Earlier this week, the Vermont Department of Housing and Community Development (DHCD) launched the Zoning for Great Neighborhoods project, an initiative aimed at helping Vermont cities and towns break down the regulatory barriers preventing them from meeting the housing needs of Vermonters.
Development
Ribbon cutting celebrated at Wentworth Community Housing
Earlier this week, local leaders, housing developers and new residents gathered in White River Junction to celebrate the opening of Wentworth Community Housing. The project, developed by Twin Pines Housing and Housing Vermont, created 30 one and two bedroom apartments, 21 of which will be rented at rates affordable to low income Vermonters. The project received the majority of its funding from federal tax credits and a loan awarded by VHFA.
VHFA to hold outreach meetings on QAP updates
Vermont Housing Finance Agency (VHFA) will be holding a series of outreach meetings to seek comments on the draft 2020 Qualified Allocation Plan (QAP). The QAP is a compilation of IRS mandates, national best practices and state housing priorities that sets eligibility and criteria for awarding state and federal tax credits to developers of affordable housing.
Funding available for downtown development projects
The Vermont Agency of Commerce and Community Development (ACCD) is now accepting applications for 2019 for two different programs that promote development and revitalization of Vermont’s downtowns.
Home building is key to helping improve affordability market-wide
A recent study illustrates how new market-rate housing construction in one part of town, especially in markets with low vacancy rates, improves housing affordability for lower income residents in other parts. This occurs because newly built homes and low-income neighborhoods are connected to each other via a complex housing ecosystem, according to economist Evan Mast’s recent study for the Upjohn Institute. Through address matching, Mast traced the chain of moves triggered when new homes are purchased.
VHFA distributes increased federal tax credits to build hundreds of affordable apartments statewide
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.
New England Federal Credit Union gives $500,000 for affordable homes in Northwest Vermont
New England Federal Credit Union (NEFCU) President/CEO John J. Dwyer, Jr. announced today a $500,000 grant from NEFCU to Vermont Housing Finance Agency (VHFA) to address the area’s shortage of housing affordable to Vermonters with low and moderate incomes. The money will support construction and renovation costs for perpetually affordable homes in Bristol, Jericho and several other towns.
“This investment will help address the shortage of affordable housing in the area, which impacts not only our residents but also businesses and communities,” Dwyer remarked. “We believe that improving the affordability of homes in the counties we serve creates a cascade of benefits that help make the region more economically healthy in the long run,” he continued.
Resources available from ADU workshops
Materials about the potential impact and programmatic aspects of accessory dwelling units (ADUs) are now available following workshops held recently in Burlington by Homeshare Vermont and AARP-VT, and in West Lebanon by the Vital Communities campaign.
Federal Financing Bank Risk Share Initiative extended through Dec. 2018
HUD announced last week that it will extend the multifamily risk-sharing initiative with the Federal Financing Bank for VHFA and other eligible U.S. housing finance agencies (HFAs). Created in 2015, this initiative has provided much-needed access for HFAs to the U.S. Treasury’s Federal Financing Bank.
In Vermont, this initiative has helped fund the development of 665 safe, affordable apartments for low income households in 6 communities: Colchester, Rutland, Bennington, Burlington, South Burlington and Bristol. Financing via this initiative is pending for another 230 apartments in Vermont.
Great River Terrace ribbon-cutting
Residents, staff, and supporters gathered in Brattleboro last week for a ribbon-cutting celebration at Great River Terrace. The project, sponsored Windham & Windsor Housing Trust (WWHT), created 22 affordable apartments for homeless and very low income Vermonters. The $4.6 million project was funded in part by federal and state tax credits and a construction loan awarded by VHFA.