About VHFA

       VHFA headquarters on St. Paul Street in Burlington.
                  Painting by VHFA staff member Polly Thibault.

Vermont Housing Finance Agency (VHFA) was established in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters.

Since its inception, VHFA has helped 29,000 Vermonters and their families purchase primary residences.  It has also provided financing, development and management support, subsidy administration and tax credits to approximately 8,800 units of multifamily rental housing.

Mission Statement

VHFA's mission is to finance and promote affordable, safe and decent housing opportunities for low- and moderate-income Vermonters.

To achieve our mission VHFA has adopted the following goals:

  • To provide access to low-cost, flexible, innovative programs for individuals in need of affordable mortgage financing.
  • To stimulate the development, financing and preservation of affordable housing, including rental and ownership housing opportunities for low- and moderate-income Vermonters and to encourage mechanisms to ensure that this housing remains perpetually affordable.
  • To create and sustain a workplace conducive to attracting and retaining a quality staff.
  • To maintain a sound fiscal structure and meet all fiduciary requirements in a professional manner.
  • To work in partnership with state government, municipalities and the private sector to:
    • Encourage and support quality planning for affordable housing,
    • Address the special needs of Vermonters who have disabilities or require supportive services and 
    • Address homelessness in Vermont
  • To heighten general awareness of housing needs for low- and moderate-income Vermonters, particularly with groups who can have an impact on the production of such housing, including the legislature, community officials and the business community.

Vision Statement

VHFA opens doors so that every Vermonter can have a home they can afford, which is the cornerstone for building healthy communities.


VHFA's primary activities include:

In addition, VHFA analyzes housing data, shares the latest research and provides guidance to affiliated housing organizations and policy makers. 

Read more about our policy, research and other initiatives. 


VHFA operates with an average staff size of 38 and receives no general appropriation of state funds. Its loan programs are funded primarily through the issuance of tax-exempt bonds.

VHFA operates on the net funds generated from fees and interest income that amounts to the difference between its cost of funds and the interest rate charged on its investment in loans.

Bonds issued by VHFA are secured by the cash flows of the underlying loans made by the Agency, and are not obligations of the State of Vermont.