ESSEX, VT. >> Officials say the Champlain Housing Trust has reached an agreement to purchase 11 residential buildings from the University of Vermont for $3.9 million.
The Burlington Free Press reports the Burlington nonprofit announced Thursday that the buildings, located at Fort Ethan Allen in Essex, were purchased as part of a plan to bolster affordable housing options in the region.
CHT spokesman Chris Donnelly says 19 of the buildings' 31 apartments will be converted into affordable housing available for ownership. The remaining 12 units will continue to be rentals.
Donnelly says existing tenants on the property will have an opportunity to renew their leases in June. Many of the current tenants are graduate and medical school students at UVM.
Information from: The Burlington Free Press, http://www.burlingtonfreepress.com