The Complex Deal That Saved the Property And Created Homes

November, 1988

The Northgate deal was complex and took the concerted efforts of the residents and government leaders at every level – city, state, and federal.  A 1988 press conference celebrating the preservation of Northgate detailed the nuts and bolts of the financing and sale, and revealed the extent of the governmental and nonprofit relationships that made the buyout possible.  Many organizations worked together to create the deal for the first non-profit buyout of a HUD 221(D)(3) project. Nine major investors pitched in to leverage state and federal funding, including: HUD, Vermont Housing Finance Agency, Vermont Housing and Conservation Board, the City of Burlington, Burlington Electric Department, Fannie Mae and Bank of America.

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