At the end of 2020, Elisabeth Kulas retired as Executive Director of the Housing Trust of Rutland County (HTRC). In her 27 years in this role, Elisabeth was guided by the firm belief that nothing has greater capacity to promote the stability, health, and well-being of a community than providing affordable homes.

In its 30 years of operation, the Housing Trust has contributed to neighborhood pride and stability through the rehabilitation and construction of affordable apartments. Today, close to 800 people — individuals, families, young adults, the elderly, the formerly homeless, and people with disabilities – live in housing owned by the HTRC.

Over the years, the Housing Trust has crafted innovative solutions, often for complex community development challenges, whether it be to convert a former schoolhouse, renovate a significant historic building, or partner with non-profits and healthcare organizations to provide housing for the homeless and vulnerable.

With Elisabeth recently completing her HTRC career, the organization’s board and friends have envisioned a fund to support this critical work and honor the service of a remarkable individual. This self-replenishing fund will allow the Housing Trust to move rapidly, when necessary, on thoroughly vetted projects, before all committed funding has been received.

When a real estate opportunity becomes available, HTRC spends about three months studying the feasibility of the project. If it is viable and initial funding is committed, there is still a 12-16 month gap before all before governmental funding and private investment is received. During this period, the organization has to complete detailed environmental and engineering studies, permit applications, legal reviews, and architectural plans. The cost for these studies can total $250,000-$500,000, resources that HTRC must temporarily provide for the project.

The Housing Trust currently lacks access to this critical level of development funding. Historically, the Trust has pieced together inefficient strategies of phased testing and studies, borrowing, and delaying payments. With the Elisabeth Kulas Legacy Fund in place, staff will have the ability to borrow from this fund to cover all pre- development expenses, and will repay the fund when the project “closes” and government and investment funding is released. Thus, the fund is “self-renewing” and will support HTRC’s housing development activities moving forward.

Questions? Contact Penny Inglee, 802-775-3139 ext. 218 or email pinglee@housingrutland.org