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BURLINGTON, VT — August 21, 2026
Mascoma Community Development (MCD) today announced the closing of $9 million in New Markets Tax Credits (NMTC) financing to support the development of Shale Beach Condos, a new-construction affordable homeownership project in Burlington, Vermont, led by Champlain Housing Trust, Inc. Community Housing Capital (CHC) provided an additional $11 million in NMTC allocation, bringing the total NMTC allocation supporting the project to $20 million. The transaction will help finance the development of a five-story residential building comprised of 30 permanently affordable condominium homes directly adjacent to the city’s Old North End neighborhood, one of the most rapidly changing and demographically diverse neighborhoods in the state.
“This project demonstrates how New Markets Tax Credits can support innovative housing solutions that expand access to homeownership,” said Tad Atwell, Chief Operation Officer of Mascoma Community Development. “By partnering with Champlain Housing Trust, MCD is helping to create permanently affordable homes, promote long-term housing stability, and provide families with pathways to build wealth while ensuring these opportunities remain available for future generations.”
This Champlain Housing Trust project, located within the Cambrian Rise neighborhood, represents a critical investment in expanding homeownership opportunities for low- and moderate-income households. The neighborhood is one of Vermont’s most economically diverse communities. Affordability pressures have been driven by significant increases in home prices and rents over the past two decades.
All homes financed in this project will be made available to households earning at or below 80% of Area Median Income and will remain permanently affordable through Champlain Housing Trust’s Shared Equity Homeownership Program model. This approach reduces upfront purchase costs, stabilizes monthly housing expenses, and enables homeowners to build equity while preserving affordability for future buyers. Owners share the market increase in the value of their home, while keeping one hundred percent of the equity created when they pay down their mortgage or make improvements to their home. Shared Equity homes are often a steppingstone to traditional homeownership, with 67% of owners buying another home when they sell.
Shale Beach Condos will feature a mix of two- and three-bedroom condominium homes, on-site parking, and shared community amenities, all located within walking distance of downtown Burlington, public transportation, and essential services. Burlington’s highest housing priority is to create new housing. This project supports state and municipal planning objectives to increase housing supply while minimizing environmental impact by incorporating energy-efficiency, all-electric building systems, and proximity to transit and employment centers.
Champlain Housing Trust is a nonprofit community land trust with more than 40 years of experience developing, stewarding, and preserving permanently affordable housing across northwestern Vermont. It is the largest community land trust in the United States and has a long-standing mission to address housing insecurity by expanding access to affordable rentals and homeownership for low- and moderate-income households.
“This is a great opportunity and perfect location to build new permanently affordable homes in what might be Vermont’s most economically diverse neighborhood,” said Michael Monte, CEO of Champlain Housing Trust. “These 30 new homes could not be built without the commitment from Mascoma and investments from other public and philanthropic partners.”
NMTC financing is a critical component of the project’s capital structure, helping to bridge the gap created by rising construction costs, higher interest rates, and the constraints of delivering permanently affordable homeownership units. Without this financing, the scale and time of the development would be significantly impacted.
The project also received $11 million in NMTC allocation from Community Housing Capital. CHC is a Community Development Financial Institution (CDFI) and Community Development Entity (CDE) founded in 2000 to support the creation and preservation of affordable housing. Through its mission-driven lending and investment activities, CHC provides transformative capital to NeighborWorks America network organizations like Champlain Housing Trust. Since 2022, CHC has been awarded $180 million in NMTC allocation and has deployed $106 million to date to support 15 affordable homeownership projects developing 379 homes in low-income communities across 10 states.
U.S. Bancorp Impact Finance, the community development and infrastructure finance division of U.S. Bank, served as the NMTC investor. “New Markets Tax Credit financing for the Shale Beach Condos helps improve homeownership affordability in Burlington, Vermont, addressing local housing needs while strengthening the surrounding community,” said William Carson, Senior Vice President at U.S. Bancorp Impact Finance. “Developments like this demonstrate how public and private partners can work together to expand access to stable, affordable homes.”
Smith NMTC Associates, LLC facilitated the closing to maximize the project’s community benefits, provide the recapture guaranty, and will work closely with CHT on compliance and impact reporting over the 7-year compliance period. Highlighting the important impact of this project, Jill Gilbert, general counsel and vice president of Smith NMTC Associates, LLC shared: “Shale Beach Condos demonstrates the powerful role New Markets Tax Credits can play in addressing the affordable homeownership crisis. Champlain Housing Trust’s shared equity model ensures that these homes will remain affordable for generations while helping families build wealth and financial stability. We are proud to work with Mascoma Community Development, Community Housing Capital, and U.S. Bancorp Community Development Corporation to bring this innovative financing structure to a project that will create lasting benefits for Burlington residents.”
MCD is pleased to report that this project makes possible an additional grant from MCD of $45,000 to CDFI (Community Development Financial Institution) partner Vermont Community Loan Fund headquartered in Montpelier, VT. This grant will support financing to Hope Grove Recovery for the acquisition and renovation of a home in St. Albans to establish a women’s recovery residence. MCD takes great pride in supporting CDFI organizations that strengthen the communities they serve.
About Mascoma Community Development
MCD was awarded the NMTC Allocation by the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of Treasury. Using its tax credit allocation, MCD seeks to provide low-cost, flexible funding to businesses throughout the United States and emphasizes creating and retaining quality jobs in highly distressed low-income communities nationwide.
About Mascoma Bank
Mascoma Bank is a $2.99B mutual community bank and Benefit Corporation serving Northern New England, with over a century of experience supporting local economies and the long-term vitality of the communities it serves. Mascoma Bank is a member of the Global Alliance for Banking on Values, a Certified B Corporation®, an Equal Housing Lender, and a Member FDIC.
About Community Housing Capital, Inc.
Community Housing Capital (CHC) is a Community Development Financial Institution (CDFI) and 501(c)(3) nonprofit organization founded in 2000 to support the creation and preservation of affordable housing. CHC provides flexible, mission-driven capital exclusively to NeighborWorks America network organizations across the country. As of 2025, CHC’s lending activity has helped create or preserve more than 25,374 affordable homes and facilitated $4.1 billion in total development. CHC is headquartered in Decatur, Georgia. For more information, visit www.communityhousingcapital.org.
About Smith NMTC Associates, LLC
Smith NMTC Associates, LLC partners with mission-driven organizations throughout the country to develop creative financial models and structures for projects that bring affordable homeownership and community facilities and services to low-income communities and their residents. The firm pioneered the first NMTC model for affordable homeownership in 2008 and, since then, it has been used to deploy nearly $1 billion in NMTC financing to develop more than 7,700 homes across 34 states and Washington, D.C. Through its expertise in structuring impactful transactions, Smith NMTC Associates helps communities expand housing opportunities and create lasting economic benefits.
