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Economy

Homebuyer tax credit extension proposed

senator isaksonThere's activity in the U.S. Senate to extend the deadline and amount of this year's tax credit for first-time homebuyers.

Clock ticking: Homebuyer tax credit ends soon

The deadline to take advantage of one element of the American Recovery and Reinvestment Act (ARRA) is fast approaching.

First-time homebuyers might be eligible for a tax credit equal to 10 percent of the home’s purchase price, up to a maximum of $8,000.

But you have to make your purchase on or after Jan. 1, 2009, and before Dec. 1, 2009.

Ask your VHFA participating lender for details.

NHC makes suggestions for repairing mortgage market

conrad eganThe National Housing Conference (NHC), an affordable housing advocacy organization in Washington, D.C., has released 10 suggestions to help repair the mortgage market and reduce the rising number of foreclosures.

Vermont's banking industry in Livin' magazine

livin the vermont way coverThe September/October issue of Livin' the Vermont Way magazine features a story titled "Hunkering Down: Vermont's banks weather the economic storm."

Swanton project in Free Press

In this morning's edition the Burlington Free Press made mention of the $1.4 million in federal funds coming to Vermont for Blake Commons in Swanton.

Read the story online.

Swanton housing project beneficiary of latest recovery funds

The $1.4 million in American Recovery & Reinvestment Act funds awarded to Vermont today (Read our previous post about the award) will be used to finance Blake Commons, a 16-unit multifamily housing project in Swanton.

Blake Commons is being developed in partnership with Housing Vermont and Champlain Housing Trust. It'll provide homes to households at 50-60% of the area median income.

Vermont to receive $1.4 million for affordable housing

The U.S. Department of the Treasury announced today another $1.4 million in federal funds are coming to Vermont for affordable housing.

This latest allocation of American Recovery and Reinvestment Act funds includes a total of $309 million distributed to seven states:

Home values underlying VHFA mortgages rising

Considering the unprecedented economic downturn focused on the housing market, VHFA wanted to better understand the values of the homes underlying its single-family mortgages. It’s clear Vermont has among the lowest delinquency and foreclosure rates, but how VHFA-financed properties were faring was important to understand.

Vermont mortgage laws profiled in WSJ

Today's Wall Street Journal article "Vermont Mortgage Laws Shut The Door on Bust — and Boom" examines Vermont's low rate of foreclosure and attributes it, in part, to banking regulations and land use practices.

New home sales up

The U.S. Department of Commerce reported sales of new homes were up 11 percent in June — the largest jump in more than eight years and well above the rise of 2.3 percent expected by analysts.

Resales of existing homes were up 3.6 percent in June, the third straight monthly increase.

“The evidence is clear that home buyers are taking advantage of Recovery Act tax incentives, declines in home prices and relatively low mortgage rates,” U.S. Under Secretary for Economic Affairs Rebecca Blank said.

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