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.
Housing in the news
Red Clover Commons Groundbreaking Event
Brattleboro Housing Partnership and Housing Vermont broke ground this past Monday on a 55-unit affordable housing project. These two organizations have partnered together to build Red Clover Commons, a three-story senior housing complex located on a 2.8-acre site in Brattleboro.
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.
Housing is a “silent crisis” says new bi-partisan foundation
The lack of affordable housing in the U.S. has become a “silent crisis” says a new report from the J. Ronald Terwilliger Foundation for Housing America’s Families. The foundation, formed just last month, is led by a bi-partisan group of business leaders, policy makers and financial and housing experts.
New Appraisal Institute Registry for sustainable buildings
A new Appraisal Institute Registry has come out listing both Vermont residential and commercial appraisers who have successfully completed the Appraisal Institute's Valuation of Sustainable Buildings Professional Development Program. Residential appraisers must complete 28 hours of course work and pass three exams while commercial appraisers have to complete 35 hours of course work and also pass three exams.
The Brattleboro Co-op / Canal & Main Apartments building receives award
The Brattleboro Co-op / Canal & Main Apartments building received the 2015 Creating Community Action Award through HUD Secretary's Housing and Community Design Awards. This site, located in downtown Brattleboro, was redeveloped by the Brattleboro Food Co-op, Windham & Windsor Housing Trust and HousingVermont. VHFA provided Housing Tax Credits as well as long term financing on the project.
Rent or buy? Housing experts discuss issues of renting and buying a home in Vermont
The question of whether to rent or buy a home has been a huge issue facing many Vermonters. David Adams, chief of program operations and Leslie Black-Plumeau, research and communications coordinator at VHFA were both interviewed in May by the Champlain Business Journal discussing the issues pertaining to the decision to buy a home in Vermont.
GOVERNOR APPROVES NEW VHFA DOWN PAYMENT ASSISTANCE PROGRAM
NORTHFIELD—Governor Shumlin signed legislation today that will help Vermonters buying their first home through VHFA by providing up to $5,000 for qualified buyers to cover the costs typically faced at closing due to down payment and closing costs.
The new down payment assistance program is part of a larger economic development bill, passed by the Vermont Legislature in the final days of the session. The program will be available through VHFA’s network of participating lenders late this summer.
Housing Credit Minimum Rate Legislation
On May 5, the bill, S.1193, was introduced. The bill is the Improving the Low-Income Housing Tax Credit Rate Act, which would permanently establish a minimum 9 percent Housing Credit rate and a minimum 4 percent Credit rate for acquisition. Both Senator Leahy and Senator Sanders are original co-sponsors of this bill because they understand the importance of this piece of legislation on future housing development in Vermont.
President Obama’s housing plan seeks better financing options for home buyers and rental housing
In addition to federal FHA mortgage insurance program modifications, President Obama announced this week his support for other ways to improve the availability of affordable owner and rental housing, including several initiatives administered by VHFA and partner housing agencies in other states.
Regarding housing finance reform, the President explained the importance of: