On June 7th 2022, Governor Scott signed legislation that provides $15 million in funding for the Missing Middle-Income Homeownership Development Pilot Program. The program will be initially funded from a portion of the state’s American Rescue Plan Act funding. The program will provide subsidies and incentives for home builders to construct or rehabilitate modest homes affordable to Vermont homebuyers at 120% of Area Median Income or lower. VHFA launched the program in December 2022.
Legislation
New program launches to increase homeownership opportunities for Vermonters
MIDDLEBURY, VT - With many Vermonters feeling stuck because of the increasing costs of homes and the dire lack of availability, officials announced a new program to build more moderately priced homes across the state. The Missing Middle-Income Homeownership Development Program will provide subsidies and incentives for home builders to construct or rehabilitate modest homes affordable to Vermont homebuyers at 120% of the area median household income or lower.
VHFA Sponsoring 2022 VBSR Legislative Breakfast December 9
As a member of Vermont Businesses for Social Responsibility (VBSR), we are excited to be a sponsor of this year's Legislative Breakfast being held this Friday, December 9, at the historic Main Street Landing Performing Arts Center in Burlington.
New First Generation Homebuyer Program Available
BURLINGTON, VT. Vermont Housing Finance Agency (VHFA) announces the launch of the First Generation Homebuyer Program, with a goal of helping more Vermonters afford their first home. This program provides a grant to eligible homebuyers whose parents or legal guardians were likely unable to pass on the generational wealth homeownership can provide.
"Owning a home stabilizes our families and our communities, and this is an important step toward making homeownership available to all Vermonters,” said State Senator Kesha Ram Hinsdale who introduced the initiative.
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.
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.
Protecting housing affordability through the Clean Heat Standard
The mission of the Vermont Housing Finance Agency (VHFA) is to finance and promote affordable, safe, and decent housing opportunities for low- and moderate-income Vermonters.
Embedded in that mission is the need to consider the holistic cost of renting and owning, meaning not just the upfront cost of housing, but also the cost of living in it long term.
Heating inefficient homes is a significant expense. This particularly hurts the most vulnerable Vermonters since very low-income households spend 23% of their total income on heating costs, on average. Add to that unexpected shifts in fossil fuel costs like we are now seeing as a result of the Ukrainian crisis, and even more pressure is put on limited Vermont budgets.
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.
Federal program would provide $8 million in annual tax credits to build and improve affordable owner homes in Vermont
The Biden administration’s American Jobs Plan includes a program that would bring $8 million in housing tax credits each year for affordable homeownership in Vermont. Unlike one-time stimulus programs also in the works, the Neighborhood Homes Investment Act (NHIA) would be an ongoing new federal tax credit generating new equity investment dollars for the development and renovation of starter homes in distressed and rural neighborhoods.
Housing meeting with Congressman Welch on 4/7
Vermont Congressman Peter Welch will host a virtual meeting on Wednesday, April 7 at 11:00 AM to discuss federal pandemic relief funding and new programs to address Vermont's housing needs. Housing stakeholders are encouraged to attend.