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Finance

Applications for federal and state housing credits due February 10

Applications for the 2017 round of federal capped (9%) Low-Income Housing Tax Credits and Vermont State Housing Credits are due to VHFA by Friday, February 10, 2017Housing credits are the largest source of funding in Vermont for building and renovating affordable rental housing. 

New fact sheets show impact and need for housing tax credits in VT

In Vermont, the federal Low-Income Housing Tax Credits allocated by VHFA have financed 6,513 apartments, providing affordable homes to 15,175 low-income Vermont households and supporting 7,360 jobs.

Rural housing finance: One size does not fit all

Unique features of rural housing require flexible national policies and financing programs, explains Executive Director Sarah Carpenter in her recent article for Rural Voices, a journal of the Housing Assistance Council.

VHFA AND UNION BANK TURN TAX CREDITS INTO DOWN PAYMENT HELP FOR VERMONTERS

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. 

 

Happy Homeownership Month!

June is a terrific time to reflect on the importance of homeownership in this country, especially in Vermont where residents are more likely than in most states to own their homes. VHFA is working with local lenders across the state to extend the opportunity to own a home to even more Vermonters through low interest loans from a trusted non-profit source.

Link between race and mortgage denial disparities continues in New England

Black and Latino mortgage applicants from New England continued to experience much higher denial rates than whites and Asians in 2013 and 2014, according to the Federal Reserve Bank of Boston’s recent study.  The disparity occurred at every income level.

Metamorphosis begins for once-decaying mobile home park near Vergennes

After sitting vacant for six years, the Gevries mobile home park in Addison County has started redevelopment.  VHFA provided housing tax credits that will cover an estimated 60 percent of the project’s costs and ensure that the new 14-home community will be affordable for low-income renters of all ages. By installing VERMOD high-performance duplex homes, developers Cathedral Square Corporation and Addison County Community Trust anticipate that the neighborhood will achieve net-zero annual energy costs, another critical component of its long-term affordability. 

Canal Street Veterans Housing celebrates 5 years of success

Five years after opening its doors to homeless veterans, Canal Street Veterans Housing is celebrating its success in moving residents to permanent housing and employment. Eighty-seven percent of all residents moved into permanent housing after leaving Canal Street and all of those who were able to work were employed.

Legislature learns how to turn temporary down payment assistance program into self-funding tool for future home buyers

Vermont's House Committee on Ways and Means learned this morning about opportunities to transform a temporary statewide down payment assistance program enacted last year into a self-funding program that can help first-time home buyers for years to come.  VHFA's Executive Director, Sarah Carpenter, met with the committee this morning to explain how a legacy program could be created with the addition of four years of state housing credit funding. 

New study confirms young Vermonters move most, both in and out of state

About 4 percent of Vermont's households move out of the state each year, replaced by about the same number of people moving into Vermont, according to a new study of IRS data from the Public Assets Institute. This new data confirms that younger households are the most likely to move, but that those moving out are replaced by about the same number of young households moving into the state.

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