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New fact sheets show impact and need for housing tax credits in VT

Posted by: Leslie Black-Plumeau on September 28, 2016 - 2:55pm

In Vermont, the federal Low-Income Housing Tax Credits allocated by VHFA have financed 6,513 apartments, providing affordable homes to 15,175 low-income Vermont households and supporting 7,360 jobs. However, 15,061 households in Vermont still pay more than half of their income towards rent, and the average minimum wage worker has to work 89 hours per week in order to afford a modest-two bedroom apartment, underscoring the need to expand the Housing Credit.

These data come from the ACTION Campaign who analyzed information from the National Council of State Housing Agencies’ 2014 Factbook, with economic impact multipliers from the National Association of Home Builders and data on cost-burdened renters from the 2014 American Community Survey. For the first time, the state fact sheets also use data from the National Low Income Housing Coalition’s 2014 Out of Reach report, showing how many hours a minimum wage worker in each state has to work in order to afford a modest two-bedroom apartment.

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