Newport, VT—Recently Community National Bank (CNB) employees joined employees of RuralEdge to tour the former Sacred Heart convent facility and to receive an update on the exciting project to turn the building into 26 units of affordable housing. As of February 12, 2024, the construction management firm has been engaged with bidding expected to begin in late March followed by construction in June.
In a second phase of the project, RuralEdge will also be renovating the former Sacred Heart High School into 24 condominium units which will bring housing opportunities to individuals and families in the middle-income category often referred to as the “missing middle”. This term is used to describe a group of people who do not typically qualify for most affordable housing programs.
Community National Bank’s Executive Vice President and CFO Louise Bonvechio served on the RuralEdge board for many years and now serves as chairperson of their Finance committee. Two other CNB employees, Senior Vice President and Human Resources Officer Kimico Perry and Vice President and Controller Nikole Brainard, currently serve on the board of RuralEdge. In addition to the volunteerism, CNB is a long-term supporter of RuralEdge, providing ongoing financial support to RuralEdge for operating costs of its Homeownership Center as well as serving as a private equity investor for RuralEdge projects including the Newport Crossing development at the former Sacred Heart convent.
“RuralEdge values our relationship with Community National Bank; they are true partners in every sense of the word and share our commitment to creating strong communities. They are creative problem solvers who are generous with their time, encouragement and resources and understand the importance of stable, affordable housing for everyone,” shared Patrick Shattuck, RuralEdge’s Executive Director.
RuralEdge is a NeighborWorks organization with the mission to strengthen Northeast Kingdom communities one home at a time. RuralEdge envisions Northeast Kingdom communities where every individual can live in stable, affordable housing with access to the services they need to live a healthy and prosperous life. They operate a Homeownership Center which offers educational programs for new homebuyers including financial counseling, home repair and more. For more information about RuralEdge visit ruraledge.org.
Community National Bank is an independent bank that has been serving its communities since 1851. CNB has offices located in Derby, Barre, Barton, Derby Line, Enosburg Falls, Island Pond, Lyndonville, Montpelier, Morrisville, Newport, St. Johnsbury and Troy and Loan Production Offices in Burlington and Lebanon, NH. For more information about CNB please visit communitynationalbank.com.
(L to R:) CNB Executive VP and CFO Louise Bonvechio, CNB VP and Controller Nikole Brainard, RuralEdge Executive Director Patrick Shattuck, RuralEdge Director of Real Estate Development Rebecca Masure and RuralEdge Director of Finance and Compliance Diana Cazaudumec.
