Champlain Housing Trust outlines shared‑equity model, supportive housing conversions and resident services
January 11, 2025 | General & Housing, HOUSE OF REPRESENTATIVES, Committees, Legislative , Vermont
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Michael Monti, identified in testimony as CEO of Champlain Housing Trust, told the House Committee on General & Housing on Jan. 10 that CHT’s work focuses on permanently affordable housing across Chittenden, Franklin and Grand Isle counties and includes shared‑equity homeownership, tax‑credit rental housing, shelter conversions and service‑enriched units.
Monti said CHT’s portfolio includes shared‑equity homes, rental developments, conversions of hotels and other buildings, and loan programs that provide patient capital. He described an example in Shelburne where CHT plans 26 shared‑equity homeownership units priced at roughly $160,000–$180,000 each under the shared‑equity model, and a downtown Burlington project that will include a new Veterans of Foreign Wars space plus 38 apartments with a veteran preference.
Monti explained the shared‑equity resale model: a subsidized purchase price keeps the home affordable for the buyer, and when the owner later sells the property they receive a share of appreciation while CHT retains a portion of the subsidy to preserve long‑term affordability. In an illustrative example Monti used in testimony, a home sold initially for $150,000 that later resells for $600,000 would yield a modest share of the $450,000 appreciation to the homeowner while the trust retains subsidy to re‑subsidize the next sale.
CHT programs and services: Monti outlined five loan programs (including home repair, manufactured‑housing down‑payment assistance and a farmworker housing program), resident services staff that work to prevent displacement, and partnerships with Habitat for Humanity and other nonprofits. He said the organization has purchased and repurposed hotels and other properties to create shelter and recovery housing, operates the city‑built pods shelter in Burlington, and provides property for nonprofit operators of some shelters.
On homelessness and health, Monti said housing and services are complementary. "You can't get better unless you have a home. Almost impossible," he said, arguing that permanent housing plus robust treatment and supports are both needed. He described long waiting lists for transitional placements and said turnover from short‑term shelter into stable housing has been limited by a shortage of available permanent units.
Monti told the committee CHT has developed a portfolio of shared‑equity homes that it sells annually and expects to increase the number of sales as new projects are completed. He said the trust is active in financing strategies including state grants, Vermont Housing & Conservation Board funding and federal new markets tax credits.
The committee did not take formal action during Monti’s testimony.
Monti said CHT’s portfolio includes shared‑equity homes, rental developments, conversions of hotels and other buildings, and loan programs that provide patient capital. He described an example in Shelburne where CHT plans 26 shared‑equity homeownership units priced at roughly $160,000–$180,000 each under the shared‑equity model, and a downtown Burlington project that will include a new Veterans of Foreign Wars space plus 38 apartments with a veteran preference.
Monti explained the shared‑equity resale model: a subsidized purchase price keeps the home affordable for the buyer, and when the owner later sells the property they receive a share of appreciation while CHT retains a portion of the subsidy to preserve long‑term affordability. In an illustrative example Monti used in testimony, a home sold initially for $150,000 that later resells for $600,000 would yield a modest share of the $450,000 appreciation to the homeowner while the trust retains subsidy to re‑subsidize the next sale.
CHT programs and services: Monti outlined five loan programs (including home repair, manufactured‑housing down‑payment assistance and a farmworker housing program), resident services staff that work to prevent displacement, and partnerships with Habitat for Humanity and other nonprofits. He said the organization has purchased and repurposed hotels and other properties to create shelter and recovery housing, operates the city‑built pods shelter in Burlington, and provides property for nonprofit operators of some shelters.
On homelessness and health, Monti said housing and services are complementary. "You can't get better unless you have a home. Almost impossible," he said, arguing that permanent housing plus robust treatment and supports are both needed. He described long waiting lists for transitional placements and said turnover from short‑term shelter into stable housing has been limited by a shortage of available permanent units.
Monti told the committee CHT has developed a portfolio of shared‑equity homes that it sells annually and expects to increase the number of sales as new projects are completed. He said the trust is active in financing strategies including state grants, Vermont Housing & Conservation Board funding and federal new markets tax credits.
The committee did not take formal action during Monti’s testimony.
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