 |
Homeownership activity
Fiscal year 2007
- In FY2007, VHFA purchased more than $134
million in home mortgage
loans. This activity supported the purchase of 937
homes in Vermont. This is a 34
percent increase in volume over the previous fiscal year.
- VHFA
budgeted $346,500 this fiscal
year to fund operations of the five
NeighborWorks® HomeOwnership
Centers of Vermont and provided
mortgage support to the Opportunities
Credit Union.
- In FY2007, VHFA
received $101,514 in IORTA
funds and will continue to provide assistance to HomeOwnership
Center buyers with downpayments
and closing costs.
VHFA borrower incomes as a percentage of the
area median income (AMI)
|
Household income
|
Percentage of borrowers
|
More than 100%
|
13%
|
81% to 100%
|
30%
|
51% to 80%
|
49%
|
At or below 50%
|
8%
|
| |
VHFA's average borrower profile
|
Income
|
$48,421
|
Mortgage amount
|
$144,428
|
Home price
|
$158,660
|
| |
VHFA FY2007 homeownership program activity
|
Program
|
|
Purchases
|
|
Loan volume
|
MOVE (Mortgages for Vermonters)
|
|
887
|
|
$127,848,351
|
VHFA/Rural Development Participation Loan
|
|
2
|
|
$55,000
|
HOUSE (Homeownership Opportunities Using Shared Equity)
|
|
41
|
|
$4,718,454
|
Limited Refinance
|
|
1
|
|
$113,953
|
Fixed 35 |
|
6 |
|
$1,283,550 |
|
|
The VHFA Homeownership Predevelopment
and Loan Program is a revolving
fund providing low-cost working capital to eligible developers
for: architectural and engineering services, financial packaging,
development consultants, legal services, appraisals and more.
In
FY2007, VHFA closed 10 pre-development
and construction loans totaling $12.8
million supporting development of 170
units,
listed in the table below.
|
Homeownership pre-development and construction
loan activity |
Project name
|
|
Town
|
|
Units
|
|
Pre-dev. loans |
|
Construction loans |
Blackberry Commons
|
|
Milton
|
|
31
|
|
|
|
|
Butterfield Common Condos
|
|
West Dover
|
|
6
|
|
|
|
|
East Randolph Meadows
|
|
East Randolph
|
|
24
|
|
|
|
|
Green Woods Village
|
|
Shoreham
|
|
7
|
|
|
|
|
Hazelnut Hill |
|
Burlington |
|
30 |
|
|
|
|
Mad River Meadows Condos |
|
Waitsfield |
|
8 |
|
|
|
|
Middlebury South Village Cottages |
|
Middlebury |
|
27 |
|
|
|
|
Proctorsville Green Housing |
|
Proctorsville |
|
4 |
|
|
|
|
Salisbury Square |
|
Randolph |
|
25 |
|
|
|
|
Sylvan Woods |
|
Stowe |
|
8 |
|
|
|
|
|
|
