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Agency overview

Vermont Housing Finance Agency (VHFA) was established in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters.

Since its inception, VHFA has helped 29,000 Vermonters and their families purchase primary residences.  It has also provided financing, development and management support, subsidy administration and tax credits to approximately 13,700 units of multifamily rental housing.


VHFA's primary activities include:

In addition, VHFA analyzes housing data, shares the latest research and provides guidance to affiliated housing organizations and policy makers.  Read more about our policy, research and other initiatives. 


VHFA operates with an average staff size of 38 and receives no general appropriation of state funds. Its loan programs are funded primarily through the issuance of tax-exempt bonds.

VHFA operates on the net funds generated from fees and interest income that amounts to the difference between its cost of funds and the interest rate charged on its investment in loans.

Bonds issued by VHFA are secured by the cash flows of the underlying loans made by the Agency, and are not obligations of the State of Vermont.