s capacity and allow more programming for seniors, after-school programs for school-age children, and an expanded fitness center and gymnasium for teens and adults. Sixty percent of individuals served by the YMCA will be low income. The 102-seat childcare facility is new to the area and will offer a sliding scale tuition.
As an adaptive reuse of a historic structure, Benn High eliminates waste and the disposal of embodied carbon by reusing rather than demolishing the existing structure. This project will use geothermal alternative energy sources as well as support walkability and alternative modes of transportation, supporting environmental sustainability.
Vermont Housing Initiative (VHI), founded by the principals of Hale Resources and 802 Group, is a Vermont-based real estate development firm dedicated to creating high-quality housing and revitalizing historic or underutilized properties. VHI undertakes both residential housing developments and community-focused mixed-use projects, with a mission to deliver sustainable, impactful developments that strengthen neighborhoods and meet the state’s evolving housing needs. The Benn High Redevelopment is VHI’s inaugural project and the first of many planned investments to support Vermont’s housing and community revitalization efforts.
“This initiative stands at the forefront of our plans to provide essential housing and foster community engagement,” shared Shannon Barsotti, Town of Bennington Community Development Director, in a letter of support. “The downtown Bennington census tract stands out for its significant social vulnerabilities, including below-average life expectancy, high rates of childhood poverty, and physical inactivity among adults. Nearly half of the children in this tract live in families with incomes below the federal poverty level, underscoring the urgent need for targeted interventions to address the multifaceted determinants of health and well-being. While revitalizing historic structures, these important redevelopment projects along Pleasant Street will also stimulate neighborhood development, increase safe and affordable housing, and improve community resilience.”
The Benn High project is supported by allocations from three CDEs: Mascoma Community Development ($15MM), Evernorth Rural Ventures ($14.2MM), and National Trust Community Investment Corporation ($5MM).
MCD is pleased to report that this project has also made possible MCD’s grant of $75,000 to its third-party CDFI (Community Development Financial Institution) partner, Vermont Community Loan Fund. This grant will provide a 0% loan to an affordable housing development entity to support the creation of affordable senior housing units in Vermont. MCD takes great pride in supporting CDFI organizations that strengthen the communities they serve.