Mascoma Community Development Secures $9 Million for 30 Burlington Condos as Total NMTC Funding Reaches $20 Million
Updated
Updated · Vermont Biz · Aug 21
Mascoma Community Development Secures $9 Million for 30 Burlington Condos as Total NMTC Funding Reaches $20 Million
1 articles · Updated · Vermont Biz · Aug 21
Summary
$9 million in New Markets Tax Credits financing from Mascoma Community Development has closed for Shale Beach Condos, a Burlington affordable homeownership project led by Champlain Housing Trust.
Another $11 million from Community Housing Capital brings total NMTC support to $20 million, helping cover rising construction costs, higher interest rates and the economics of keeping units permanently affordable.
The five-story Cambrian Rise development will add 30 two- and three-bedroom condominium homes for households earning up to 80% of area median income, using Champlain Housing Trust’s shared-equity model to preserve affordability.
The project sits near Burlington’s Old North End and is designed as an all-electric, transit-accessible building, aligning with local goals to expand housing supply while limiting environmental impact.
Mascoma said the deal also unlocks a $45,000 grant to Vermont Community Loan Fund for a women’s recovery residence in St. Albans, extending the transaction’s community-development impact.