June 16, 2025; Baltimore, MD — M&T Realty Capital Corporation is proud to announce approximately $5,000,000 Low-Income Housing Tax Credit (LIHTC) equity investment in the Chelsea Williamstown Apartments, a transformative affordable housing redevelopment project in rural Vermont.

The Chelsea Williamstown Apartments project involves the rehabilitation and adaptive reuse of two non-contiguous properties in Orange County, Vermont, totaling 61 rent-restricted units. Many of these units are adapted for senior residents, addressing the needs of Vermont’s aging population. The property will undergo a tenant-in-place rehabilitation, ensuring minimal displacement while upgrading building systems, improving energy efficiency and converting a former daycare center into two new residential units. A green initiative incorporated into the project is expected to deliver 50 percent cost savings in energy usage. The project is expected to be completed by March 2026, with stabilized occupancy anticipated by May 2026.

The investment is structured as a LIHTC equity commitment using 4% credits on a direct investment basis with M&T Bank, alongside a construction loan provided by Northfield Savings Bank. M&T RCC arranged a $5,615,000 Fannie Mae M.TEB forward commitment, and the project also benefits from support by the Vermont Housing Finance Agency (VHFA), HUD’s Green and Resilient Retrofit Program, and the State of Vermont.

The borrower is a current client of M&T Bank, and this transaction begins their relationship with M&T RCC’s expansive lending platform. The Fannie Mae M.TEB forward commitment was led by Sean Cullen, M&T RCC Affordable Housing Platform Manager, and the LIHTC financing was arranged by Bob Nichols, M&T Bank Senior Relationship Manager.

“This investment builds on M&T Bank’s legacy of community-focused financing and reflects our broader strategy to support community growth through public-private collaboration,” said Heidi Stumpff M&T Bank’s Regional President in Vermont. “It provides crucial equity to expand affordable housing options for Vermont seniors during the state’s ongoing housing crisis. This initiative exemplifies M&T’s commitment to helping to create resilient communities, where every individual has access to safe, affordable housing. We are proud to play a role in creating lasting, positive change in the communities we serve.”

Mitchell Yacavoni, Northfield Savings Bank Commercial Banking Officer shared, “Northfield Savings Bank was pleased to have had the opportunity to work with M&T Bank to support the rejuvenation of this meaningful project that provides affordable housing to the Central Vermont Community.”

The closing highlights M&T’s deep commitment to the Vermont and broader New England region, where it maintains a strong track record in affordable housing lending.

About M&T Realty Capital Corporation

M&T Realty Capital Corporation® (www.mtrcc.com) is a wholly-owned subsidiary of M&T Bank (NYSE: MTB) – the principal banking subsidiary of the M&T Bank Corporation, one of the top 15 U.S.-based commercial bank holding companies. M&T Realty Capital Corporation specializes in providing competitive financing nationwide for multifamily properties, commercial income properties, and healthcare facilities. M&T RCC is a fully accredited Fannie Mae DUS® lender, a Freddie Mac Optigo® lender, an approved FHA/HUD MAP and LEAN lender, and offers life insurance company and CMBS financing through correspondent relationships.

About Northfield Savings Bank

Northfield Savings Bank is the largest bank headquartered in Vermont, with 14 locations serving consumer and commercial customers in central Vermont and Chittenden County. Founded in 1867, NSB has remained a mutual institution throughout its history, focused on strong community impact in the Green Mountain State. NSB’s full range of products and services is detailed at nsbvt.com.