On Monday, the Vermont Housing Finance Agency (VHFA) Board of Commissioners awarded $708,000 in Vermont State Affordable Housing Tax Credits for homeownership development projects. Once sold to investors, the credits will yield nearly $3.4 million in equity for home construction costs and energy-efficient manufactured homes. The projects will create new, high-quality homes, which are needed more than ever as low- and moderate-income homebuyers continue to face an extremely challenging housing market.
Development
U.S. Treasury allows expanded use of stimulus funding for affordable housing
The U.S. Treasury Department recently announced new guidelines that will significantly increase Vermont’s ability to use pandemic recovery funding to directly support the development of affordable housing and reduce costs for Vermonters.
VHFA releases VHIF Annual Report
VHFA has released its first annual report for the Vermont Housing Investment Fund (VHIF). VHFA established the fund in 2020 in recognition of a growing need for more flexible financing opportunities for affordable housing development. VHIF investments are intended to fill gaps in project budgets, allowing worthwhile housing projects to move forward despite complex and changing development conditions.
Research shows new affordable housing can raise neighborhood property values
A report by the Urban Institute published in April of this year shows new research on how affordable housing units impact property values on nearby residences. Although a common argument used to oppose affordable housing is the fear that it could lower property values, data from this report shows that this is not true. In fact, affordable housing developments can actually raise property values for nearby homes.
VHFA seeks public comment on Tax Credit Qualified Allocation Plan
Vermont Housing Finance Agency (VHFA) is seeking feedback and comments on the Qualified Allocation Plan (QAP) that guides the agency in making housing tax credit allocation decisions. The Agency has opened the initial comment period and will close the period at 4:30pm on Monday August 15th, 2022. The current 2022-2023 QAP is available on VHFA’s website.
VHFA awards federal and state tax credits for 338 affordable apartments
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced last week the award of state and federal housing tax credits and loans to support the development, rehabilitation or preservation of 338 permanently affordable apartments in eleven communities across the state.
“Our state is currently facing many challenges in development but also many new opportunities to fund affordable housing,” remarked VHFA Executive Director Maura Collins. “The Vermont development community and housing funders have joined together to make these projects possible and get more Vermonters into safe, decent and affordable homes.”
Renovations celebrated at Whitney Hill in Williston
VHFA joined housing partners in Williston last week to celebrate the completion of major renovations at Whitney Hill Homestead. The project, developed by Cathedral Square, preserves 44 apartments for older Vermonters. The event was also attended by former VHFA Executive Director Sarah Carpenter, who was CEO of Cathedral Square when Whitney Hill was first developed using VHFA-awarded tax credits in 1992. The renovation project received state and federal tax credits and loan awarded by VHFA.
VHFA receives $4 million Capital Magnet Fund award to support 300 affordable homes
Vermont Housing Finance Agency (VHFA) joined Representative Peter Welch in South Burlington yesterday to announce a $4 million award from the federal government that will support the development of over 300 affordable apartments across Vermont over a three-year period.
Ribbon-cutting celebrated for River Bend in Stowe
VHFA joined housing partners in Stowe this week to celebrate the completion of Phase 1 of the River Bend Apartments project. The first phase of the project, developed by Lamoille Housing Partnership and Evernorth, includes nine newly constructed affordable apartments on Maple Street in Stowe. The project received federal tax credits and a loan awarded by VHFA, as well as a loan from VHFA’s Housing Investment Fund (VHIF).
“Projects like this one are easy when you have so many amazing partners working towards the same goal,” remarked VHFA Executive Director Maura Collins.
Public feedback sought for Missing Middle Homeownership Program
**Update 6/24/2022: Review draft program guidelines.
On June 30th, from 1:00-2:30 pm, Vermont Housing Finance Agency (VHFA) will host a web forum to review proposed guidelines and key components of the Missing Middle Homeownership Development Program. This session will offer an opportunity for comments and feedback on how the Missing Middle Program will be implemented.