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VHFA News

Posted by: Leslie Black-Plumeau on July 26, 2016 - 10:53am

Ever wonder why it's not easier to build affordable apartments?  A new interactive tool developed by the Urban Institute illustrates the mathematical necessity of tax credits, loans, tenant income/rent and grants in paying for the costs of affordable housing.  Check it out to see if you can make the math work!

With a constantly evolving funding toolbox, VHFA's skilled development and multifamily management staff work with Vermont's affordable rental housing developers and managers day in and day out to overcome these challenges and maximize the number of affordable apartments available for low-income Vermonters.

Posted by: Leslie Black-Plumeau on July 20, 2016 - 3:05pm

For Burlington area Pokémon Go trainers, VHFA is doing its part to lure Pokémon to the corner of St. Paul and King Streets near our office. This little guy was spotted just this morning!

Check back throughout the work week while our office is open from 8:00 to 4:30 for your chance to catch more.

 

 

 

 

 

 

 

 

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Posted by: Will White on July 19, 2016 - 12:03pm

Need an affordable apartment or know someone who does? There are vacancies in 7 different apartment complexes across the state, according to the Vermont Directory of Affordable Rental Housing. Find out more about particular units by visiting the vacancy profiles on line

Posted by: Leslie Black-Plumeau on July 19, 2016 - 11:27am


From L to R: Ted Brady (USDA), Jenny Nelson (Senator Sanders
office), Werner Heidemann (RuralEdge), Senator Leahy, Jen Hollar
(VHCB) and Sarah Carpenter (VHFA).  Photo by Elwin Prescott.

Thanks to VHFA housing credits and other funding sources, the historic Darling Inn, a perpetually affordable apartment building in Lyndonville, reopened its doors this weekend with much celebration.  Executive Director, Sarah Carpenter, joined Senator Patrick Leahy and other partners at Saturday’s ribbon cutting.

The building is home to 27 low-income senior households who will now enjoy energy efficiency and physical accessibility improvements. The Darling Inn is managed by RuralEdge, a rural housing nonprofit organization based in Vermont’s Northeast Kingdom.

 

Posted by: lori on July 18, 2016 - 8:54am

By purchasing $125,000 in Vermont Housing Tax Credits last Friday, Union Bank supplied the equity needed to help approximately 125 households buy their first homes in Vermont this coming year. These households will receive up to $5,000 to help cover their down payment and closing costs through a statewide program when they qualify for a Vermont Housing Finance Agency mortgage. 

 

Since its enactment by the Vermont Legislature in 2015, the popular program has helped 108 Vermont households with incomes averaging $65,000 become home owners. Vermonters using the program tend to be young, with an average age of 29.

 

“This type of public-private partnership is win-win for Vermont,” remarked VHFA’s Executive Director, Sarah Carpenter.  “We are proud to work with Union Bank to help hundreds of the state’s young renters who are ready to become homeowners but stymied by the substantial amount needed at the closing table for down payment, fees and other costs.” 

 

When the program began, VHFA approached active participating lenders who had purchased housing tax credits in the past. Union Bank generously offered to purchase the credit allocations for the program’s first three years at a rate maximizing the number of home buyers helped.

 

“We are delighted to play a part in addressing the growing demand among Vermonters for down payment assistance,” commented Karyn Hale, Union Bank’s Senior Vice President, Treasurer and Chief Financial Officer.  

 

The Vermont Down Payment Assistance program is funded through a temporary expansion of the Vermont Housing Tax Credit program, passed by the state legislature in 2015.  Buyers who receive the 0% loan through the program repay their loans when they move or refinance, which generates funds to provide to subsequent home buyers. 

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