The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced yesterday that its annual allocation of federal and state housing tax credits will support the development of 214 permanently affordable apartments in nine communities across the state. Low and moderate income Vermont renters will benefit from a 12.5 percent increase in Vermont’s annual allocation enacted by Congress last year.
Housing tax credits are the single largest source of funding for the development of affordable rental housing in Vermont. VHFA awarded the developers of the eight projects state and federal tax credits that are expected to yield an estimated $41 million in total upfront equity for development costs.