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VHFA News

Posted by: admin on March 9, 2004 - 3:57am

BURLINGTON— Vermont Housing Finance Agency (VHFA) has announced a new low mortgage interest rate — 5.30% for a 30-year, fixed rate loan with no points for qualified borrowers. The new low rate is expected to help more Vermonters realize their dream of homeownership. The new rate becomes effective today. “VHFA is always working to give Vermonters the most value for their dollar,” said VHFA Executive Director Sarah Carpenter. “Market conditions fluctuate, so we can’t say how long we’ll be at 5.30%. But VHFA remains committed to supporting affordable homeownership and to providing Vermonters with the best value we can offer.” The new rate follows a substantial increase to VHFA’s income and purchase price limits last week. Income limits are ceilings on what households can earn and still qualify for VHFA mortgages; purchase price limits are the maximum price a home can sell for and still be eligible for VHFA financing. “The new limits made many more people eligible for VHFA loans,” Carpenter added. “Combined with the new rates, homeownership is within the reach of more Vermonters.” VHFA offers a variety of mortgage loan products, with different interest rates. (See rates table on our Web site: www.vhfa.org) Rates are subject to change. 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 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 March 4, 2004 - 4:10am

BURLINGTON, VT — More Vermonters are able to take part in Vermont Housing Finance Agency's lowinterest mortgage programs now that VHFA’s Board of Commissioners has approved new income and purchase price limits. “VHFA is constantly working to give Vermonters more options and more value when it comes to purchasing homes,” according to Executive Director Sarah Carpenter. “These changes reflect those efforts. “With the new limits, many more Vermonters and Vermont properties have become eligible for VHFA financing. These changes will help more Vermonters realize the dream of homeownership,” she added, “but, for many, homeownership will remain a challenge, because the state’s housing stock hasn’t kept up with demand.” Income and purchase price limits vary by county and help determine which homebuyers and properties are eligible for VHFA financing. Income limits are ceilings on what households can earn and still qualify for VHFA mortgages; purchase price limits are the maximum price a home can sell for and still be eligible for VHFA financing. VHFA raised the limits substantially on March 2. While each county’s limits are unique, the maximum eligible purchase price for existing homes rose by almost 30 percent in many counties, while many areas had their new construction limits increased by more than 14 percent. Income limits, also calculated for each county separately, increased anywhere from 3 to 7 percent. Current limits are available at www.vhfa.org, or by contacting a participating VHFA lender. A complete list of lenders is available at the Web site. VHFA offers a variety of mortgage loan programs. The Agency’s 30-year 0-point rate is currently 5.50%. For buyers who need cash for downpayment and/or closing costs, VHFA offers a cash assistance rate option at a slightly higher rate. All rates are subject to change. 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 January 23, 2004 - 5:19am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Director of Administration Patricia Loller was certified a Professional in Human Resources (PHR) by the Human Resource Certification Institute (HRCI). The certification is the result of an intensive course of study in strategic planning, compensation and benefits, HR development, employee rights, and other HR issues, followed by a four-hour exam administered Dec. 6 in South Burlington. Loller joined VHFA in 1998 as Director of Information Systems. She was promoted to her current position in March 1999. “This certification represents a tremendous amount of initiative on Pat’s part,” said VHFA Executive Director Sarah Carpenter. “It also confirms what those of us who work with Pat already knew: She’s as committed to serving the VHFA staff as much as she is to advancing her own professional skills.” HRCI is the credentialing affiliate of the Society for Human Resource Management (SHRM). Both organizations are in Alexandria, Virginia. HRCI promotes establishment of standards for the profession and recognizes HR professionals who, through demonstrated professional experience and the passing of a comprehensive exam, have met HRCI’s requirements for mastering the HR body of knowledge. Since HRCI began certifying in 1976, nearly 60,000 HR professionals have earned certifications. There are approximately 120 certified HR professionals in Vermont. (hrci.org, May 2003) 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 more than 6,700 families into affordable rental units.

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Posted by: admin on October 8, 2003 - 3:49am

BURLINGTON, VT æ Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Sylvia White as Administrative Assistant. White staffs VHFA's reception area, is responsible for office supplies, flexible benefits, and tracking of employees’ combined time off (CTO). She also provides administrative support to all departments at the Agency. Before joining VHFA, she worked for Adelphia/Prestige Cable Television in Fredericksburg, Virginia, for nearly 20 years. 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 more than 6,700 families into affordable rental units.

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Posted by: admin on September 22, 2003 - 7:36am

BURLINGTON, VT — Affordable housing will be created in four Vermont communities with the help of $1.1 million in federal and state Housing Tax Credits awarded by Vermont Housing Finance Agency. "Tax credits are one of the most significant tools we have in creating and preserving affordable rental housing. Unfortunately, demand for these credits routinely exceeds supply," said Executive Director Sarah Carpenter. "The shortage of high quality affordable housing continues to be a problem for most Vermont communities and for the Vermont economy. VHFA is very pleased to assist in the development of this housing, but frustrated that we couldn’t do more to meet the needs of all the applicants." VHFA is responsible for allocating Housing Tax Credits. Projects receiving federal tax credits this round all consist of new construction: Butterfield Commons Family, West Dover; Riverside Village, Essex Junction; Roosevelt Apartments, Burlington; and Stony Creek, Wilder. Butterfield Commons Elderly in West Dover received state Housing Tax Credits. Housing Tax Credits have helped produce nearly all of Vermont's recently-developed affordable rental housing. Vermont receives $2 million annually in federal Housing Tax Credits and $150,000 in state Housing Tax Credits, which it awards in three rounds. The next round, originally planned for the end of this year, has been rescheduled to early 2004. A schedule and application information are available at the VHFA website: www.vhfa.org. Congress created the Low Income Housing Tax Credit program in 1986 to encourage the creation and preservation of affordable rental housing for low-income households. As a supplement to the federal program, the Vermont legislature created a similar program in 2000. Tax credits reduce tax liability for owners of qualifying rental housing if they agree to conform to certain operating restrictions. 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 low-cost homeownership financing to more than 24,000 Vermont families, and financed the construction or rehabilitation of more than 6,700 affordable apartments.

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