VHFA has released its first annual report for the Vermont Housing Investment Fund (VHIF). VHFA established the fund in 2020 in recognition of a growing need for more flexible financing opportunities for affordable housing development. VHIF investments are intended to fill gaps in project budgets, allowing worthwhile housing projects to move forward despite complex and changing development conditions.
The fund has raised over $9 million in public and private capital. The annual report highlights the contributions and leadership of the Vermont Community Foundation (VCF), New England Federal Credit Union (NEFCU), the Federal Home Loan Bank (FHLB) of Boston, and the recent $4 million award from the Capital Magnet Fund of the U.S. Treasury. VHFA will continue partnering with funders, particularly non-traditional housing investors, to expand the impact of the VHIF for years to come.
To date, $2.8 million in VHIF awards has supported 12 multifamily developments across the state. This investment has or will help to build 233 new apartments and rehabilitate and preserve 121 existing affordable units. 85% of these homes will support Vermonters earning 60% of area median income (AMI) or less, including 56 homes for households at risk of or experiencing homelessness.
VHFA will continue to award VHIF funds to eligible housing development projects. Developers interested in applying for VHIF awards and investors interested in the fund can reach out to [email protected] for more information.