Affordable housing efforts in northwest Vermont got a boost Wednesday with the announcement of a $20 million gift to Champlain Housing Trust by philanthropist MacKenzie Scott.
The donation is the largest in Champlain Housing Trust's nearly four decades of operation, according to a press release.
“Her generosity gives our community the once-in-a-lifetime opportunity to move the dial on affordable housing right now," CEO Michael Monte said in the press release.
Scott is one of the nation's wealthiest women, holding a 4% stake in Amazon following her divorce from Amazon founder Jeff Bezos in 2019. She has vowed to give away her wealth.
Champlain Housing Trust said it plans to use Scott's money to reduce the cost of affordable housing development by avoiding the need for taking on private debt. The organization also said the gift would help expand its homeownership equity program, move more people out of homelessness, redevelop the O'Brien Community Center in Winooski, and support current resident programs.
"What's important for us is to make sure that it has lasting benefits in the community," Monte said in a conversation on Wednesday's Vermont Edition.
Scott gave $9 million to Vermont Foodbank in 2020.
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