The Vermont Housing & Conservation Board issued a Request for Proposals (RFP) this week regarding the design and launch of a statewide initiative to address racial justice and equity in housing. The initiative will be guided by a steering committee comprised of representatives from NeighborWorks Alliance of Vermont, NeighborWorks America, VHFA, and other to-be-identified stakeholders. The goal of the initiative is to examine how racial inequities impact Black, Indigenous, and People of Color living in Vermont and identify actions, on both policy and programmatic levels, which expand access to affordable housing for all Vermonters.
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New draft guidelines for upcoming Vermont Homeowner Assistance Fund released
VHFA released a draft program description and income limits this week for the Homeowner Assistance Fund that will start in the next few months. The Homeowner Assistance Fund was created by the federal American Rescue Plan Act to help homeowners avoid foreclosure and displacement by mitigating financial hardships related to the COVID-19 pandemic. The Fund will provide Vermont up to $50 million over a multi-year period to provide assistance for mortgage and other expenses facing Vermont homeowners.
VHFA awards federal and state tax credits for 107 affordable apartments
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced on Monday the award of state housing tax credits and loans to support the development, rehabilitation or preservation of 107 permanently affordable apartments in three communities across the state.
“Preserving existing housing and developing new permanently affordable homes is essential to meeting the housing needs of Vermonters and helping our communities fully recover from the pandemic,” remarked VHFA Executive Director Maura Collins.
VHFA previously awarded federal allocated or Ceiling tax credits in May. The latest funding round includes additional federal Bond credits, Vermont Affordable Housing Tax Credits and loans issued by VHFA.
VHCB to award $169 million in state and federal funds
The Vermont Housing & Conservation Board (VHCB) will award $168.8 million in supplemental state funds and federal American Rescue Plan Act State Fiscal Recovery Fund (ARPA-SFR) funding for investments in housing, conservation, working lands businesses and rural economic development. The first general application due date is July 23, 2021.
Applications for Vermont COVID Emergency Mortgage Assistance due by 4PM on June 30, 2021
Due to limited funding, applications for the current round of Vermont COVID Emergency Mortgage Assistance must be submitted by 4:00 PM on Wednesday, June 30, 2021. Until then, eligibility requirements and application instructions will remain available on VHFA’s website at www.vhfa.org/map. All grant awards are subject to funding availability.
Learn more about Weatherization at Scale on 6/21
In 2020 Vermont’s Energy Action Network formed a Weatherization at Scale action team, with the goal of weatherizing every home owned or rented by low-to-moderate income Vermonters by 2030. The coalition, which includes Vermont Housing Finance Agency (VHFA), successfully urged Vermont lawmakers and the Governor to invest more than $20 million towards weatherization in the FY 2022 state budget. This includes a $9 million pilot tariffed to-the-meter financing home weatherization program to be administered by VHFA.
Federal tax credits awarded to build affordable apartments in five Vermont towns
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced last week that its annual allocation of federal housing tax credits will support the construction of 105 permanently affordable apartments in five communities across the state. The sale of the credits is expected to yield over $26 million in funding, which will cover over 60 percent of total development costs. The program is the largest single funding source for affordable housing development in Vermont.
“The federal housing tax credit program is an absolutely vital resource that has proven to be an exceptional tool for addressing Vermont’s shortage of affordable rental housing,” said Senator Patrick Leahy. "It’s critical we expand it to help Vermont recover from the pandemic.”
DHCD seeks public comment on recovery housing plan
The State of Vermont's Department of Housing and Community Development (DHCD) is seeking input from stakeholders on the Vermont Draft Recovery Housing Program Action Plan (RHP). The plan outlines priorities for the use of approximately $1.5 million in federal funds being provided to the State to address the needs of transitional housing for people recovering from addiction.
Register for FHLB's AHP funding webinar
The Federal Home Loan Bank of Boston (FHLBB)'s 2021 Affordable Housing Program (AHP) will begin to accept applications on June 7. The program will award grants and low-interest loans through member institutions to organizations promoting homeownership and rental housing opportunities for low income households. The Affordable Housing Program has led to the production or renovation of nearly 35,000 affordable homes since 1990.
Facing worsening housing shortage, Upper Valley initiative provides solutions
By 2030, the Upper Valley region will need to triple the pace of home building and conversions to meet projected demand from existing and future residents, according to the collaborative Keys to the Valley initiative. About one-third of the region’s households are cost burdened by paying more than 30% of their income for their housing. With the region’s aging population and declining average household size, these trends suggest a path forward that preserves existing homes, encourages new homes, improves housing affordability and fosters diverse, smaller housing types.