M&T Realty Capital Corporation announced approximately $5,000,000 Low-Income Housing Tax Credit (LIHTC) equity investment in the Chelsea Williamstown Apartments, an affordable housing redevelopment project in rural Vermont. The investment is structured as a LIHTC equity commitment using 4% credits on a direct investment basis with M&T Bank, alongside a construction loan provided by Northfield Savings Bank.
M&T RCC arranged a $5,615,000 Fannie Mae M.TEB forward commitment, and the project also benefits from support by the Vermont Housing Finance Agency, HUD’s Green and Resilient Retrofit Program and the State of Vermont.
The Chelsea Williamstown Apartments project involves the rehabilitation and adaptive reuse of two non-contiguous properties in Orange County, Vermont, totaling 61 rent-restricted units. A green initiative incorporated into the project is expected to deliver 50% cost savings in energy usage. The project is expected to be completed by March 2026, with stabilized occupancy anticipated by May 2026.
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