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Press Releases

GEORGE DEMAS HIRED AS GENERAL COUNSEL

BURLINGTON—Executive Director Sarah Carpenter announced that George Demas of Colchester has joined Vermont Housing Finance Agency (VHFA) as General Counsel. He directs and administers all legal matters for the Agency, including: real estate closings; federal and state housing program activities; work associated with the issuance of bonds and other funding sources; litigation, including foreclosures; and legal aspects of VHFA’s corporate matters. “George brings many years of commercial finance and lending experience, as well as general counsel support.

VHFA ANNOUNCES NEW OWNER OF ROCKINGHAM CANAL HOUSE IN BELLOWS FALLS

BURLINGTON—Vermont Housing Finance Agency announced today the selection of Paul Stewart, President of Stewart Property Management, Bedford, N.H., as the new owner of Rockingham Canal House in Bellows Falls. “Paul Stewart has almost 40 years of experience in affordable housing, and he’s been managing the Canal Street building since last fall, so we’re confident he has the background and skills necessary to make this property a showpiece,” said VHFA Executive Director Sarah Carpenter. Stewart, who served with the U.S.

STUDY SHOWS RECESSION MAKES VERMONT’S HOUSING PROBLEMS HARDER TO SOLVE

MONTPELIER—The recession hasn’t made finding affordable housing for average Vermonters any easier, according to a new report released today. The report, “Between a Rock and a Hard Place: Housing and Wages in Vermont,” is the latest in an annual series that tracks housing costs in relation to Vermonters’ incomes. For the last several years, Vermont’s tight housing markets have helped keep prices up while wages, particularly in Vermont’s biggest job categories, have not kept pace.

HOMEOWNERSHIP INCOME AND PURCHASE PRICE LIMITS REVISED

BURLINGTON — More Vermonters are able to take part in Vermont Housing Finance Agency's low-interest mortgage programs now VHFA has approved new income and purchase price limits. The Agency’s Board of Commissioners approved the changes on April 6. They took effect today. “We’re always working to give more Vermonters the opportunity to realize the dream of owning a home,” said Executive Director Sarah Carpenter.

MACARTHUR FOUNDATION AWARDS $2.6 MILLION TO VERMONT HOUSING INITIATIVES FOR ENERGY EFFICIENCY AND RENTAL PRESERVATION

MONTPELIER—Thousands of Vermonters who live in affordable rental housing will be able to keep that housing, thanks to a $2.6 million investment by the John D. and Catherine T. MacArthur Foundation. Vermont’s longstanding commitment to the preservation of rental housing was recognized by the investment of grants and loans by the foundation, which will be used in conjunction with other private and public investment to preserve thousands of apartments over the next decade.

MICHELLE PACKARD HIRED AS FINANCIAL ANALYST

BURLINGTON—Executive Director Sarah Carpenter announced that Michelle Packard of Burlington has joined Vermont Housing Finance Agency (VHFA) as Financial Analyst. Packard has been working in the Agency’s Homeownership Department on a temporary basis for two months. Before that she spent nearly two decades as Treasurer for Summit Financial Center, a Burlington mortgage company. “We’re pleased to welcome Michelle as a full-time employee,” says Carpenter.

NEW FEDERAL HOUSING BILL HAS MANY BENEFITS FOR VERMONTERS

BURLINGTON—New federal housing legislation signed into law by President Bush this morning is a major step forward for Vermonters and the nation, according to VHFA Executive Director Sarah Carpenter, but the work isn’t finished yet. “The provisions to help homeowners in trouble and to stabilize Fannie Mae and Freddie Mac got a lot of attention recently,” Carpenter said, “but the benefits of this legislation reach much farther. A new housing trust fund is created by this bill, and the federal government has given housing finance agencies more resources to support affordable housing.

VHFA HONORS TOP MORTGAGE LOAN ORIGINATORS, LENDING INSTITUTIONS FOR FY2008

BURLINGTON—Vermont Housing Finance Agency is pleased to announce its top mortgage loan originators for fiscal year 2008: Julie Heffernan, National Bank of Middlebury, Addison County, Middlebury; Debbie Corey, Chittenden Bank, Bennington County, Bennington; Susan Laferriere, Union Bank, Caledonia/Essex counties, St. Johnsbury; Sarah Britton Cote, New England Federal Credit Union, Chittenden/Grand Isle counties, Williston; Carol McKinney, New England Federal Credit Union, Franklin County, St.

CRAIG BAILEY ATTENDS “AN EVENT APART” WEB DESIGNERS CONFERENCE

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Communications Coordinator Craig Bailey attended “An Event Apart” (AEA), a two-day conference for Web designers, held June 23-24 at the Marriott Copley Place in Boston, Mass. Speakers at the event included AEA co-founders Jeffrey Zeldman and Eric Meyer, and a dozen other Web professionals.

PELLETIER JOINS VHFA BOARD OF COMMISSIONERS

BURLINGTON, VT  Gov. Jim Douglas has appointed Thomas N. Pelletier of Montpelier to the VHFA Board of Commissioners. “Tom’s been a highly-respected member of Vermont’s lending community for a decade,” says Executive Director Sarah Carpenter. “We’re all looking forward to the energy and fresh perspective he’ll bring to our Board.” Pelletier has been President and Chief Executive Officer of Northfield Savings Bank in Northfield since 1998. He serves as a Director of the Vermont Chamber of Commerce, Public Television of Vermont, Norwich University Applied Research Institutes, Ltd.

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