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VHFA releases 2018 Annual Report

By: Mia Watson on 1/11/2019

2018 was another great year for Vermont Housing Finance Agency, continuing its commitment to financing and promoting affordable housing opportunities for low- and moderate-income Vermonters.

As in previous years, VHFA was the single largest source of funding for affordable rental housing development in the state, including $35 million in tax credit equity and $2.6 million in loans. Those investments went towards 16 different multifamily housing developments, which created or rehabilitated 441 apartments across Vermont. VHFA staff continued to monitor 8,500 existing apartments across the state for program compliance, property maintenance, and safety and affordability for residents.

VHFA was also instrumental in generating $37 million in new funding for affordable housing through its role in the issuance of Vermont Property Transfer Tax Revenue Bonds in 2018. These sale of the bonds raising nearly $2 million more than expected before the sale. Proceeds from these bonds are already being put to work across all over the state by our local partners through the Vermont Housing and Conservation Board’s Housing for All initiative. 

 

In fiscal year 2018, VHFA financed $70 million in home mortgages to help 433 households move into their own homes. VHFA homebuyers are primarily young families purchasing their first home. VHFA helps these homebuyers purchase homes with less financial strain through programs like the ASSIST down payment assistance program and other closing cost savings.

The dedication and enthusiasm and commitment of VHFA's staff was also celebrated in a number of different areas. For the third year in a row, VHFA was ranked in the top five Best Places to Work among small sized organizations across the state by Vermont Business Magazine. VHFA staff continued to fundraise for United Way of Northwest Vermont, and was honored with its Affinity Award, which recognizes organizations with the highest percentage of participation in their industry sector. VHFA was also recognized by the New England Resident Service Coordinators (NERSC) for its efforts to support excellence in training and education for residence service coordinators.

Read the full 2018 Annual Report to learn more about VHFA's work this past year.

 

 

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