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VHFA News

Posted by: admin on February 5, 2003 - 7:59am

BURLINGTON—Vermont Housing Finance Agency has taken two big steps towards helping more Vermonters own their own homes. VHFA today announced the completion of an $81.4 million single-family bond sale and the approval of higher income and purchase-price limits for borrowers. The bond sale provides more than $50 million in low-interest mortgages to finance between 600 and 700 home purchases over the next nine months. About $30 million of the new bond revenue will be used to refund VHFA bonds issued in 1989. The savings from that refund will be used to help keep VHFA’s mortgage loans affordable. The Agency’s interest rate for a 30-year mortgage with no points is 6.5 percent. The higher income and purchase-price limits mean more Vermonters will be eligible for VHFA low-interest loans. “We’re extremely pleased to be able to make the dream of homeownership come true for more Vermonters,” VHFA Executive Director Sarah Carpenter said. “We were able to use a variety of financial tools with this bond sale to keep our interest rates low. And we were able to raise the income and purchase-price limits to give more Vermonters access to our mortgage products.” Carpenter said the new mortgage money and higher limits come at a time when Vermont’s housing shortage is making it harder for many people to find housing they can afford. “Vermont’s housing shortage is pushing prices up,” Carpenter said, “and the federal rules that govern our financing allow us to adjust our limits to take that into account. These new, higher limits better reflect Vermont’s current housing market.” The new income and purchase-price limits vary for different areas of the state. Information is available on VHFA’s website, www.vhfa.org, or through participating local lenders. A list of lenders who offer VHFA products is also located on the website. VHFA was established in 1974 by the Vermont Legislature to finance and promote safe, decent and affordable housing opportunities for low- and moderate-income Vermonters. Since then, the Agency has issued $1.68 billion in single-family and multi-family bonds and notes, providing financing for more than 23,000 homes and 5,200 affordable apartments. 

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Posted by: admin on December 24, 2002 - 5:07am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Renee Couture of Burlington as Administrative Assistant. Couture provides administrative support to the agency's executive management staff and legal counsel, and provides backup support to the front office. Before joining VHFA, Couture spent more than four years at IDX Systems Corp. in South Burlington, most recently as Senior Software Analyst. Before that she worked four years providing software application support as a Help Desk Consultant at Service Design Associates in Raleigh, N.C. A graduate of the University of Vermont, Couture is pursuing an associate degree in business, with a concentration in financial services, at Community College of Vermont in Burlington. 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 24,000 households with affordable mortgages and nearly 6,000 families into affordable rental units. 

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Posted by: admin on December 4, 2002 - 8:12am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Pat LaFond of Georgia as Homeownership Specialist. LaFond serves as one of the agency's primary contact persons with its lending partners for funding loans, resolving policy and procedural issues, and supporting outreach efforts. She also assists with the maintenance and development of homeownership policies and procedures. LaFond has more than 14 years of financial services experience. Before joining VHFA, she spent a decade with Chittenden Bank in Burlington, most recently as Senior Collector in the credit collections department. Before that she worked for Peoples Trust Co. in St. Albans and Georgia. 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 24,000 households with affordable mortgages and nearly 6,000 families into affordable rental units. 

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Posted by: admin on November 22, 2002 - 3:15am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the promotion of Kathy Curley of Burlington to the newly created position of Tax Credit Compliance Specialist. Curley has been Administrative Assistant at the agency since November 2000. In her new position she handles compliance monitoring of multifamily projects using the federal Low Income Housing Tax Credit program, such as review of annual status reports and owner certifications, on-site physical inspections and tenant file audits, management of findings with owners and managers; and communication with the IRS. She's also responsible for maintaining tax credit project information in the Agency’s core software application database. 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 November 8, 2002 - 8:36am

BURLINGTON, VT ― More than 215 housing units will be created or preserved in four Vermont municipalities with the help of $1.6 million in federal and state 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: Waterfront Housing, Burlington; Highgate Redevelopment, Barre; Stowe Community Housing, Stowe; and Manchester Commons, Manchester. Stowe Housing and Highgate Redevelopment also received state Housing Tax Credits. 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. Vermont receives $2 million annually in federal Housing Tax Credits, which are awarded in three 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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