Vermont Housing Finance Agency (VHFA) announced today that later this year Sarah Carpenter, Executive Director, will be retiring, after twenty years at the agency’s helm. “As a result of Sarah’s vision and skill thousands of Vermonters have moved into decent, affordable homes since she arrived at VHFA in 1998,” said Randy Amis, chair of VHFA’s Board of Commissioners. “She has expertly led VHFA’s financial activities and programs, built strong partnerships and shared her deep expertise with state and federal policy makers. Vermont is a better place to live thanks to Sarah’s impact.”
Press Releases
VHFA awards millions in tax credits for affordable rental housing development
On Monday, April 16 the Vermont Housing Finance Agency (VHFA) Board of Commissioners committed federal Housing Tax Credits and Vermont Affordable Housing Credits to construct and renovate apartments for low-income Vermonters over the next several years. The $3.5 million in ten-year federal capped credits, $319,000 in ten-year federal uncapped “bond” credits and $173,000 in five-year state credits will support the development of 251 apartments in eight communities across the state. VHFA permanent and construction financing totaling $19 million was also approved for five of the projects.
VHFA introduces Sustainability Bonds to deliver more affordable housing to Vermonters in need
This week the Vermont Housing Finance Agency (VHFA) Board of Commissioners approved plans to sell $37 million of bonds during the week of January 8, 2018 as the first Sustainability Bonds to be issued in the State of Vermont. Building upon the strength of the market in Green Bonds and the growing interest in socially responsible investments, the designation as “Sustainability Bonds” will enable VHFA to maximize funding for the “Housing for All” initiative enacted by the Vermont Legislature in 2017. Bond proceeds will be administered by the Vermont Housing & Conservation Board to create 550-650 homes statewide for low- and moderate-income Vermonters.
VHFA's David Adams to retire, Maura Collins named Deputy Director
VHFA announced today that David Adams, Chief of Program Operations, will be retiring from the agency on November 17, 2017. Concurrently, Maura Collins will be promoted to the position of Deputy Director. “Dave has expertly led our programs through the turbulent economic and mortgage industry changes of the past two decades,” VHFA Executive Director Sarah Carpenter explained. “His dedication to VHFA’s mission and unmatched mortgage banking experience have led to many ground-breaking improvements in how our programs operate.”
VHFA seeks "Housing for All" investors: Historic initiative expected to create or rehabilitate 650 homes statewide
VHFA invited bids from investors Friday for the "Housing for All" initiative passed by Vermont lawmakers earlier this year. The proceeds from this financing will be used to create and rehabilitate an estimated 650 rental and owned homes across the state.
"We consistently hear about how widespread the lack of affordable, decent housing is in many parts of Vermont," said Governor Phil Scott. "By leveraging other funds, this investment will help create much-needed homes that are affordable for working Vermonters at the middle and lower end of the wage scale."
Northfield Savings Bank’s Tom Leavitt appointed to VHFA’s Board of Commissioners
Governor Phil Scott has appointed Thomas S. Leavitt of Waterbury Center to VHFA's Board of Commissioners.
Leavitt, has been President and Chief Executive Officer of Northfield Savings Bank since 2014. Prior to Northfield Savings Bank, Leavitt was President and CEO of MountainOne Financial in North Adams, MA and before that he was on the senior management team of Merchants Bank in Vermont for 16 years.
He serves on the Boards of Norwich University Applied Research Institutes, ECHO Leahy Center for Lake Champlain, and the Flynn Center. He is an active member of the Vermont Financial Literacy Commission.
VHFA’s down payment assistance program funded by Union Bank
This morning Union Bank funded nearly $600,000 of Vermont Housing Finance Agency’s (VHFA) highly successful “ASSIST” down payment assistance program. By purchasing Vermont Affordable Housing Credits for the past three years, Union Bank has helped nearly 500 Vermont households buy their first homes.
Interested buyers who qualify for a VHFA mortgage can receive up to $5,000 in the form of a no-interest second mortgage to help with down payment and closing costs. The down payment assistance requires no monthly payments, with repayment to VHFA due only when the home is sold or refinanced. VHFA uses repayments to continue funding the program for future homebuyers.
VHFA announces the promotion of Kim Roy to Director of Multifamily Asset Management and Compliance
Executive Director Sarah Carpenter announced Kim Roy has been promoted to Director of Multifamily Asset Management and Compliance at VHFA. She began her career at the Agency in 1989 in the Communication’s Department and has held a variety of positions with VHFA. Kim most recently served as Assistant Director of Multifamily Programs. She will take over department leadership from recently retired Sam Falzone. “Kim has been a long-term, dedicated employee of VHFA for 28 years and we are so pleased she is taking on this new role.” said Sarah Carpenter, VHFA’s Executive Director.
New England Federal Credit Union gives $1 million for affordable housing
New England Federal Credit Union (NEFCU) President/CEO John J. Dwyer, Jr. announced today a $1 million grant from NEFCU to Vermont Housing Finance Agency (VHFA) to address the critical need for affordable housing. The money will be awarded by VHFA over the coming year to several housing developments that have funding shortfalls.