The Northern Forest Center’s Method
To help address the housing crisis in Northern Forest communities, we broadened our suite of programs in 2017 to include property development. We focus on downtown properties that have the ability to catalyze community redevelopment and revitalization.
With our innovative model, we use a blend of philanthropy, private capital, tax credits and local insight to unlock projects traditional developers can’t. The Railroad Street redevelopment project received strong public sector support, including a $150,000 “transformational grant” from the town of St. Johnsbury from its American Rescue Plan Act funds; a $500,000 low-interest loan from the Vermont State Treasurer’s Office Local Investment Program; and support from the Northern Border Regional Commission.
The Center also used capital from its Northern Forest Fund – which integrates private investment dollars, philanthropic donations, and grants from public sources – to fund the purchase and cover initial redevelopment expenses. The Northeastern Vermont Development Association-led Brownfields Assessment Coalition made an important contribution by funding more than $64,000 of early environmental assessment work.
Other funders include Canaday Family Charitable Trust, Efficiency Vermont, The Freeman Foundation, Hoehl Family Foundation, Northern Border Regional Commission, Vermont Agency of Commerce & Community Development, Vermont Community Foundation, Vermont Department of Environmental Conservation, Vermont State Employees Credit Union, and individuals who have contributed to the Center’s Northern Forest Fund or to the project specifically.