Last week, Vermont Housing Finance Agency (VHFA) joined Representative Peter Welch and housing partners in Winooski to celebrate the completion of Parc Terrace. The 46-apartment mixed-income project was developed by Summit Properties in collaboration with Dagesse Company. The $11.6 million project received federal housing Low Income Housing Tax Credits awarded by VHFA, which were sold to raise over $8 million in equity for construction.
Development
NEFCU announces $3 million investment in VHFA housing fund
New England Federal Credit Union (NEFCU) President/CEO John J. Dwyer, Jr. announced at a press conference held today at their headquarters in Williston a $3 million contribution to Vermont Housing Finance Agency (VHFA)’s Housing Investment fund. The money will be awarded by VHFA over the next three years to developers to address Vermont’s critical need for affordable rental housing and homeownership opportunities.
“The housing shortage in Vermont, already a crisis, has been made even worse by recent events,” noted Dwyer. “Major, immediate action is needed. In line with our ongoing mission of community support, we are beginning a comprehensive campaign that will provide multiple solutions to this complex challenge.”
Survey reviews barriers and incentives for affordable housing in Vermont towns
We know that housing development in Vermont has slowed in recent decades and this—combined with population growth, a decrease in household size, and wage stagnation—has led to the cost of buying and renting inching more and more out of reach for over one third of Vermonters. Though the solution will necessitate action from many sources, including federal and state government, municipalities can play a vital role in encouraging development and combating unaffordability.
VHFA awards state tax credits to create affordable homeownership opportunities
On Monday, the Vermont Housing Finance Agency (VHFA) Board of Commissioners awarded $425,000 in state housing tax credits for homeownership development projects. Once sold to investors, the credits will yield nearly $2 million in equity for construction. The projects will create new, high-quality homes affordable to low- and moderate-income Vermont homebuyers, which are virtually unavailable in Vermont’s in private housing market.
Ribbon-cutting celebrated for Manchester Knoll and Woodland Station
VHFA joined housing partners in Bennington earlier this week for a ribbon-cutting for Manchester Knoll and Woodland Station. The project, developed by Shires Housing, rehabilitated and preserved 27 affordable apartments located in Manchester and Bennington. The project received federal and state tax credits and a loan awarded by VHFA.
VHFA awards federal and state tax credits for 107 affordable apartments
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced on Monday the award of state housing tax credits and loans to support the development, rehabilitation or preservation of 107 permanently affordable apartments in three communities across the state.
“Preserving existing housing and developing new permanently affordable homes is essential to meeting the housing needs of Vermonters and helping our communities fully recover from the pandemic,” remarked VHFA Executive Director Maura Collins.
VHFA previously awarded federal allocated or Ceiling tax credits in May. The latest funding round includes additional federal Bond credits, Vermont Affordable Housing Tax Credits and loans issued by VHFA.
VHCB to award $169 million in state and federal funds
The Vermont Housing & Conservation Board (VHCB) will award $168.8 million in supplemental state funds and federal American Rescue Plan Act State Fiscal Recovery Fund (ARPA-SFR) funding for investments in housing, conservation, working lands businesses and rural economic development. The first general application due date is July 23, 2021.
Large New England lot size requirements push up home prices
Construction survey data finds that new homes in the Northeast tend to be built on far larger lot sizes than elsewhere in the country. The median newly built single-family home in the Northeast was built on a little under half an acre, compared to less than a quarter of an acre nationwide. Research suggests that strict zoning laws are responsible for the disparity and have resulted in higher home development costs and sale prices.
Federal tax credits awarded to build affordable apartments in five Vermont towns
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced last week that its annual allocation of federal housing tax credits will support the construction of 105 permanently affordable apartments in five communities across the state. The sale of the credits is expected to yield over $26 million in funding, which will cover over 60 percent of total development costs. The program is the largest single funding source for affordable housing development in Vermont.
“The federal housing tax credit program is an absolutely vital resource that has proven to be an exceptional tool for addressing Vermont’s shortage of affordable rental housing,” said Senator Patrick Leahy. "It’s critical we expand it to help Vermont recover from the pandemic.”
Ribbon-cutting celebrated at Woolson Block in Springfield
VHFA Executive Director Maura Collins joined U.S. Representative Peter Welch and housing partners last week for a virtual ribbon-cutting for Woolson Block in Springfield. The historic revitalization project, developed by Evernorth and Springfield Housing Authority, offers 20 new apartments and commercial space. The project received the majority of its funding from federal tax credits awarded by VHFA.