November 6, 2020 will be the last day for Vermont homeowners behind on their mortgage payments due to COVID to submit applications for mortgage assistance grants. Funded by the federal CARES Act, Vermont Mortgage Assistance grants for up to 6 months of missed payments are available to any homeowner who meets eligibility criteria, even if they have already arranged a forbearance agreement.
Economy
Vermonters with pandemic hardship will get grants for overdue mortgage payments
When Kimberly Edgar was unable to work due to COVID-19, the new Mortgage Assistance Program offered her a path for keeping her home in Brattleboro. Funded by the federal CARES Act, the program provides qualified Vermont homeowners with grants for up to six months of overdue mortgage and property tax payments.
Municipal Engagement for Diversity, Equity, and Inclusion tool now available
The Local Solutions and Community Action Team of the Vermont Governor’s Economic Mitigation and Recovery Task Force created a tool for municipalities and local leaders looking to expand the vibrancy of their communities. The ideas and recommendations in the tool come from Vermonters and in many cases have already been implemented with success in communities across the state.
Vermont homes used as short-term rentals on the rise
Until the recent COVID-19 restrictions, the number of Vermont homes used as short-term rentals has ticked up each year, according to a recent analysis by Vermont Housing Finance Agency. In a typical month last year, about 8,000 homes were listed as short-term rentals across the state. Largely located in towns located near Vermont ski areas, homes rented for short-term stays comprise about 2.5% of the state’s total housing stock, according to data from AirDNA, a service that aggregates listings from Airbnb, VRBO, and other popular short-term rental companies.
Governor’s recovery task force releases initial recommendations
Earlier this week, the Local Support and Community Action Team released its interim report with recommendations on how Vermont can begin its recovery from the coronavirus pandemic. The team is a part of the Economic Mitigation and Recovery Task Force charged by Governor Scott with identifying recovery initiatives and best practices. VHFA Executive Director Maura Collins is a member of the Action Team.
Report suggests 17% of Vermont households at risk of housing insecurity due to job loss
A new report from the Federal Reserve Bank of Boston estimates that job losses related to the COVID-19 pandemic could put 21,351 Vermont homeowner and 23,561 renter households at high risk of not being able to pay their mortgage or rent.
Help identify high impact strategies for promoting Vermont’s recovery
The Local Support and Community Action Team of the State of Vermont Economic Mitigation and Recovery Task Force needs your help prioritizing high impact ideas and actions identified by diverse stakeholders for COVID-19 recovery. The task force was established by Governor Scott to help mitigate the short-term economic impacts of the COVID-19 pandemic and develop strategies for long-term business and community recovery.
Please share your views in this quick survey on or before Tuesday, May 12th.
Economic impact of coronavirus outbreak on Vermont housing
Vermont has received over 71,000 unemployment claims since the coronavirus pandemic reached the state. An economic recession is almost certainly forthcoming. This economic disruption will impact Vermont’s housing markets and households, but the full effects will depend on the duration of the coronavirus outbreak.
Unemployment
Location matters for housing affordability
This commentary by VHFA Executive Director Maura Collins appeared recently in VTDigger
Housing affordability can’t be judged just on how much it costs to rent or buy a home. Although those indicators are important, the total costs of housing, both for households and the community, depend heavily on where the home is located.
Homeownership declines among young Vermonters
This commentary by VHFA Executive Director Maura Collins appeared recently in VTDigger
New estimates show fewer young Vermonters are buying homes. Vermont currently has the sixth highest homeownership rate in the nation, with 71 percent of households owning their home, but a downturn among young buyers could have lasting negative effects on Vermont’s economy.