[B]URLINGTON — A housing nonprofit has completed its purchase of the former St. Joseph School in the city’s Old North End, which the organization says it plans to continue operating as a community center.
Champlain Housing Trust announced Monday that it paid $2.15 million to buy the school from the St. Joseph Co-Cathedral Parish Charitable Trust. The housing organization has managed the property since signing a lease with the parish in November.
Champlain Housing Trust will continue to lease space in the school building to current tenants including the Robin’s Nest Children’s Center, the Association of Africans Living in Vermont, and the Family Room.
The Burlington Department of Parks, Recreation and Waterfront has leased space in St. Joseph’s as well and is moving its programs into the building now, according to a Champlain Housing Trust news release. The city plans to sublease some of its space to other community programs and organizations.
Burlington’s lease at St. Joseph’s is for up to 30 years but is subject to annual appropriations in the city’s budget, according to a spokesperson.
The housing trust has already installed a new elevator and is working on putting in a commercial kitchen, according to the news release. The purchase and initial renovations were paid for with $2.3 million from the Community Loan Fund and a $500,000 charitable investment from the Vermont Community Foundation. A charitable investment is one yielding returns that are below market value.
The multimillion-dollar loan is the largest ever made by the Community Loan Fund, according to the release.
“We are very excited to be underwriting CHT’s efforts to create a community center in Burlington’s Old North End,” said Will Belongia, executive director of the loan fund. “They have been such a strong and steady partner over the years, and the vision that they brought forward of creating a vibrant center made this an easy project to want to be involved with.”
The St. Joseph’s building still needs more work, including a new heating and cooling system, windows, electric and plumbing. The housing trust is also planning technology upgrades and other energy efficiency improvements.
Champlain Housing Trust is hoping to put together an additional $7 million for the further renovations and to build long-term equity. The nonprofit will seek close to a third of that money from the New Markets Tax Credit program, and the rest from gifts and charitable investments, according to spokesperson Chris Donnelly.
“We’re looking forward to the next phases of activity and renovation, to fully breathe new life into what will become a great community resource,” said Brenda Torpy, CEO of the Champlain Housing Trust.
