-A A +A

Legislature learns how to turn temporary down payment assistance program into self-funding tool for future home buyers

Posted by: Leslie Black-Plumeau on February 18, 2016 - 12:07pm

Vermont's House Committee on Ways and Means learned this morning about opportunities to transform a temporary statewide down payment assistance program enacted last year into a self-funding program that can help first-time home buyers for years to come.  VHFA's Executive Director, Sarah Carpenter, met with the committee this morning to explain how a legacy program could be created with the addition of four years of state housing credit funding. 

Since it's initial enactment six months ago, 72 of VHFA's first-time home buyers have used the program to help cover the often insurmountable cost of a down payment. The average buyer using the program is 31 years old with an annual income of $63,600. 

The temporary program is funded with $125,000 in Vermont State Housing Credits annually for fiscal years 2016 through 2018. By extending this through fiscal year 2022, the program would become self-sustaining. Home buyers who receive down payment assistance through the program repay their loans if they move or refinance, which creates funds to provide to subsequent home buyers. 

 

 

 

 

Share

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.