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VHFA News

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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Posted by: admin on July 26, 2001 - 10:58am

BURLINGTON, VT ¾ Gov. Howard Dean appointed Karen Moran Lafayette to the Board of Commissioners of Vermont Housing Finance Agency (VHFA) in Burlington. Lafayette served in the Vermont House of Representatives from 1993 to 2000 as a representative from Burlington; Clerk of the House Ways and Means, tax writing committee; and, most recently, as Chair of the Joint House and Senate Committee on Affordable Housing. "I’m very pleased to have been appointed to the VHFA Board of Commissioners. The need for affordable housing remains critical in this state and has been a primary focus of mine during my tenure in the Vermont State Legislature," says Lafayette. "The cooperative effort among the agencies of state, the private sector and the vast network of non-profit organizations works well in Vermont and is essential in providing safe, affordable housing to all of our residents." VHFA's seven-member Board of Commissioners includes three ex-officio members and four members appointed by the Governor of Vermont. They represent private and public lending, real estate, and housing development interests. Other board members include: Chairperson Lisa Mitiguy Randall; Vice-Chair Gustave Seelig, Executive Director, Vermont Housing and Conservation Trust Fund; James H. Douglas, State Treasurer; Dagyne Canney, Principal Broker, Vermont Real Estate Sales Co.; Thomas J. Candon, Deputy Commissioner of Banking (Designee for Elizabeth R. Costle, Commissioner of Banking, Insurance, Securities and Health Care Administration); and Kathy Beyer, Deputy Commissioner, Department of Housing and Community Affairs (Designee for Molly Lambert, Secretary, Agency of Commerce and Community Development). 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 July 24, 2001 - 5:40am

BURLINGTON, VT ¾ Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced John Fairbanks has been hired as Public Affairs Manager, a senior management position, and Craig Bailey has been promoted to Communications Coordinator. Fairbanks is responsible for coordination of Agency marketing initiatives and oversight of public relations and distribution of information. He also will work on state and federal legislative matters related to affordable housing. A former reporter with the Barre-Montpelier Times Argus, Fairbanks was most recently Communications Director for Families USA, a national health care advocacy organization in Washington, D.C. He has also served as Press Secretary and Congressional Liaison for Business Leaders for Sensible Priorities, a group founded by Ben Cohen of Ben & Jerry's Homemade Inc.; Press Secretary for Rep. Bernie Sanders; and Communications Coordinator for Sen. Russ Feingold (D-WI). Bailey joined the agency in November 2000 as part-time Web/Graphic Designer, overseeing the VHFA Web site (www.vhfa.org) and design of all agency publications. In addition to his previous responsibilities, Bailey will assist with all public affairs and media outreach efforts. Before joining VHFA, Bailey was Managing Editor at Business People magazine in Williston. He's worked in broadcasting since 1985, and hosts "Floydian Slip" Sunday nights on Champ 101.3. 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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