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Economy

New minimum wage still too low for housing

While last Friday's boost in the federal minimum wage to $7.25 an hour will help working Americans on the lower end of the pay scale, it still doesn't allow those people to afford decent housing.

According to the National Low-Income Housing Coalition's annual "Out of Reach" report, a household must earn $17.84 an hour to afford the national average two-bedroom "fair market rent" (FMR) of $928 a month.

According to the Coalition, "In no county in the U.S. can a full-time minimum wage worker afford even a one-bedroom apartment at the FMR."

Growing demand for housing vouchers

A few Vermont media reported over the weekend on the growing demand for Section 8 housing vouchers.

The most extensive story appeared in the Rutland Herald.

"Local housing authorities are finding themselves caught in a balancing act as they try to accommodate the demand for the program — as the economy has faltered, more and more applications are being received," writes Stephanie Peters.

"The portion of the rent costs the housing authority pays for its voucher holders has also increased as voucher holders join the unemployment rolls"

$10.3 million coming for affordable housing in Vermont

union square
brookside villageThe U.S. Department of Treasury announced Friday that Vermont will be one recipient of a total of $468 million to benefit affordable housing nationwide.

Grants to benefit affordable housing in Springfield, Johnson, Bellows Falls

Yesterday the Douglas administration announced nearly $6 million in grants to benefit affordable housing in Vermont.

The funds come from the Neighborhood Stabilization Program.

NeighborWorks of Western Vermont to receive $2 million

Our friends at NeighborWorks of Western Vermont will receive $2 million in federal economic stimulus funds to help first-time homebuyers.

The funding comes from the Community Development Financial Institutions Program, part of the recent American Recovery and Reinvestment Act.

The $2 million is part of $6 million being split among three Vermont non-profit organizations: NeighborWorks of Western Vermont, Vermont Community Loan Fund and Opportunities Credit Union.

The federal government is allocating $90 million to 59 organizations in 26 states.

Vermont to receive $5.4 million from HUD

The U.S. Department of Housing and Urban Development (HUD) today awarded more than $5.4 million to benefit affordable housing in Vermont.

The funding comes via HUD's new Tax Credit Assistance Program (TCAP), part of the American Recovery and Reinvestment Act of 2009. TCAP is a grant program that provides capital investments to stalled Low-Income Housing Tax Credit (LIHTC) projects.

The money should help VHFA resume funding of affordable rental housing while stimulating employment in the construction trades.

Vermont Rural Ventures award in Brattleboro Reformer

Vermont Rural Ventures’ $30 million award of federal stimulus money was covered in this morning’s Brattleboro Reformer.

You can read the article online.

Vermont Rural Ventures award in Free Press

Vermont Rural Ventures' $30 million award of federal stimulus money was covered in this morning's Burlington Free Press.

You can read the article online.

Vermont Rural Ventures to receive $30 million

Vermont Rural Ventures (VRV) will receive $30 million to develop affordable housing and help stimulate economic growth in Vermont.

The funds, in the form of New Market Tax Credits (NMTC), result from the recently-passed American Recovery and Reinvestment Act (ARRA).

VRV estimates it'll fund six to 12 housing and economic development projects in Vermont as a result of the tax credits.

TV program helps Vermonters manage their money

The Vermont State Treasurer's Office has produce "Managing Your Money in a Challenging Economy," a television program intended to help Vermonters manage their budgets during the difficult economy.

The 30-minute program will show on cable access stations across the state next week. DVD copies will also be available at local libraries.

Four key segments in the program cover:

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