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Two new VHFA bond deals will finance hundreds of VT home purchases and preserve affordable rental housing

Posted by: maura on 12/21/2012

VHFA has taken two big steps towards making housing more affordable in the Green Mountain State.

We closed two bond deals this week: one will fund mortgages for lower income homebuyers and the other restructures and provides the loans for 25 different multifamily rental projects, lowering their interest rates and extending how long the developments must remain affordable.

The single family bond sale that closed December 18th provides $50 million in low-interest mortgages to finance between 250 and 350 home purchases. The Agency’s interest rate for a government-backed 30-year mortgage is currently 3 percent; and conventional loans are 3.25 percent with one-quarter point.

“We’re proud of the role VHFA can play to help make the dream of homeownership come true for more Vermonters,” VHFA Executive Director Sarah Carpenter said. “We know how important homeownership is, not only to a family, but to a community.”

Read the complete press release.