National Life Group has doubled their investments in charitable giving this year to 2 million dollars. Part of the National Life Group Foundation’s giving will support Main Street Grants, a new project designed to support revitalizing downtowns. As we all know, affordable housing is often a key component of strengthening our state’s downtowns. Municipalities, community partners, and housing organizations should go to National Life’s website soon to learn more about this exciting opportunity because applications are due at the end of December.
Finance
VAHC: House and Senate Tax Bills Will Decimate Affordable Housing In Vermont
The Vermont Affordable Housing Coalition (VAHC), a state leader in housing policy, research and advocacy, issued the following statement last week on the tax bill recently passed by the U.S. House of Representatives and under consideration in the Senate:
At a time when Vermont already has a shortage of 10,866 affordable homes for extremely low income renters and the 5th highest affordability gap for renters in the country, the pending tax proposals would eliminate tax credits and financing tools that have helped create thousands of affordable apartments in our state and made homeownership more affordable for thousands of Vermonters.
Vermonters weigh federal tax reform proposals
When the Senate and House released their initial tax reform proposals last week in Washington, Vermont's Congressional delegation went to work to protect valuable resources that are part of the tax code, such as private activity bonds and housing tax credits. Tax programs are responsible for most affordable housing developed in Vermont in the past 30 years.
Allard Square construction is underway
Cathedral Square Corporation, affordable housing partners and South Burlington officials came together this week to celebrate the start of construction of Allard Square.
The 39-unit apartment building is expected to be open to residents this time next year, with rents for the majority of units being well below market rate.
2017 Green Real Estate Symposium
Join us this Wednesday, October 25, 2017 for the Green Real Estate Symposium hosted by our friends at Vermont Realtors.
The event will include information on three main topics. First, appraisers will be educated on how to accurately evaluate a house for its energy efficiency. They'll also learn how to point out areas that could be performing better.
Next, market research on green energy will show us why we are measuring sustainable energy in the first place.
Finally, the symposium will cover guided techniques and phrases for articulating the true value of a green home to prospective residents.
Applegate affordable apartments revamped for sustainability
Plans were made over two years ago to make renovations to Applegate Apartments, located in Bennington, VT. It's one of Vermont's largest affordable housing developments and threatened by rising fuel costs before improvements were made. The complex paid $175,000 a year on fuel costs, which required rent to rise, and owners were worried that tenants would not be able to keep up.
Last week, the Applegate community celebrated the addition of a new "central biomass plant" which replaced the need for 23 oil burners - one for each building. The project also included a insulated underground pipeline that delivers hot water to all of the buildings.
What to know about Vermont's Property Transfer Tax
One closing cost that is required by the State of Vermont is the Vermont Property Transfer Tax. It is applied any time the deed of a Vermont property is transferred to a new owner, yet is hardly mentioned on any of the websites that breakdown Vermont closing costs. Here are a couple things you should know about the Vermont Property Transfer Tax.
The homebuyer pays the tax
When a home purchase closes, the home buyer is required to pay, among other closing costs, the Vermont Property Transfer Tax. The buyer is taxed is at a rate of 0.5% of the first $100,000 of the home’s value and 1.45% of the remaining portion of the value.
VHFA’s down payment assistance program funded by Union Bank
This morning Union Bank funded nearly $600,000 of Vermont Housing Finance Agency’s (VHFA) highly successful “ASSIST” down payment assistance program. By purchasing Vermont Affordable Housing Credits for the past three years, Union Bank has helped nearly 500 Vermont households buy their first homes.
Interested buyers who qualify for a VHFA mortgage can receive up to $5,000 in the form of a no-interest second mortgage to help with down payment and closing costs. The down payment assistance requires no monthly payments, with repayment to VHFA due only when the home is sold or refinanced. VHFA uses repayments to continue funding the program for future homebuyers.
Public meetings July 27 and July 31 will share information about state's new affordable housing bond program
Staff from the Vermont Housing and Conservation Board will outline specifics of the Housing for All initiative, the program funded with the state's recently-enacted bond for housing development. VHFA will issue the revenue bond and the Vermont Housing and Conservation Board will administer the funds statewide to expand Vermont’s stock of permanently affordable housing.
Staff from regional planning commissions, economic development corporations and affordable housing development organizations are encouraged to attend either of these two public meetings:
Legislature passes largest affordable housing bond in state history
With the passing of the State budget and enactment of a bond that could produce $35 million, Vermont is making its largest single commitment ever of state dollars for affordable housing. VHFA will issue the revenue bond and the Vermont Housing and Conservation Board (VHCB) will administer the funds statewide to expand Vermont’s stock of permanently affordable housing.
The Governor will sign the budget bill containing the bond on Wednesday, June 28th at 11:00 a.m. in the Ceremonial Office at the Vermont State House in Montpelier.