Some photos from last week's VHFA holiday party and "Yankee swap."
Michelle Kennedy keynote airs Dec. 24
Michelle Kennedy's keynote address from last month's Vermont Statewide Housing Conference will air again on CCTV Channel 17 in Chittenden County: Dec. 24 at 11:45 a.m.
You can also watch the keynote online anytime.
Michelle lives in Chelsea, Vt., and is the author of a number of books about parenting, including "Without a Net: Middle Class and Homeless (with Kids) in America," which details her time as a homeless mother of three.
Who receives federal housing assistance?
The single largest type of federal housing assistance is the home mortgage interest deduction.
In 2007, U.S. homeowners received $85 billion through this deduction1. Unfortunately, the benefits of the mortgage interest deduction are enjoyed primarily by the wealthiest Americans. Over 80% of the value of this deduction goes to homeowners in the top income quintile, according to a recent Pew Charitable Trust study on economic mobility.
In addition to the home mortgage interest deduction, the federal government spends over $40 billion each year for other housing-related tax expenditures due to capital gains, property taxes, and investor benefits (preferential treatment of bonds and the low-income housing tax credits).
Grants help prevent foreclosure
The Rutland Herald reports today that the Rockingham Area Community Land Trust and NeighborWorks of Western Vermont received grants to expand their foreclosure prevention counseling programs.
The money comes from the Federal Housing and Economic Recovery Act of 2008.
The article quotes Bruce Whitney, Director of the NeighborWorks HomeOwnership Center of Southeastern Vermont; and Tom Candon, Deputy Commissioner of the state's Banking Division and a VHFA Commissioner.