Citizens Bank provides loan for affordable housing project in Putney

PUTNEY, Vt. – Citizens Bank announced today that its Community Development Group is providing a $4.7 million loan to Housing Vermont and Windham & Windsor Housing Trust, Inc. for the construction of 18 new multi-family units and the renovation of seven existing affordable units in Putney, Vt.

“We value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution,” said Nancy Owens, president of Housing Vermont. “We look forward to continuing to work with the Citizens team as this project reaches its potential.”

Housing Vermont (HVT) is a nonprofit syndication and development company that was founded in 1988. They create permanently affordable rental housing and they enable investments in economic and community development to benefit Vermonters through local partnerships. They are responsible for producing 5,120 affordable apartments across 171 developments.

Windham & Windsor Housing Trust’s mission is to strengthen the communities of southeast Vermont through the development and stewardship of permanently affordable housing and through ongoing support and advocacy for its residents. To date, WWHT has created more than 890 affordable homes and apartments serving over 1,500 area residents. WWHT also operates a Homeownership Center, which provides financial capabilities and homebuyer education and counseling, as well as low cost loans to homeowners for critical home repairs.

“This project meets a critical need in the community and Citizens’ leadership is another sign of our commitment to Vermont,” said Joe Carelli, president, Vermont and New Hampshire, Citizens Bank.

Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential. For more information, please go to www.citizensbank.com.

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