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VHFA News

Posted by: admin on September 20, 2004 - 3:11am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Gary P. Marini, CPA, as Chief Financial Officer (CFO). Marini joins the team of three executive managers at the Agency. He is responsible for the direction, management, and oversight of the financial, fiscal accounting and investment areas of VHFA. He has primary responsibility for activities related to the sale of VHFA bonds and notes; establishment of operating policies for the Finance department; and oversight in areas of internal finance, management of existing VHFA housing finance programs and structuring of new VHFA financing programs. “We’re thrilled to welcome Gary to VHFA,” said Executive Director Sarah Carpenter. “Gary’s arrival at the Agency is the result of an extensive four-month search to find someone with the right balance of experience and foresight to lead the Agency into its fourth decade. Gary’s extensive background in housing and finance made it clear he was the right one for the job.” Marini’s career in finance began in 1976. For the last four years, he’s been Treasurer/CFO for Community Preservation Corp., a non-profit lender in affordable housing owned by a consortium of banks and other financial institutions, in New York, N.Y. Before that, he spent a decade as CFO with Sarakreek Management Partners, a company that performed property and asset management services for institutional investors and real estate funds, in New York. Marini replaces Roger Schoenbeck, who completed his 21-year tenure as VHFA CFO in April. VHFA is celebrating its 30th anniversary in 2004. It recently passed the $2 billion bonding mark in August. The Vermont Legislature established VHFA on April 11, 1974, to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped almost 25,000 households with affordable mortgages and nearly 7,000 families into affordable rental units.

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Posted by: admin on July 19, 2004 - 9:43am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Kathy Cawley of Colchester as Administrative Assistant. Cawley provides administrative support for the Homeownership Department and fields calls from consumers, real estate professionals, lenders, and other individuals inquiring about VHFA homeownership programs. Before joining VHFA, Cawley spent a year as Office Manager at Mortgage Guaranteed Insurance in Burlington. She previously spent several years in the credit department of Burton Snowboards in Burlington. VHFA is celebrating its 30th anniversary in 2004. The Vermont Legislature established VHFA on April 11, 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 more than 6,700 families into affordable rental units.

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Posted by: admin on July 14, 2004 - 9:00am

BURLINGTON— Vermont Housing Finance Agency (VHFA) has dropped the interest rate on a 30-year, no points, fixed rate loan to 5.80 percent. The new low rate is expected to help more Vermonters realize their dream of homeownership. The new rate becomes effective today. “We strive to give our customers the lowest rates we possibly can,” said VHFA Executive Director Sarah Carpenter. “When market conditions permit, we always take the opportunity to lower rates. But those conditions change constantly, so we can never predict how long any rate will last. We can predict, however, that we will always be working to give our customers the best value we can.” VHFA offers a variety of mortgage loan products to qualified buyers, with different interest rates. (See rates table on our Web site: www.vhfa.org) Rates are subject to change. Income and purchase price limits apply. Prospective borrowers should contact their local lenders for more details. A list of lenders that offer VHFA’s products is also available on the Agency’s Web site. VHFA is celebrating its 30th anniversary in 2004. The Vermont Legislature established VHFA on April 11, 1974, to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped almost 25,000 households with affordable mortgages and nearly 7,000 into affordable rental units.

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Posted by: admin on April 15, 2004 - 6:12am

BURLINGTON — Vermont Housing Finance Agency celebrates 30 years of financing safe, decent and affordable housing for low- and moderate-income Vermonters this week. Vermont Governor Jim Douglas, himself a former VHFA customer and a former member of its Board of Commissioners, praised the Agency for its commitment to providing affordable housing at a ceremony in the Statehouse Monday and issued a proclamation congratulating the Agency on its work. “Vermont has a serious shortage of affordable housing,” Gov. Douglas said, “VHFA provides financing for homeownership and for affordable rental housing, but it provides something more — leadership.” Douglas also praised VHFA’s “high standards of fiscal responsibility and professionalism.’ Since its founding in 1974, VHFA has helped more than 24,000 Vermont families purchase a home and has helped finance the development of more than 6,700 units of affordable rental housing. “I am really proud of VHFA’s track record,” said Executive Director Sarah Carpenter. “I’m confident we will continue to look for more and better ways to serve our customers to support our partners in Vermont’s housing community, and to promote and develop affordable housing.” - more - - 2 - VHFA began with a staff of three and $23,000 in seed money — a $20,000 loan from the state and a $3,000 loan from Merchants Bank. That staff has grown to 41, and VHFA made more than $53 million in home mortgage loans that supported the purchase of 665 homes in the Fiscal Year that ended June 30, 2003. The Agency also made $17.1 million in loans for 25 affordable rental housing projects and awarded $2.5 million in housing tax credits to nine projects. Later this year, VHFA will reach the $2 billion mark in the amount of bonds issued to finance affordable housing. Former Gov. Tom Salmon, who signed Act 260, the legislation creating VHFA in 1974, spoke appreciatively of the Agency and its work. “This is an example of how government can take steps to help people with a basic need,” Salmon said. VHFA Board of Commissioners chair Lisa Mitiguy Randall said that, throughout the many changes in the Agency and in Vermont’s housing market over the years, VHFA has “stayed true to its mission.” “I am proud of the high level of professionalism on the staff, the commitment of my fellow Board members, and the leadership of our director,” Randall said. VHFA is also responsible for asset management, regulatory compliance and loan servicing for all properties financed with its rental housing programs and those financed using only housing tax credits. As of June 30, 2003, VHFA’s multifamily management portfolio included 223 properties with 5,877 units. VHFA also supports a number of other initiatives, such as consumer education through Vermont’s six NeighborWorks® HomeOwnership Centers, and public outreach, through the Vermont Housing Awareness Campaign, www.housingawareness.org, and the Vermont Responsible Lending Initiative. VHFA staff members are active in the development of housing policy, providing information to elected officials, their staff, and community leaders. VHFA was instrumental in the development of the Vermont Housing Data Website, www.housingdata.org; the first of its kind in the country. The Agency has sponsored several conferences on housing issues, including a biennial statewide housing conference.

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Posted by: admin on March 31, 2004 - 4:06am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Eliza Smith-Vedder as Multifamily Development Underwriter. Smith-Vedder analyzes prospective multifamily housing and single-family development loans being considered for VHFA financing. She’s responsible for underwriting of Housing Credit applications and assists VHFA’s Senior Development Officer with the administration of the Housing Credit program. Before joining VHFA, Smith-Vedder spent more than a year at the Burlington Community Land Trust — most recently as Homeland Facilitator, and before that as Education and Outreach Coordinator with the Trust’s NeighborWorks® HomeOwnership Center of Vermont. She also teaches at Kaplan Test Prep Inc. in Burlington. Smith-Vedder graduated Cum Laude from Purchase College, where she spent her senior year developing an independent project that explored environmentally sustainable ways to provide quality affordable housing. VHFA is celebrating its 30th anniversary in 2004. The Vermont Legislature established VHFA on April 11, 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 more than 6,700 families into affordable rental units.

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