Steve Davis, owner of the Wilder-based VerMod company is becoming recognized not just for his company's high quality modular homes but for the employment opportunities he has created for residents of the Hartford Dismas House. Dismas provides group-setting affordable housing to people recently released from prison. Read more in Sunday's Valley News.
Finance
VHFA's Sarah Carpenter discusses down payment assistance on CCTV
Earlier this week, Executive Director Sarah Carpenter appeared on CCTV to discuss Vermont's new down payment assistance program for first-time home buyers. Interviewed by host Erhard Mahnke of the Vermont Affordable Housing Coalition, Carpenter described how the program works, its creation by the Vermont Legislature and the affordability hurdles that have plagued would-be first-time buyers in recent years.
Governor kicks off new down payment assistance program
Governor Shumlin joined leaders from VHFA, the Vermont Legislature and the business community today to launch a bold new effort to help the state’s first-time home buyers. Each qualified buyer will receive up to $5,000 for down payment and closing costs. There is mounting evidence that the escalation of these costs in recent years, combined with other economic hardships lingering from the recession, are preventing many young Vermonters from buying their first home.
Vermont homeownership rate hovers well above declining U.S. rates
Although Census surveys show a clear decline in the national homeownership rate, they don’t show a similar decline for Vermont. At least not yet. Second quarter 2015 estimates show Vermont’s rate at 72 percent, nearly eight and a half percentage points higher than the national 64 percent rate.
Economists expect the national homeownership rate to reach a turning point soon, as the economic recovery and gradual credit standard loosening bring first-time buyers back to the market.
Student loan balances in two Vermont counties among highest in New England
The average student loan balance is $30,000 among Chittenden and Windsor county residents between the ages of 18 and 44. Only three counties in New England rank higher, according to recent research from the Federal Reserve Bank of Boston--Suffolk and Norfolk counties in MA and Grafton County in NH.
VHFA awards $2.98 million in affordable housing tax credits
On Monday, April 20, the VHFA Board of Commissioners committed $2.55 million in federal low-income housing tax credits and $432,500 in state housing tax credits to expand Vermont’s stock of affordable, energy-efficient housing. The tax credits will generate approximately $23.5 million in upfront equity for the construction and rehabilitation of 452 primarily rental homes across the state, guaranteed to remain affordable for at least 30 years.
Tight credit standards prevented millions of home purchases in 2009-2013
Four million more home mortgages nationwide would have been made between 2009 and 2013 if credit standards had been similar to 2001 levels, according to a new report from the Urban Institute.
Committee seeks proposals for local investment financing
Pursuant to Section 220 of Act 199 of 2014, the Local Investment Advisory Committee (LIAC), chaired by the State Treasurer, will receive proposals for local investment financing from February 2, 2015 to March 2, 2015. Read the Local Investment Advisory Committee Report for details pertaining to the work of the Committee.
NPR spotlights Vermont nonprofit's successful weatherization program
Our friend Ludy Biddle of Neighborworks of Western Vermont was interviewed by NPR's Nina Keck last week about their successful weatherization loan program.
VHFA is seeking financial advisory services
VHFA is looking for a firm (or combination of firms) to perform one or a combination of financial advisory services. We’ve published a request for proposal (RFP) document at www.vhfa.org to help us in our search.
The contract will likely begin in October 2014. Deadline for replies is September 10, 2014.
Learn more about the RFP online, and don’t hesitate to contact us at [email protected] with your questions. We’ll be posting your questions, and our answers, on the RFP page.