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VHFA News

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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Posted by: admin on October 10, 2002 - 3:34am

BURLINGTON, VT  Vermont Housing Finance Agency has won an Award for Program Excellence from the National Council of State Housing Agencies (NCSHA), a trade organization for housing finance agencies, for one of its most innovative and successful homeownership programs. VHFA received the honor in the Homeownership category for its "Housing Choice Homeownership Initiative." The Initiative helps Vermonters use federal Housing Choice Vouchers  formerly known as Section 8 vouchers  to purchase homes. The vouchers are more commonly used to secure affordable rental housing. "VHFA and our partners have been enormously successful in using Housing Choice Vouchers to stimulate homeownership. In fact, we lead the nation," says VHFA Director of Homeownership Programs Pat Crady. "About one in six of these types of loans nationwide are closed in Vermont." Since the program's inception in December 1999 through June 30, 2002, 56 Vermont households have used the program to purchase first homes; two-thirds of those properties were financed by VHFA. The award was presented Sept. 30 at the NCSHA's Annual Conference & Tradeshow in New Orleans, La., which was attended by more than 1,000 affordable housing industry professionals. Judges selected 17 winners in 15 categories from 148 entries from across the country. “These programs demonstrate the creativity, innovation, and entrepreneurial spirit that define the work of state HFAs, and the outstanding job they do of delivering affordable housing,” said NCSHA President Robert Strickland. 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 September 17, 2002 - 4:59am

BURLINGTON, VT  Sam Falzone, VHFA Director of Multifamily Programs, was named Volunteer of the Year by the Vermont Association of Housing Managers. He received the award during the first Tri-State Housing Managers Conference at the Grand Hotel in North Conway, N.H., on Sept. 11. Falzone has been involved with the Association for two decades, and has often served on the Conference/Education Committee. He helped plan the tri-state event, where more than 230 housing manager association members from Maine, New Hampshire and Vermont gathered to share ideas, techniques and program approaches that each state has developed over the years. Falzone has been with VHFA for 23 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 23,000 households with affordable mortgages and 4,900 families into affordable rental units. 

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Posted by: admin on September 16, 2002 - 4:47am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Maura Collins as Research Analyst. Collins develops and maintains housing databases; and conducts research and writes reports to support various agency programs, new housing initiatives, special projects and strategic planning initiatives. A graduate of the University of Buffalo, Collins spent the last three years working for the Technical Assistance Collaborative in Boston. The collaborative works to achieve positive outcomes on behalf of people with special needs by assisting organizations and policymakers in a number of areas, including affordable housing. In October 2000, she was recognized by Fannie Mae for dedication and commitment to creating housing opportunities for people with disabilities. 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 August 20, 2002 - 4:33am

BURLINGTON— Vermont Housing Finance Agency has announced a new low mortgage interest rate — 5.95% for a 30-year, fixed rate loan with no points for qualified borrowers — which is the lowest rate ever offered by the Agency. The new rate became effective August 19th. “We are very happy to be able to offer this new, low rate to Vermont homebuyers,” said VHFA Executive Director Sarah Carpenter. “With mortgage rates so volatile right now, there’s no way of predicting how long we will be able to offer this rate, but we are determined to give the most value we can to our customers.” Carpenter added that VHFA borrowers can also save money on their closing costs, because they receive an exemption from the Vermont Property Transfer Tax on the first $100,000 of the purchase price of their homes. That means borrowers can save up to $500 at closing. 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 also is available on the Agency’s Web site. VHFA was created by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. VHFA is the largest source of financing for affordable housing in Vermont. Since its inception, VHFA has issued approximately $1.68 billion in bonds, which provided financing to more than 23,000 households and more than 4,000 affordable apartments. 

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