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VHFA News

Posted by: Will White on November 3, 2017 - 3:15pm
dave adams poses in hardhat at groundbreaking

Cathedral Square Corporation, affordable housing partners and South Burlington officials came together this week to celebrate the start of construction of Allard Square.

The 39-unit apartment building is expected to be open to residents this time next year, with rents for the majority of units being well below market rate.

The gathering on Market Street in South Burlington’s City Center neighborhood featured a number of speakers, including VHFA’s very own Dave Adams, who has had a lasting presence at VHFA for almost 20 years.

Funding

At a $10.6 million total development cost, this was a perfect opportunity for VHFA to loan part of the million dollar grant provided by New England Federal Credit Union earlier this year.  By combining this loan with over $6.7 million in federal tax credit equity and $1.7 million as a permanent loan, VHFA is proud to be responsible for over 80% of the development funding for Allard Square.

Other funders include Vermont Housing & Conservation Board (VHCB), Vermont Community Development Program, Weinberg Foundation, South Burlington Housing Trust Fund, and TD Charitable Foundation.

Amenities

A kitchen, common areas, exercise and laundry facilities, and all other basic amenities will be available. Additionally, Allard Square will also have some unique features for its residents, including garden beds and access to the Support and Services at Home (SASH). Like most of Cathedral Square’s projects, Allard Square will be limited to senior citizens.

The building will increase affordable housing options for low income renters in the region while limiting its impact on the environment. Two units will be fully ADA accessible and the building will meet Efficiency Vermont’s High Performance Multifamily Building standard. Allard Square is being developed by Synder Braverman Development Company, who expects to have this project finished in fall 2018.

 

VHFA is a non-profit agency created in 1974 by the Vermont Legislature to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped approximately 29,000 Vermont households with affordable mortgages and financed the development of approximately 8,800 affordable rental apartments.
Posted by: Leslie Black-Plumeau on October 30, 2017 - 5:11pm

VHFA announced today that David Adams, Chief of Program Operations, will be retiring from the agency on November 17, 2017.  Concurrently, Maura Collins will be promoted to the position of Deputy Director. “Dave has expertly led our programs through the turbulent economic and mortgage industry changes of the past two decades,” VHFA Executive Director Sarah Carpenter explained. “His dedication to VHFA’s mission and unmatched mortgage banking experience have led to many ground-breaking improvements in how our programs operate.”

Adams, a long-time Jericho resident, was inducted into the New England Mortgage Bankers Hall of Fame in 2012, an honor bestowed on professionals who have made outstanding contributions to the New England mortgage banking industry and to the communities they serve. He joined VHFA in 1999.

Collins joined VHFA in 2002 and is currently the agency’s Director of Policy and Administration. In her new role, Collins will oversee the Homeownership, Development, Asset Management and Compliance and Information Technology departments. “I know that Maura’s strong management skills will continue to strengthen these critical departments,” remarked Carpenter. “Maura has become one of the state’s most effective affordable housing players and I am delighted to have her helping me lead the agency,” Carpenter continued. 

Earlier this year, Collins of Essex Junction received the Marshall Dimock Alumni Award from the University of Vermont, where she teaches a Housing Policy course in the Masters of Public Administration program. She also received the Rising Star Award from the Vermont Business Magazine in 2012.

In addition to Collins’ promotion to Deputy Director, VHFA will make several other organizational changes. “With feedback from our partners, we have decided that VHFA can be stronger by deepening our resources and providing more direct capacity in the program areas,” explained Carpenter.  

For these reasons, the agency is currently hiring three new staff to bolster its capacity in the areas of development of real estate financed through VHFA tax credits and loans, business partner outreach and marketing for homeownership mortgage programs and general housing research and communication.

VHFA is a non-profit agency created in 1974 by the Vermont Legislature to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped approximately 29,000 Vermont households with affordable mortgages and financed the development of approximately 8,800 affordable rental apartments.

 

Posted by: Will White on October 26, 2017 - 12:37pm
Lisa Clark headshot

Executive Director Sarah Carpenter announced Lisa Clark has been promoted to Assistant Director of Finance at VHFA. She began her career at the Agency in 1997. “Lisa has been a long-term, dedicated member of VHFA’s Finance Department for 20 years and we are excited about expanding her responsibilities for the Agency’s bond and investment functions,” said Tom Connors, VHFA’s Chief Financial Officer.

Lisa’s expanded role includes oversight of VHFA’s bond and investment accounting, compliance monitoring and the information technology needs of the Finance Department.  In her expanded role, she supervises staff responsible for bond financing, investments, financial analysis and compliance monitoring.

Lisa resides in Essex with her husband and two children.

 

 

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Posted by: Will White on October 23, 2017 - 11:57am
2017 Green Real Estate Symposium poster

Join us this Wednesday, October 25, 2017 for the Green Real Estate Symposium hosted by our friends at Vermont Realtors.

The event will include information on three main topics. First, appraisers will be educated on how to accurately evaluate a house for its energy efficiency. They'll also learn how to point out areas that could be performing better. 

Next, market research on green energy will show us why we are measuring sustainable energy in the first place. 

Finally, the symposium will cover guided techniques and phrases for articulating the true value of a green home to prospective residents.

Speakers will include field experts in environmental consulting, appraisals, financing, realty, marketing and construction.

When: Wednesday, October 25th from 8:30am - 5pm

Where: Lake MoreyResort, 1 Clubhouse Rd, Fairlee, VT, 05045

Cost: $125 (lunch included)

To register, click here.

For more information, visit the event page on Vermont Realtor's website.

Posted by: Will White on October 16, 2017 - 10:53am
Applgate apartment ribbon cutting

Plans were made over two years ago to make renovations to Applegate Apartments, located in Bennington, VT. It's one of Vermont's largest affordable housing developments and threatened by rising fuel costs before improvements were made. The complex paid $175,000 a year on fuel costs, which required rent to rise, and owners were worried that tenants would not be able to keep up.

Last week, the Applegate community celebrated the addition of a new "central biomass plant" which replaced the need for 23 oil burners - one for each building. The project also included a insulated underground pipeline that delivers hot water to all of the buildings.

The renovations are expected to save $80,000 a year, although the benefits of Applegate's renovations are more than just financial. The push to make these apartments for energy efficient is also expected to save 422 tons of CO2 annually, adding a healthy dose of sustainability to affordability.

“Applegate Apartments are critical to meeting housing needs in the Bennington area among lower income families, working Vermonters and seniors,” remarked VHFA Executive Director Sarah Carpenter. “We are delighted to provide the housing credits and loans needed to renovate and preserve them.”

Through federal and state housing tax credits and direct loans, VHFA provided half of the $10.1 million cost of the Applegate costs. Housing Vermont and Shires Housing developed the project, with Vermont Housing & Conservation Board (VCHB) and the Vermont Community Development Program and others providing the remaining funds needed.

Besides the new biomass plant and water pipeline, this money also went to repairs to sewer lines, replacement of old windows, better insulation, and more accessibility by turning three townhouses into fully-accessible living spaces.

For more information on renting apartments at Applegate Apartments, please visit www.shireshousing.org.

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