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Vermont receives kudos from HUD for NSP performance

Posted by: VHFA on 10/25/2010

The State of Vermont received congratulations from the U.S. Department of Housing & Urban Development (HUD) last week for meeting the state's obligation and targeting requirements for the Neighborhood Stabilization Program (NSP).

Vermont received $19.6 million in federal NSP money to fund activities related to the purchase, rehabilitation, or redevelopment of abandoned or foreclosed upon homes.

The letter, from HUD's Robert Shumeyko, confirms Vermont allocated $20 million of its allocation before the Sept. 30 deadline; and exceeded the minimum percentage of the allocation, 25 percent, required to benefit those at 50 percent or less of area median income.

The NSP funding drives the Housing Rehabilitation & Acquisition Program (HARP), overseen by VHFA, in collaboration with all the HomeOwnership Centers; Vermont Housing & Conservation Board (VHCB); Housing Vermont; City of Burlington; City of Barre; and Paul and Ryan Stewart, Canal House in Rockingham.

As of June 30, 2010, VHFA reviewed more than 100 homes for consideration into the program, 30 of which were acquired. Four homes have been completely renovated and re-sold during the year. VHFA has awarded more than $2 million in rehab contracts to more than 85 contractors providing employment opportunities to more than 150 trades-people, and economic benefits to the lumber yards, and other Vermont suppliers that supported these contractors.

Additionally, this program has served to redevelop blighted properties that have been a distress to many Vermont communities.

You can see the HARP homes VHFA has for sale online.