Vermont Housing Finance Agency (VHFA) joined Representative Peter Welch in South Burlington yesterday to announce a $4 million award from the federal government that will support the development of over 300 affordable apartments across Vermont over a three-year period.
Press Releases
Seth Leonard selected for the Center for Community Investment’s Fulcrum Fellowship
Vermont Housing Finance Agency (VHFA) is pleased to announce that Seth Leonard, VHFA Managing Director of Community Development, has been selected for the Fulcrum Fellowship of the Center for Community Investment (CCI) at the Lincoln Institute of Land Policy.
Tax credits combine with pandemic relief funds to support affordable Vermont apartments
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced this week that its annual award of federal housing tax credits will support the construction of 109 permanently affordable apartments in five communities across the state. The sale of this year’s tax credits to investors is expected to yield nearly $25 million in funding, which will cover an estimated 55 percent of total project development costs.
Vermont's housing funders will be able to leverage the impact of the tax credits and overcome pandemic-related increases in the cost of development by pairing the credits with an estimated $11.6 million in funding from the federal American Rescue Plan Act (ARPA), awarded through the Vermont Housing & Conversation Board.
Governor Scott announces new Homeowner Assistance Program to help keep homeowners housed
Governor Scott announces a new grant program, the Homeowner Assistance Program (HAP), which will help Vermont homeowners facing pandemic hardships. The program will be managed through the Vermont Housing Finance Agency (VHFA) and is now accepting applications. The program, funded by $50 million from the federal American Rescue Plan Act, will provide grants of up to $30,000 per household towards overdue mortgage payments, utility bills, property taxes, and property association charges. VHFA anticipates that the program will run for multiple years to help reduce the long-term risk of foreclosure and home loss due to the pandemic.
Federal tax credits awarded to build affordable apartments in five Vermont towns
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced last week that its annual allocation of federal housing tax credits will support the construction of 105 permanently affordable apartments in five communities across the state. The sale of the credits is expected to yield over $26 million in funding, which will cover over 60 percent of total development costs. The program is the largest single funding source for affordable housing development in Vermont.
“The federal housing tax credit program is an absolutely vital resource that has proven to be an exceptional tool for addressing Vermont’s shortage of affordable rental housing,” said Senator Patrick Leahy. "It’s critical we expand it to help Vermont recover from the pandemic.”
Vermont’s COVID Emergency Mortgage Assistance Program re-opens next week
The Vermont program that helps homeowners who have fallen behind on their mortgage or property taxes during the COVID-19 pandemic will re-open on Monday, May 3, 2021. The Mortgage Assistance Program will provide grants covering up to 12 months of past due mortgage payments and property taxes for eligible homeowners.
Funded through the federal CARES Act, the program operated first in July through December 2020, providing 636 Vermont households with grants averaging $6,000. With average monthly mortgage payments of $1,200, most of these households owed three months or more of payments and the majority were in a forbearance.
Congress expands access to affordable housing
The Congressional omnibus spending bill, passed at the end of December, had several key housing provisions, including emergency rental assistance and an extension of the period to use federal CARES Act funds. One key inclusion was a permanent minimum 4 percent rate for Housing Credit developments, which could offer nearly $7 million in additional funding for affordable housing projects in Vermont in the next three years alone.
VHFA Executive Director Maura Collins appointed to two new housing boards
Vermont Housing Finance Agency (VHFA) Executive Director Maura Collins was recently appointed to the National Council of State Housing Agencies (NCSHA) Board and Federal Home Loan Bank of Boston (FHLB) Advisory Council. These two organizations play a key role in shaping housing finance policy in New England and beyond.
Energy and housing leaders applaud Governor Phil Scott’s investment in weatherization
Administration proposal lays groundwork to improve home affordability, lower energy costs, and reduce greenhouse gas emissions across Vermont
Energy and housing leaders applauded Governor Phil Scott’s announcement today in his budget address to invest $25 million in weatherization, which will be leveraged to generate $68 million for projects across the state. Especially for low- and moderate-income Vermonters, weatherization makes housing more affordable by improving the energy efficiency of a home or building. The result is improved health of residents, greater comfort from cold and heat, reduced energy costs, and lower carbon emissions.
VHFA's Seth Leonard receives Rising Star award
Burlington, VT – Vermont Housing Finance Agency’s Seth Leonard of Winooski was named one of Vermont Business Magazine’s (VBM) Rising Stars. These awards honor 40 individuals under the age of 40, chosen for their commitment to business growth, professional excellence, and their overall contributions to the Vermont economy and their communities.
Seth is VHFA’s Managing Director of Community Development, overseeing rental housing development, asset management and compliance, as well as research, policy and communication.
“Seth is a dynamic young leader who uses innovation and partnerships to create and preserve much-needed affordable, safe homes across the state,” commented Maura Collins, VHFA’s Executive Director.