Our friends at NeighborWorks of Western Vermont will receive $2 million in federal economic stimulus funds to help first-time homebuyers.
The funding comes from the Community Development Financial Institutions Program, part of the recent American Recovery and Reinvestment Act.
The $2 million is part of $6 million being split among three Vermont non-profit organizations: NeighborWorks of Western Vermont, Vermont Community Loan Fund and Opportunities Credit Union.
The federal government is allocating $90 million to 59 organizations in 26 states.
The U.S. Department of Housing and Urban Development (HUD) today awarded more than $5.4 million to benefit affordable housing in Vermont.
The funding comes via HUD's new Tax Credit Assistance Program (TCAP), part of the American Recovery and Reinvestment Act of 2009. TCAP is a grant program that provides capital investments to stalled Low-Income Housing Tax Credit (LIHTC) projects.
The money should help VHFA resume funding of affordable rental housing while stimulating employment in the construction trades.
The Vermont State Treasurer's Office has produce "Managing Your Money in a Challenging Economy," a television program intended to help Vermonters manage their budgets during the difficult economy.
The 30-minute program will show on cable access stations across the state next week. DVD copies will also be available at local libraries.
Members of Vermont's housing community released the latest edition of "Between a Rock and a Hard Place: Housing and Wages in Vermont" at a press conference this morning at the Statehouse.
The report indicates the recession hasn’t made finding affordable housing for average Vermonters any easier.
The Rutland Herald published a story in this morning's edition about foreclosure assistance available from NeighborWorks of Western Vermont in Rutland.
This morning's Wall Street Journal explores the challenges facing housing finance agencies such as VHFA in an article titled "State housing agencies get caught in credit crunch."
In the article, which appears on the front page of Section C, Nick Timiraos writes, "The agencies aren't in trouble because of bad lending. ... (They) are getting slammed by a host of market forces."