The Congressional omnibus spending bill, passed at the end of December, had several key housing provisions, including emergency rental assistance and an extension of the period to use federal CARES Act funds. One key inclusion was a permanent minimum 4 percent rate for Housing Credit developments, which could offer nearly $7 million in additional funding for affordable housing projects in Vermont in the next three years alone.
Legislation
Vermont Legislature and Governor expand options for accessory dwelling units
Vermont sealed the approval of legislation this week to ease the challenges faced by residents seeking to add an accessory dwelling unit (ADU) to existing residential properties.
ADUs are small houses or apartments that exist on the same property lot as a single-family residence. This once-popular home type is re-emerging as an affordable and flexible housing option that can help meet the growing needs of older adults and young families.
Welch highlights affordable housing provisions in House infrastructure bill
VHFA Executive Director Maura Collins joined Representative Peter Welch at the future site of Juniper House in Burlington last week to promote the federal Moving Forward Act, a $1.5 trillion infrastructure package recently passed by the House of Representatives.
$5 million in mortgage assistance will help Vermont homeowners hurt by pandemic
Vermont’s new Mortgage Assistance Program was announced today to help low-income homeowners who have fallen behind on their mortgage and are facing economic hardship brought on by the COVID-19 pandemic. The program will provide up to three monthly mortgage payments directly to the servicer of the mortgage with a goal of preventing future foreclosure. Administered by Vermont Housing Finance Agency (VHFA) with $5 million of the funding provided to Vermont through the federal CARES Act, the program is available to any homeowner who meets the eligibility criteria, and is not just for VHFA borrowers.
Don’t forget to complete the 2020 Census!
Haven’t gotten around to completing the 2020 Census yet? If you did not receive materials in the mail with instructions to complete the 2020 Census, you can follow the link below, which provides comprehensive instructions to complete the process:
On March 12th, the United States Census Bureau began issuing questionnaires in the mail to homes across the United States for residents to complete the 2020 Census. The very next day, Governor Phil Scott declared a state of emergency in Vermont due to the coronavirus pandemic and as of May 12th, only 49.7% of Vermont households have responded to the questionnaire, compared to a nationwide rate of 58.6%.
Legislation to expand federal tax credit program gains bipartisan support
The federal Low Income Housing Tax Credit (LIHTC) has had an enormous impact in Vermont. Since 1986, federal housing tax credits allocated through Vermont Housing Finance Agency (VHFA) have helped build over 7,400 homes for low-income families. The program also benefits the Vermont economy, supporting over 8,000 jobs per year and leveraging millions of dollars in private investment for affordable rental housing.
Act 48 stakeholder meeting to be held on December 16
In 2019, the Vermont Legislature passed Act 48, which included asking the State Treasurer to evaluate and report on options for funding and financing affordable housing in the state. This report is due on January 15, 2020.
Governor approves down payment assistance increase
Last week, the state increased funding for affordable homeownership when Governor Phil Scott signed a bill passed by the Legislature which will add over a million dollars for homeowners in Vermont.
Revenue Bill H.541 increases the Vermont Affordable Housing Tax Credit program by $250,000 for FY20. This increase is expected to result in just under $1.2 million more for affordable homeownership initiatives once the tax credits are sold to investors.
Impact of federal government shutdown on Vermont housing programs
As the federal government shutdown continues into its third week, many in the affordable housing community have expressed concern about what it might mean for their programs. Vermont Housing Finance Agency will remain open throughout the shutdown. However, some of the federal program funding that VHFA and its partners administer may be affected if the shutdown persists.
U.S. Department of Housing and Urban Development (HUD)
State accepting proposals for local weatherization projects
The Vermont State Treasurer’s Office is now accepting local investment financing proposals in the areas of weatherization and housing improvement. Agencies, authorities, non-profits, municipalities, and housing organizations are eligible to apply.