The Rutland community celebrated the groundbreaking of Maplewood Commons Apartments on May 21st. The event signifies the new construction of 30 permanently affordable homes near Rutland’s city center.
The apartments will offer residents comfortable energy efficient homes, six of which will be set aside for people exiting homelessness, and three apartments are fully accessible for residents with disabilities. Additionally, the apartments are within walking distance of downtown Rutland and are located on the bus line making regional services and amenities accessible.
“Projects like these are not just about building rental apartments,” said Maura Collins, Executive Director of the Vermont Housing Finance Agency (VHFA) which funded a significant portion of the project. “This is an innovative example of a sustainable housing model that incorporates comfortable and energy efficient homes with specialized support services for its residents who may have experienced difficulty in accessing safe and affordable housing.” It is the type of project VHFA is focused on supporting.
Calling the project a “community asset,” Nancy Owens, President of Evernorth said, “the development of Maplewood Commons Apartments represents how strong collaboration between nonprofit developers, municipalities and state and federal partners can create lasting positive change in our communities.” Mary Cohen, CEO of Cornerstone Housing Partners, echoed the sentiment stating, “the collaborative effort brought this project to life.”
The project, led by co-developers and co-owners Evernorth and Cornerstone Housing Partners, was made possible with public and private funding totaling $14.6 million. Almost half of the project’s funding ($6.6 million) was private equity through Evernorth’s Housing New England Funds VI and VII, thanks to the federal tax credits that VHFA awarded. VHFA also provided a permanent loan of $1.2 million from the 10% for Vermont program. The Vermont Housing and Conservation Board contributed over $4.5 million in federal ARPA funding, $1 million in National Housing Trust Funds as well as over $900,000 in state general funds. Additional sources of funds include Green Mountain Power and Efficiency Vermont.
For more information about Maplewood Commons Apartments in Rutland, visit Cornerstone Housing Partners at www.cornerstonehousingpartners.org.
Photo: Developers, finance and municipal partners break ground for Maplewood Commons Apartments in Rutland May 21, 2025.