Press Releases

When Kimberly Edgar was unable to work due to COVID-19, the new Mortgage Assistance Program offered her a path for keeping her home in Brattleboro. Funded by the federal CARES Act, the program provides qualified Vermont homeowners with grants for up to six months of overdue mortgage and property tax payments.

Vermont’s new Mortgage Assistance Program was announced today to help low-income homeowners who have fallen behind on their mortgage and are facing economic hardship brought on by the COVID-19 pandemic. The program will provide up to three monthly mortgage payments directly to the servicer of the mortgage with a goal of preventing future foreclosure. Administered by Vermont Housing Finance Agency (VHFA) with $5 million of the funding provided to Vermont through the federal CARES Act, the program is available to any homeowner who meets the eligibility criteria, and is not just for VHFA borrowers. 

Until the recent COVID-19 restrictions, the number of Vermont homes used as short-term rentals has ticked up each year, according to a recent analysis by Vermont Housing Finance Agency. In a typical month last year, about 8,000 homes were listed as short-term rentals across the state. Largely located in towns located near Vermont ski areas, homes rented for short-term stays comprise about 2.5% of the state’s total housing stock, according to data from AirDNA, a service that aggregates listings from Airbnb, VRBO, and other popular short-term rental companies.    

The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced yesterday that its annual allocation of federal housing tax credits will support the development of 130 permanently affordable apartments in five communities across the state.

In response to the Coronavirus pandemic, Vermont Housing Finance Agency (VHFA) announced today the award of $100,000 in grants to the state’s nonprofit housing providers and public housing agencies. Another $20,000 will be donated to Vermont-based 501(c)(3) nonprofit organizations selected by VHFA’s 38 staff members. 

This week marked VHFA’s offering of the lowest interest rates in the agency’s history for Vermont homebuyers. Rates as low as 3.0% became available on 30-year mortgages made through VHFA’s programs, available exclusively through its statewide network of participating lenders.

“This rate helps us extend the dream of homeownership to more people than ever before,” said VHFA Executive Director Maura Collins. “Every quarter point we can lower interest rates puts the monthly payment on a typical Vermont home within the range affordable for more potential first-time home buyers.

Strong financial performance contributed to a rating upgrade from AA to AA+ for Vermont Housing Finance Agency (VHFA)'s multiple purpose bonds from Fitch Ratings last week. AA+ is the second highest possible rating from Fitch. The rating applies to all outstanding long-term debt under the multiple purpose program and should help lower the cost of affordable housing financing through VHFA.

Executive Director Maura Collins announced that Vermont Housing Finance Agency (VHFA) has selected Eric Hoffman of Essex Junction as its new Manager of Business Development – Homeownership.

Hoffman comes to VHFA from Champlain Housing Trust, where he served the community for more than five years as a Home Education Counselor helping Vermonters gain access to safe and affordable housing. He holds a law degree from Golden Gate University School of Law in San Francisco. Hoffman briefly practiced real estate law in Vermont before entering the non-profit sector. He currently holds a part-time professorship at Champlain College where he teaches real estate law.

Executive Director Maura Collins announced that Vermont Housing Finance Agency (VHFA) has selected Chris Flannery  as its new Chief Financial Officer (CFO), following an extensive national search. Flannery comes to VHFA from Oak Ridge Financial in Minneapolis, where he served as Managing Director, Structured Finance.

Prior to working at Oak Ridge, Flannery served as VHFA’s Financial Advisor from 2005 to 2017 while working at Piper Jaffray in Minneapolis. In this role he advised VHFA and several other state housing finance agencies, on bond structures, capital market opportunities, and more.