RuralEdge and Community National Bank Open Doors to Affordable Housing

Newport, VT-Phase one of the Newport Crossing Affordable Housing project is complete, and RuralEdge is now accepting applications and welcoming tenants into beautiful new homes. The first phase provides 40 one-, two- and three-bedroom affordable housing units across two locations, one in Newport and one in Newport Town. Both locations offer walkable access to groceries and U.S. Postal Service offices, and the Newport Town location is within immediate walking distance of Newport Town School.

All rental units are permanently affordable, meaning that most rents (including utilities) are at a fixed price that is determined based on varying levels of affordability from between 50%-80% of area median income. There is a mixture of one- or multi-bedroom units with most rents ranging from around $875-$1,288. Qualifications are based on a household's income. The units are targeted for households with annual incomes starting between $26,000 and $35,000 and going up to the mid- $60,000 range based on household size or if a household has a tenant-based Section 8 voucher. Select units do have project-based rental assistance and are targeted to address homelessness. Community National Bank (CNB) is proud to provide financial support for this important initiative, which expands access to safe, stable housing for individuals and families in the Northeast Kingdom.

CNB's connection to RuralEdge extends beyond project financing. CNB Vice President & Controller Nikole Brainard serves as Board Chair for RuralEdge and Executive Vice President and CFO Louise Bonvechio served on their board for many years and is a past Chair and currently is a member of the Finance Committee. Senior Vice President and Human Resources Officer Kimico Perry also serves as a board member. In addition, CNB has provided long-standing financial support for RuralEdge's Homeownership Center operating costs and has served as a private equity investor in several RuralEdge projects, including Newport Crossing. Nikole Brainard shares, "Increasing housing that is affordable in our neighborhoods is one of the most impactful ways we can strengthen our communities. It improves the lives of those trying to provide a stable existence for themselves and their families while receiving low- to moderate- income wages. Everyone should have the chance to live in a safe and stable home, and we want to help provide more of these spaces in our communities."

"It has been so rewarding to see these new rental units come to life. Forty new affordable housing units in Orleans County will have a huge impact in addressing the housing need. As residents move in, activating the buildings and creating vibrant neighborhoods, we will realize the full impact of this investment which, because of the perpetual restrictions, will continue to serve the community for years to come. We are so appreciative of our longstanding relationship with Community National Bank that has enabled so many developments like these to be realized across the Northeast Kingdom," said Patrick Shattuck, Executive Director of RuralEdge.

RuralEdge is a NeighborWorks organization with the mission to strengthen Northeast Kingdom communities one home at a time. RuralEdge envisions Northeast Kingdom communities where every individual can live in stable, affordable housing with access to the services they need to live a healthy and prosperous life. The organization also operates a Homeownership Center, which offers educational programs for first-time homebuyers, including financial counseling, home repair resources and more. For more information about RuralEdge, visit ruraledge.org.

Community National Bank is an independent bank that has been serving its communities since 1851. CNB has offices located in Derby, Barre, Barton, Derby Line, Enosburg Falls, Island Pond, Lyndonville, Montpelier, Morrisville, Newport, St. Johnsbury and Troy, and Loan Production Offices in Burlington and Lebanon, NH. For more information about CNB, please visit communitynationalbank.com.