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VHFA News

Posted by: admin on March 18, 2002 - 7:38am

BURLINGTON, VT  Four employees of Vermont Housing Finance Agency (VHFA) in Burlington attended two days of presentations and training in March. Financial Analyst Lisa Clark, Information Systems Manager Rick Jean, Multifamily Operations Specialist Nina McDonnell, and Applications Specialist/Analyst Sherri Mullin attended the Mitas Seminar 2002, presented by The Mitas Group Inc. of McKinney, Texas. The group received product overviews from the company and presentations on future product innovations including Web applications, remote access changes, and new mapping software initiatives. Representatives from 16 organizations from across the country attended the annual event at the Hyatt Regency in Dallas, Texas, on March 4 and 5. VHFA's finance department, and single- and multifamily departments use Mitas products for accounting, database applications, and underwriting and reservations of single-family mortgages. VHFA was established by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the agency has helped more than 23,000 households with affordable mortgages and 4,900 families into affordable rental units. 

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Posted by: admin on February 25, 2002 - 3:31am

BURLINGTON, VT  VHFA Executive Director Sarah Carpenter attended the Standard & Poor's Housing Finance 2002 conference. The twoday event, titled "Revitalizing Communities with Creative Finance," was held at the Hyatt Regency Hill Country in San Antonio, Texas, Feb. 10-12. Carpenter participated in a panel discussion titled "Charting Capital Adequacy in Times of Change." The track dealt with the benefits of capital adequacy analysis, how housing finance agencies can build relevant capital adequacy models, and what investors want to know. The panel was moderated by Standard & Poor's Managing Director Sarah Eubanks, and included representatives from Virginia Housing Development Authority, Evergreen Investments, and Minnesota Housing Finance Agency. Public Affairs Manager John Fairbanks will join Carpenter at the National Council of State Housing Agencies' 21st annual Legislative Conference in Washington, D.C., March 11-13. VHFA was established by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the agency has helped more than 23,000 households with affordable mortgages and 4,900 families into affordable rental units.

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Posted by: admin on February 22, 2002 - 8:36am

BURLINGTON, VT ― One hundred new affordable housing units will be created in four Vermont cities and towns with the help of more than $1 million in federal Housing Tax Credits awarded by Vermont Housing Finance Agency on Thursday. "These tax credits are one way VHFA is helping get much-needed affordable housing built in Vermont," according to Executive Director Sarah Carpenter. "Tax credits have been a very useful tool in our efforts to reduce our state's severe housing crunch. These units will help, but there's still plenty of work to be done." VHFA is responsible for allocating Housing Tax Credits. Projects receiving federal tax credits this round are: Burlington Family Rehab, Burlington; Old North End Renaissance, Burlington; Park Village II, Brandon; Randolph Family Housing, Randolph; and Sunrise Settlement, Quechee. Housing Tax Credits have helped produce nearly all of Vermont's recently-developed affordable rental housing. Developers have used Housing Tax Credits to create or preserve more than 4,900 apartments. Many of these were constructed or rennovated to serve households earning less than $28,080, which is 60 percent of Vermont's median income. Congress created the Low Income Housing Tax Credit program to encourage the creation and preservation of affordable rental housing for low-income households. Tax credits reduce federal tax liability for owners of qualifying rental housing if they agree to conform to certain operating restrictions. Since the Low Income Housing Tax Credit program was created by Congress in 1986, Housing Tax Credits in Vermont have contributed more than $12.2 million to acquisition, development, and construction activity. Vermont receives $2 million annually in federal Housing Tax Credits, which are awarded in two rounds. Information about the next round will be posted at the VHFA website: www.vhfa.org. VHFA was established by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the agency has provided financing to approximately 23,000 households and almost 4,900 affordable apartments.  

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Posted by: admin on January 18, 2002 - 8:32am

BURLINGTON — On Jan. 17, Vermont Housing Finance Agency (VHFA) completed a bond sale worth approximately $22.6 million. The sale is the largest project-related multifamily offering in the agency's 27-year history. The issue consisted of $10,290,000 in short-term general obligation notes and $12,335,000 in multifamily mortgage bonds. The money will fund the creation or rehabilitation of 321 affordable rental units in four Vermont counties. VHFA will use the revenue from the bonds and notes to provide six affordable housing projects in Vermont with construction loans and permanent loans. The projects are: Ben-South Housing, Bennington; Smith Housing, Middlebury; Falcon Manor, Williston; Victoria Place Apartments, Burlington; O'Dell Housing, South Burlington; and Moose River Housing, St. Johnsbury. "We're pleased to be able to facilitate so much new construction of affordable housing in the midst of Vermont's housing shortage," said VHFA Executive Director Sarah Carpenter. "And we're grateful to our primary investor, Fannie Mae, and the financial support of Vermont Housing and Conservation Board and Rural Development, which made this housing possible." VHFA was established by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the agency has issued approximately $1.68 billion in bonds, which provided financing to more than 23,000 households and more than 5,200 affordable apartments.

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Posted by: admin on October 26, 2001 - 11:46am

BURLINGTON, VT ― Nearly 200 new affordable housing units will be created in five Vermont communities over the next two years with the help of more than $1 million in federal and state Housing Tax Credits awarded by Vermont Housing Finance Agency. “This is part of VHFA’s long-standing commitment to developing greatly-needed affordable housing in Vermont,” said Executive Director Sarah Carpenter. “Vermont is in the midst of a serious housing shortage, and these projects will be a great benefit to the people in their communities.” The projects are: Arbor Gardens, Colchester; Howard Block, Bellows Falls; Marketplace, South Burlington; Victoria's Apartments, Burlington; and Moose River Housing, St. Johnsbury. Housing Tax Credits have helped produce nearly all of Vermont's recently-developed affordable rental housing. Developers have used Housing Tax Credits to create or preserve more than 3,700 apartments targeted at households earning less than 60 percent of the median income. Since the Low Income Housing Tax Credit program was created by Congress in 1986, Housing Tax Credits allocated in Vermont have resulted in approximately $234 million in acquisition, development, and construction activity, benefiting the local and regional economies of 54 communities statewide. Congress created the Low Income Housing Tax Credit program to encourage the creation and preservation of affordable rental housing for low-income households. Tax credits reduce federal tax liability for owners of qualifying rental housing if they agree to conform to certain operating restrictions. Vermont receives $2 million annually in federal Housing Tax Credits, which are awarded in two rounds. The application deadline for the next round will be Jan. 4, 2002. VHFA expects to announce credit recipients from that round by the end of February 2002. More information is available at the VHFA website: www.vhfa.org. VHFA was established by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the agency has provided financing to approximately 23,000 households and almost 4,900 affordable apartments. 

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