A recent report from the Federal Reserve Bank of Boston finds that rural New England communities suffered larger economic losses due to the COVID-19 pandemic relative to nearby urban centers and rural counties across the United States. This will heavily impact Vermont renters amidst the current trends of rising rental prices and decreasing supply of affordable rental units.
Disaster recovery
Investing in housing will help marry growth with vibrancy
Vermont learned last month that its population grew by a slim 2.8% between 2010 and 2020, less than the national average of 7.4%. But by planning to invest millions in American Rescue Plan Act funds in homes and neighborhoods, Vermont policy makers have embraced the opportunity presented by this decade to accelerate community and economic vibrancy. Last week, the Vermont legislature ended its session with a proposed 2022 state budget allocation for housing of $190 million of these federal recovery funds.
Share your ideas about helping Vermont homeowners recover from pandemic hardship
VHFA will be hosting two public meetings on June 1 and June 3 to discuss how to use federal American Rescue Plan Act funding to serve Vermont homeowners. The Homeowners Assistance Fund, created by the act, will provide Vermont up to $50 million over the next 3 years to provide assistance for mortgage payments and other expenses troubling homeowners with pandemic-related hardship.
Meetings will be held via Zoom on Tuesday, June 1, 2021, at noon and Thursday, June 3, 2021, at 5 PM (meeting hyperlinks and call-in phone numbers below). VHFA will use community input from these meetings to help design programs targeted to homeowners with incomes at or below the area median and to socially disadvantaged homeowners.
Vermont’s COVID Emergency Mortgage Assistance Program re-opens next week
The Vermont program that helps homeowners who have fallen behind on their mortgage or property taxes during the COVID-19 pandemic will re-open on Monday, May 3, 2021. The Mortgage Assistance Program will provide grants covering up to 12 months of past due mortgage payments and property taxes for eligible homeowners.
Funded through the federal CARES Act, the program operated first in July through December 2020, providing 636 Vermont households with grants averaging $6,000. With average monthly mortgage payments of $1,200, most of these households owed three months or more of payments and the majority were in a forbearance.
2020 VHFA Annual Report recaps a year like no other
As the COVID-19 pandemic unfolded worldwide, VHFA focused on the shifting needs of Vermonters and stayed the course with long-standing tools and programs. In March, the agency swiftly found ways to support non-profit partners as well as to pivot to fully remote work. By December, it had designed and wrapped up a 6-month Vermont COVID Emergency Mortgage Assistance Program that successfully helped 638 homeowners to remain stably housed after COVID hardships caused them to miss mortgage payments.
Vermont home prices continued increasing through September 2020
The median price of a non-vacation home in Vermont rose to $244,000, according to Vermont property transfer tax records for homes sold through September 30, 2020. While the 7% increase from 2019 may reflect increased demand from the pandemic’s “race for space,” Vermont is no stranger to rising home prices which have increased steadily since 2014.
Vermont COVID Emergency Mortgage Assistance applications accepted through November 6
November 6, 2020 will be the last day for Vermont homeowners behind on their mortgage payments due to COVID to submit applications for mortgage assistance grants. Funded by the federal CARES Act, Vermont Mortgage Assistance grants for up to 6 months of missed payments are available to any homeowner who meets eligibility criteria, even if they have already arranged a forbearance agreement.
United Way invites community to complete health survey
United Way of Northwest Vermont is collaborating with other Vermont United Way organizations and the Larner College of Medicine at the University of Vermont to ask individuals across the state to share priorities and perceptions about the health of our community. The survey will help prioritize community needs in the coming year as Vermont recovers from the COVID-19 pandemic.
Vermonters with pandemic hardship will get grants for overdue mortgage payments
When Kimberly Edgar was unable to work due to COVID-19, the new Mortgage Assistance Program offered her a path for keeping her home in Brattleboro. Funded by the federal CARES Act, the program provides qualified Vermont homeowners with grants for up to six months of overdue mortgage and property tax payments.
Vermont housing market remains steady during pandemic
Despite the impact of the coronavirus pandemic, Vermont home prices continued to climb in the first six months of 2020, based on the latest data from Vermont Property Transfer tax records. The median home sold for $234,940, a roughly 3% increase from 2019. Although the pandemic initially depressed the number of sales, the housing market appears to have returned to near-normal conditions as of the end of June.