SOUTH BURLINGTON, Vt. — Vermont Federal Credit Union is helping finance a project that has converted eight vacation homes into year-round housing while protecting about 150 acres of environmentally significant land in Morristown, according to Vermont Business Magazine.
The Muddy Moose project, led by Stowe Land Trust in partnership with Downstreet Housing & Community Development, converted eight existing homes on Cote Hill from short-term rentals to year-round residences. Six of the properties will remain permanently affordable through Downstreet’s Shared Equity Housing program.
Vermont Federal, which has more than $1 billion in assets, joined the Vermont Housing & Conservation Board in providing support to Downstreet to help maintain the long-term affordability of the shared-equity properties, Vermont Business Magazine reported.
“One of our priorities at Vermont Federal is helping our neighbors find a safe, affordable place to live,” Zack Chilcote, vice president of business services at Vermont Federal, said in a statement.
Housing and Conservation Combined
In addition to creating homeownership opportunities, the project protects about 150 acres surrounding the former Muddy Moose Lodge property.
The conserved property includes:
- An extensive forest.
- A gorge and nearly three-quarters of a mile of river frontage.
- Established hiking and cross-country skiing trails available for community use.
The project comes as Vermont faces an unusual housing dynamic in which a large portion of the state’s housing stock is vacant for at least part of the year.
Vermont Business Magazine recently reported that about 1 in 5 homes in the state is vacant, the second-highest rate in the country. About 75.8% of Vermont’s vacant homes are classified as seasonal or recreational properties, meaning roughly 1 in 7 homes statewide sits empty during the offseason.
Nationally, about 14.5 million homes, or roughly 1 in 10, are vacant, according to the study cited by the publication.
A Unique Approach
The Muddy Moose project represents one approach to addressing that imbalance by shifting existing vacation properties into the year-round housing supply while preserving surrounding land.
“It’s an honor to be part of a project that invests in our community and sustainability, ensuring that future generations are set up to thrive in our beautiful state,” Chilcote said.
Vermont Federal has more than 63,000 members and operates nine locations across the state.
