Last week, VHFA joined Governor Scott and housing partners in Colchester for a groundbreaking ceremony at Stuart Avenue Apartments. The project, developed by Champlain Housing Trust (CHT) and Evernorth, will create 36 new apartments as part of the Sunderland Farms master development at Severance Corners. The project will receive the majority of its funding from federal credits awarded by VHFA.
Development
Tax credits combine with pandemic relief funds to support affordable Vermont apartments
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced this week that its annual award of federal housing tax credits will support the construction of 109 permanently affordable apartments in five communities across the state. The sale of this year’s tax credits to investors is expected to yield nearly $25 million in funding, which will cover an estimated 55 percent of total project development costs.
Vermont's housing funders will be able to leverage the impact of the tax credits and overcome pandemic-related increases in the cost of development by pairing the credits with an estimated $11.6 million in funding from the federal American Rescue Plan Act (ARPA), awarded through the Vermont Housing & Conversation Board.
AHP funding application opens June 6
The Federal Home Loan Bank of Boston (FHLBB)'s Affordable Housing Program (AHP) will begin to accept applications on June 6, 2022. The program will award a minimum of $10.6 million in subsidy funding through member institutions to organizations promoting homeownership and rental housing opportunities for low income households. This funding will support critical housing resources during a time of extreme housing shortage, affordability crisis and rising development costs.
Public feedback sought for building energy codes
The Vermont Department of Public Service (PSD) will soon begin updating Vermont's building energy codes, with the target effective date of Fall or Winter 2023. The code update process will include multiple opportunities for stakeholders to provide input and feedback.
Vermont Bond Bank announces Capital Plan Contest and Forum
Vermont Bond Bank has announced its first annual Capital Plan Contest as well as the Vermont Capital Planning Forum. In sponsoring the contest, the Bond Bank seeks to recognize best practices in communities of all sizes while allowing all Vermonters to benefit from exemplary models of capital planning throughout the state.
AIA to offer free design services for affordable housing
The Vermont chapter of the American Institute of Architects (AIA), will host a design charrette session with pro-bono services for affordable housing projects.
AIA-VT invites Vermont nonprofits, municipalities, and community-based groups to submit specific affordable housing projects in the early or conceptual stages for review.
Developer survey reports widespread cost increases and delays related to pandemic
A new white paper from Vermont Housing Finance Agency (VHFA) finds that 86% of Vermont housing developers were experiencing project delays during the pandemic. The report draws from an online survey of statewide developers in August and a subsequent forum that brought together over 60 development professionals and state regulators to discuss challenges and potential solutions. Despite unprecedented state and federal funding increases from pandemic relief bills, Vermont’s development community is encountering significant challenges completing projects.
Ribbon-cutting celebrated at New Avenue in St. Johnsbury
Vermont Housing Finance Agency (VHFA) Executive Director Maura Collins joined housing partners on Wednesday for a virtual ribbon-cutting ceremony for New Avenue Apartments in downtown St. Johnsbury. The historic building, redeveloped by RuralEdge and Evernorth, offers 40 apartments and ground-floor commercial space. The project received the majority of its funding from federal tax credits and a long-term loan awarded by VHFA.
Ribbon cuttings celebrated in November
This month Vermont Housing Finance Agency (VHFA) joined partners at ribbon-cutting ceremonies at Lincoln Place in Rutland and Red Clover Commons in Brattleboro. The two projects together created 37 new apartments, all of which will be paired with supportive services to help residents live independently.
Ribbon-cutting celebrated at Parc Terrace in Winooski
Last week, Vermont Housing Finance Agency (VHFA) joined Representative Peter Welch and housing partners in Winooski to celebrate the completion of Parc Terrace. The 46-apartment mixed-income project was developed by Summit Properties in collaboration with Dagesse Company. The $11.6 million project received federal housing Low Income Housing Tax Credits awarded by VHFA, which were sold to raise over $8 million in equity for construction.