A webinar on applying for the “10% in Vermont” local investment program will be held at noon on April 17, with applications for the program due June 1, 2023. The program was announced earlier this week by State Treasurer Mike Pieciak who was joined by VHFA’s executive director Maura Collins, state and local leaders and community members.
Development
FHLBank Boston hosts Community Forum on April 19, 2023
FHLBank Boston is hosting the Community Impact and Partnership Forum for Vermont lenders and community leaders.
Learn how members, sponsors, and community developers can successfully partner with FHLBank Boston to support the creation of affordable housing and promote homeownership and economic development in their communities. Network and build partnerships. The second half of the forum will include training focused on the 2023 Affordable Housing Program. Lenders – bring your development partners. Housing developers – bring your lenders!
Why Vermont needs 30,000-40,000 more homes
Earlier this year VHFA projected a need for 30,000-40,000 more homes by 2030. These projections are based on data from the U.S. Census Bureau and from the Vermont Point-In-Time Count of people experiencing homelessness.They are also based on common assumptions about the drivers of Vermont’s housing needs, such as the ideal vacancy rate among the state’s housing stock.
Innovative state program funds new homes for middle- and lower-income Vermont buyers
On Monday, the Vermont Housing Finance Agency (VHFA) Board of Commissioners awarded $14.2 million to 12 projects totaling 92 homes across eight counties as part of the Missing Middle-Income Homeownership Development Pilot Program (Missing Middle-Income Program). The program represents the largest single investment in the state’s history to create new homeownership opportunities. Signed into law by Governor Scott in June of 2022, the program was established by the Vermont Legislature with an initial investment of American Rescue Plan Act (ARPA) funding.
Alyssa Peteani joins VHFA as Community Development Underwriter
Executive Director Maura Collins announced that Alyssa Peteani (she/her) of Burlington has joined VHFA in the role of Community Development Underwriter.
Peteani has over eight years of experience working for Champlain Housing Trust (CHT). As a Senior Loan Officer at CHT, her work involved underwriting and closing loans for the Manufactured Housing Down Payment Program. She has also worked in the role of Shared Equity Coordinator at CHT.
“Alyssa’s extensive experience partnering with lenders, funders, attorneys and other organizations involved in supporting housing will be a great asset to our Development team,” remarked Collins.
Peteani has served as a board member for Vermont Mortgage Bankers Board of Governors since 2020.
Missing Middle Program Application Deadline Extended to January 27
On June 7th 2022, Governor Scott signed legislation that provides $15 million in funding for the Missing Middle-Income Homeownership Development Pilot Program. The program will be initially funded from a portion of the state’s American Rescue Plan Act funding. The program will provide subsidies and incentives for home builders to construct or rehabilitate modest homes affordable to Vermont homebuyers at 120% of Area Median Income or lower. VHFA launched the program in December 2022.
New program launches to increase homeownership opportunities for Vermonters
MIDDLEBURY, VT - With many Vermonters feeling stuck because of the increasing costs of homes and the dire lack of availability, officials announced a new program to build more moderately priced homes across the state. The Missing Middle-Income Homeownership Development Program will provide subsidies and incentives for home builders to construct or rehabilitate modest homes affordable to Vermont homebuyers at 120% of the area median household income or lower.
Butternut Grove Condominiums Celebrated in Winooski
VHFA joined housing partners and residents on September 8 to celebrate the completion of Butternut Grove Condominiums in the heart of Winooski. Developed by Champlain Housing Trust (CHT), the newly constructed building offers 20 shared equity homes starting at $143,500 for a 2 bedroom, 1.5 bath unit and up to $184,500 for a 3 bedroom 2.5 bath unit. All 20 condominiums have been purchased or are currently under contract and are affordable to buyers earning 100% of area median income, approximately $96,000 for a family of three in Chittenden County.
Megan Roush selected as VHFA Director of Development
Executive Director Maura Collins has announced that Vermont Housing Finance Agency (VHFA) has selected Megan Roush (she/her) of Northfield in the new role of Director of Development.
Roush has been at VHFA since 2019 working as a Community Development Underwriter. In this role, she has served as the chair of the Manufactured Housing Subcommittee of the Vermont Affordable Housing Coalition. Prior to coming to VHFA, Roush worked as a Housing Loan Specialist at USDA Rural Development. Roush has a bachelor's degree from Saint Michael's College and is currently completing her M.S. in Community Development and Applied Economics at the University of Vermont. She also serves as a volunteer emergency medical technician with Colchester Rescue.
Rising interest rates and prices decrease home affordability
Increasing mortgage interest rates and home prices have rapidly made it much more difficult for Vermonters to purchase their first homes. About half as many renters can afford to purchase their first home in 2022 compared to 2021, based on VHFA’s recent analysis of sales price and interest rate trends.
National mortgage interest rates rose substantially from 2021 to 2022. The 30-year mortgage interest rate increased from 2.74% in January 2021 to 5.52% in June 2022. Meanwhile, Vermont’s home prices were also rising. The median primary home sold for $259,900 in January through June 2021, increasing to $295,000 in 2022.