With the support of New Markets Tax Credits, Champlain Housing Trust is creating 30 permanently affordable condominium homes for sale to low-income households in Burlington, helping address one of Vermont’s most pressing challenges: access to affordable homeownership.

On August 20, 2026, Community Housing Capitaland Mascoma Community Development deployed a total of $20 million in New Markets Tax Credits to Champlain Housing Trust with U.S. Bancorp Community Development Corporation serving as the NMTC investor and Smith NMTC Associates, LLC facilitating the closing to maximize the project’s community benefits, provide the recapture guaranty, and guide CHT through the 7-year compliance and impact reporting period.

Champlain Housing Trust (CHT) will be receiving a $11 million NMTC-funded loan from Community Housing Capital and a $9 million NMTC-funded loan from Mascoma Community Development to develop the Shale Beach Condos project in Burlington’s Cambrian Rise neighborhood. A majority of the 30 new condos developed will be sold to homebuyers earning 80% AMI or below.

Shale Beach Condos will offer a pathway to homeownership in a neighborhood that has experienced growing affordability pressures as housing costs continue to rise across the region.

The lasting impact of this project will be realized through the positive benefits of homeownership, like increased household stability and better health outcomes, especially for children. For homeowners, home equity is an important household asset that can be leveraged to start businesses, invest in training or higher education, and prepare for financial emergencies.

Creating Long-Term Opportunity for Vermont Families

The homes at Shale Beach will be preserved through Champlain Housing Trust’s nationally recognized Shared Equity Homeownership Program, ensuring affordability remains in place for future generations while allowing homeowners to build equity and financial stability.

The shared equity model lowers the cost of homeownership, reduces barriers for first-time buyers, and creates opportunities for families to gain the benefits of homeownership that are increasingly difficult to access in today’s housing market. It has also proven to be an effective steppingstone, with many homeowners going on to purchase homes in the traditional market.

Strengthening the Burlington Community

Located adjacent to Burlington’s Old North End, Shale Beach Condos will feature a mix of two- and three-bedroom homes designed to serve working families while contributing to the city’s housing goals. Residents will have access to public transportation, employment centers, downtown Burlington, and essential community services.

Beyond housing, the project is expected to generate approximately 89 construction jobs, creating economic activity and supporting local workers during the development phase. The development will also advance local goals for energy-efficiency with all-electric construction.