Northgate Apartments One Step Closer to Resident Control

first_imgNORTHGATE APARTMENTS ONE STEP CLOSER TO RESIDENT OWNERSHIP[Burlington, VT] Representative Bernie Sanders joined Northgate residents and funders today to commemorate a major accomplishment in advancing the long term preservation of Vermonts largest resident-controlled rental housing complex. Fannie Mae (FNM/NYSE), an investor in multifamily housing, donated its ownership stake in Northgate Apartments to one of the nonprofit owners, greatly reducing the cost of transferring the complex to the residents.As Burlington Mayor, I led the fight to prevent the loss of this critical affordable housing resource and ensure that it could remain an affordable, great place to live for the foreseeable future, Representative Sanders told the crowd. I applaud Fannie Maes donation of its interest and congratulate the residents in taking a huge step to extending resident control, he said.In the late 1980s, the owners of Northgate Apartments had an opportunity to re-develop the property, with the probable permanent displacement of the 336 families who lived there. Then-Mayor Sanders spearheaded the effort to acquire the HUD-assisted property, make needed repairs and capital improvements, and ensure that it remained affordable to low and moderate income families. The Vermont Housing Finance Agency, Vermont Housing and Conservation Board, City of Burlington, HUD and the Bank of America were other key funders.Fannie Mae is committed to preserving affordable rental housing in Vermont, said Ignatius MacLellan, director of Fannie Maes Northern New England Partnership Office. We are honored to join our partners today as we work together to keep housing affordable for the residents of this community. Investing in affordable rental communities is essential to creating healthy and livable neighborhoods like Northgate, MacLellan noted.Housing Vermont, a nonprofit affordable housing developer and tax credit syndicator, is a co-general partner with Northgate Housing, Inc. (NHI), the residents organization in the Northgate ownership structure. Kenn Sassorossi, a Housing Vermont vice president, thanked Fannie Mae for assigning its partnership interest for $1 and said, Fannie Maes donation both evidences its commitment to affordable housing and underscores our shared commitment to perpetual affordability.NHI President Ted Wimpey stated, Perpetual affordability requires a commitment to responsible stewardship and lots of hard work. We gratefully thank Fannie Mae for its generous donation. Its active support of resident control and long-term affordability is absolutely essential to the continued success of Northgate Apartments.Northgate Apartments, located off North Avenue, offers 1-, 2- and 3-bedroom apartments to families across a range of incomes. Rents range from $411 to $780 and 163 families qualify for rental assistance.Resident and NHI Board member John Vogt presented Fannie Mae with a plaque in appreciation for the role it played in Northgates success. Northgate is a great place to live and we will work to ensure that it stays that way for current and future residents, said Vogt.last_img

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