VHFA News https://www.vhfa.org/ en VHFA is Hiring! https://www.vhfa.org/news/blog/vhfa-hiring-13 <div property="content:encoded" class="article__body"><p><em>The <strong>Research and Communications Coordinator</strong> will collect data and conduct analysis of VHFA programs, general housing market, statewide housing needs, and community development research for use by VHFA staff, management, Board, and for external stakeholders.  This position will also ensure content is accessible through VHFA's core information platforms for internal and external use. This role includes developing and updating Agency-wide data, promoting the Agency’s programs and policies, creating informational tools for Vermont communities and policy makers, conducting research, writing reports, press releases, and social media posts as needed. </em></p> <p><em>The </em><strong><em>Community </em></strong><strong><em>Development Underwriter</em></strong><em> is responsible for comprehensive analysis of prospective multifamily housing and single family developments being considered for VHFA financing, tax credits, and other financing and special initiatives; underwrites Housing Credit applications and assists in the development of loan and Housing Credit policies and procedures and the administration of Federal and State Housing Credit Programs; assists the Director of Development in the administration of Development programs; serves as a high level resource for pertinent research and training of federal regulations, VHFA statutory requirements, and Multifamily rules and underwriting guidelines. </em></p> <p><em> </em>VHFA is an equal opportunity employer and is committed to a diverse workplace. We highly encourage women, persons with disabilities, and people from diverse racial, ethnic and cultural backgrounds to apply. </p> <p>For more information please visit the employment section of our website at:</p> <p><a href="https://vhfa.org/about/staff/employment">Careers | VHFA.org - Vermont Housing Finance Agency</a></p></div> Thu, 01 Dec 2022 17:17:48 +0000 Robert Bishop 15211 at https://www.vhfa.org Vermont begins Analysis of Impediments to Fair Housing Choice https://www.vhfa.org/news/blog/vermont-begins-analysis-impediments-fair-housing-choice <div property="content:encoded" class="article__body"><p>Equal access to residential housing (i.e. housing choice) is a fundamental right that is critical to personal, professional, and community development. If equal opportunity is to become a reality, fair housing is a goal that public officials and private citizens must embrace.</p> <p>To that end, the State of Vermont is planning a comprehensive Analysis of Impediments to Fair Housing Choice (AI) to further the goal of fair housing and satisfy requirements of the Housing and Community Development Act.</p> <p>A preliminary <a href="https://forms.office.com/pages/responsepage.aspx?id=O5O0IK26PEOcAnDtzHVZxrruPDgBKXZHqcdE8ZvaAexUQTMzQzRFN0ZYMEdVWTVTSThCTU5HQUpHOC4u">survey is underway</a> to collect input of housing &amp; nonprofit professionals across the state. </p> <p>Broader community outreach efforts are being planned for the upcoming months. Please contact Jayme Bauer at <a href="mailto:jayme.bauer@vermont.gov" target="_blank">jayme.bauer@vermont.gov</a> for more information and/or to discuss having your community’s voices heard.</p> <p>If you or someone you know has experienced housing discrimination, Vermont Legal Aid and the Fair Housing Project (CVOEO) provide relevant information in multiple languages and links to file complaints:</p> <ul><li><a href="https://link.edgepilot.com/s/2da21148/YrIfmqNQu024Zw_A2mzdKQ?u=https://vtlawhelp.org/discriminationfair-housing" target="_blank">https://vtlawhelp.org/discriminationfair-housing</a></li> <li><a href="https://link.edgepilot.com/s/06b85fb3/Flc3AbsMoUWnjDjC77cPFw?u=https://vtlawhelp.org/what-do-after-housing-discrimination" target="_blank">https://vtlawhelp.org/what-do-after-housing-discrimination</a></li> <li><a href="https://link.edgepilot.com/s/900bbdf9/Ov1SCQ3V50GBKW74tBBDQQ?u=https://www.cvoeo.org/get-help/fair-housing-and-discrimination" target="_blank">https://www.cvoeo.org/get-help/fair-housing-and-discrimination</a></li> </ul></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Fair%20Housing%20Month_0.png?itok=AAFmWCHb" width="480" height="303" alt="VT begins analysis of impediments to fair housing month" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 21 Nov 2022 21:51:19 +0000 Leslie Black-Plumeau 15205 at https://www.vhfa.org Kathy Beyer selected as 2022 Vermont Housing Hero https://www.vhfa.org/news/blog/kathy-beyer-selected-2022-vermont-housing-hero <div property="content:encoded" class="article__body"><p>On November 16<sup>th</sup>, the <a href="https://conference.vhfa.org/web/event?eventid=2138816763">Vermont Statewide Housing Conference</a> recognized Kathy Beyer's enormous contributions to housing lower income Vermonters by selecting her for this year’s Housing Hero award.  Currently serving as Senior Vice President for Real Estate Development at Evernorth, Beyer has had a long career both as developer and advocate, helping to generate hundreds of permanently additional affordable apartments across the state.</p> <p>The award was presented by Sarah Phillips, Director of the Office of Economic Opportunity in Vermont’s Department for Children and Families. “Kathy has used her knowledge and expertise from the field to advocate for changes in policy which have made a key difference for people and communities,” Phillips said.</p> <p>Identifying a Vermont Housing Hero has been a long-standing component of the biennial statewide conference that took place last week at the Hilton Burlington. With record-high registrations of 450 housing professionals and advocates, the conference featured national zoning expert Sara Bronin, followed by a day of break out sessions and networking opportunities focused on what each one of us can do to help solve the housing crisis. By bringing Vermonters with common goals but access to different types of levers affecting housing affordability together, conference planners sought to maximize its impact on the state’s severe housing needs. </p> <p>Last week’s conference and the selection of the Housing Hero were guided by representatives from 17 statewide agencies with links to housing during a 6-month planning process.</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Housing%20Hero.png?itok=hO4in7Gz" width="480" height="402" alt="Kathy-Beyer" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Sun, 20 Nov 2022 19:07:06 +0000 Leslie Black-Plumeau 15204 at https://www.vhfa.org VT DHCD sponsors Statewide Housing Conference https://www.vhfa.org/news/blog/vt-dhcd-sponsors-statewide-housing-conference <div property="content:encoded" class="article__body"><p>The Vermont Department of Housing and Community Development (DHCD) is our newest Diamond level sponsor of the <a href="https://conference.vhfa.org/" target="_blank">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event next week on November 16th at the Hilton Burlington. </p> <p>The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. This exciting event would not be possible without sponsors like the <a href="https://accd.vermont.gov/housing">Department of Housing and Community Development</a>.</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Conference%20sponsor%20blog%20post%20%285%29.png?itok=4V0oj4UG" width="480" height="302" alt="DHCD Sponsor Blog Post" title="DHCD Sponsor Blog Post" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 10 Nov 2022 16:24:45 +0000 Mia Watson 15200 at https://www.vhfa.org VHFA’s Steve Gronlund retires, Robert Bishop named new Director of Human Resources https://www.vhfa.org/news/blog/vhfas-steve-gronlund-retires-robert-bishop-named-new-director-human-resources <div property="content:encoded" class="article__body"><p>Steve Gronlund, a long-time Shelburne resident, has worked at the VHFA for close to 8 years.  During his time with the VHFA, Gronlund worked to help guide the agency through the pandemic as well as new initiatives such as the establishment of a Diversity, Equity, and Inclusion (DEI) program.  Additionally, Gronlund managed VHFA’s excellent compensation and benefits package, ensuring that all staff and their families were taken care of.</p> <p>VHFA's Executive Director Maura Collins stated "I am very excited for Steve; however, he will be greatly missed here at the VHFA. His positive attitude and dedication to our staff have helped make our organization a great place to work.  All of us at the VHFA wish him the very best in his well deserved retirement".</p> <p>Robert Bishop has stepped into the Director of HR role after moving to Vermont from Western Massachusetts where he served as Personnel Director for the City of Westfield.  A Veteran of the US Army, Bishop is excited to join the VHFA team, working to advocate and provide for every employee while continuing to ensure that the VHFA remains one of the best places to work in Vermont.</p> <p>VHFA is a non-profit agency created in 1974 by the Vermont Legislature to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped approximately 29,000 Vermont households with affordable mortgages and financed the development of approximately 8,800 affordable rental apartments.</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Gronlund-Bishop.jpg?itok=rinsG6mV" width="480" height="325" alt="photo" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 09 Nov 2022 12:05:53 +0000 Robert Bishop 15188 at https://www.vhfa.org New First Generation Homebuyer Program Available https://www.vhfa.org/news/blog/new-first-generation-homebuyer-program-available <div property="content:encoded" class="article__body"><p>BURLINGTON, VT. Vermont Housing Finance Agency (VHFA) announces the launch of the First Generation Homebuyer Program, with a goal of helping more Vermonters afford their first home. This program provides a grant to eligible homebuyers whose parents or legal guardians were likely unable to pass on the generational wealth homeownership can provide. </p> <p>"Owning a home stabilizes our families and our communities, and this is an important step toward making homeownership available to all Vermonters,” said State Senator Kesha Ram Hinsdale who introduced the initiative. </p> <p>The Governor signed the bill into law during a ceremony this summer. “By putting funding into the hands of Vermonters who have been left out of homebuying opportunities and seeking to buy their first home, we are increasing housing affordability and supporting long-term wealth generation,” said Governor Phil Scott. This pilot program is modeled after a federal proposal and provides a $15,000 grant for down payment and closing cost assistance. To be eligible, all borrowers and non-borrowing spouses must be true first-time homebuyers.  In addition, the parents or legal guardians of one borrower may not currently own a home, or one borrower has been placed in foster care at any time in their life. Other credit, income, asset, and property eligibility requirements apply. </p> <p>All Vermonters who meet the eligibility requirements are encouraged to apply. The Vermont law enacting this program places specific emphasis on marketing and outreach to organizations and agencies that serve and represent Black, Indigenous and Persons of Color. </p> <p>“While this program is not limited to People of Color, we know that three times as many white-led households own their homes compared to Black-led households,” remarked Maura Collins, VHFA's Executive Director. “By aiming to serve those who may not have access to the kind of generational wealth that homeownership creates, we hope this program can play a role in addressing that gap,” she added. </p> <p>"It's clear that one way to rectify some of our discriminatory policies of the past is to provide opportunities and access to homeownership for all. VHFA has worked with those affected communities to use funds for this purpose in a way that will build a program that is fair and sustainable. I'm proud of the Legislature for our deliberative work, and of VHFA for their creativity and perseverance in crafting this program,” said State Representative Tom Stevens, Chair of the House Committee on General, Housing, and Military Affairs. </p> <p>“VHFA is engaged in an inclusive process to develop an equitable and racially responsive approach that will increase the likelihood that prospective homebuyers from racially disenfranchised groups know about and have access to this opportunity. I have been pleased by the eagerness and desire to learn demonstrated by VHFA’s lending partners who are part of this pilot program,” adds Tabitha Moore, owner and principal consultant of Intentional Evolution Consulting, LLC, who is assisting VHFA with this program. </p> <p>The First Generation Homebuyer Program is available exclusively for people using a VHFA mortgage through one of the following participating pilot lenders: Academy Mortgage Company, Fairway Mortgage Company, Heritage Family Credit Union, M&amp;T Bank, National Bank of Middlebury, New England Federal Credit Union, Opportunities Credit Union, Peoples Trust Company, Union Bank, Vermont Federal Credit Union. </p> <p>Interested homebuyers should start by visiting <a href="https://vhfa.org/homebuyers/First-Generation-Homebuyer-Grant-Program">vhfa.org/firstgen</a> or by contacting a VHFA First Generation Homebuyer Program participating lender directly to ask if they qualify. </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/First%20Gen%20Logo%20PNG.png?itok=eAd5DHAX" width="480" height="240" alt="First Generation Homebuyer Program" title="First Generation Homebuyer Program" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 07 Nov 2022 14:33:16 +0000 Chad Simmons 15192 at https://www.vhfa.org Winooski Housing Authority sponsors Statewide Housing Conference https://www.vhfa.org/news/blog/winooski-housing-authority-sponsors-statewide-housing-conference-1 <div property="content:encoded" class="article__body"><p>Winooski Housing Authority is our newest Platinum level sponsor of the <a href="https://conference.vhfa.org/" target="_blank">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event on November 16th at the Hilton Burlington. </p> <p>The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. This exciting event would not be possible without sponsors like <a href="http://www.winooskihousing.org/">Winooski Housing Authority</a>.</p> <p>Conference registration is still open! <a href="https://conference.vhfa.org/web/event?eventid=2138816763">Register today</a> to to advantage of the opportunity to network, learn, and be inspired about housing in Vermont.</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Conference%20sponsor%20blog%20post%20%284%29_0.png?itok=wN1M1M6g" width="480" height="302" alt="Winooski Housing Authority conference sponsor" title="Winooski Housing Authority" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Fri, 04 Nov 2022 14:03:53 +0000 Mia Watson 15189 at https://www.vhfa.org Olivia Lavecchia joins the VHFA as Vermont Housing Fellow https://www.vhfa.org/news/blog/olivia-lavecchia-joins-vhfa-vermont-housing-fellow <div property="content:encoded" class="article__body"><p>University of California - Berkely graduate student Olivia Lavecchia (she/her) has been named the Fall 2022 Vermont Housing Fellow. The Vermont Housing Fellowship program is intended to provide the Fellow with valuable experience aiding her professional development. Lavecchia will receive a financial stipend to conduct housing research and help update information on VHFA’s Housing Data website (<a href="http://www.housingdata.org">www.housingdata.org</a>).</p> <p>Lavecchia is pursuing a Masters Degree in City Planning at University of California - Berkely. She has previously interned at a California-based affordable housing developer.  Lavecchia has strong ties to Vermont through her family as well as working in the Burlington Mayor’s Office where she worked as a communications coordinator and managed special projects. </p> <p>The goal of the Vermont Housing Fellow program is to cultivate interest among graduate students in Vermont-based affordable housing careers with a specific goal of growing the diversity of experiences and perspectives used when thinking about housing needs. The program provides students in Vermont and beyond with the opportunity to relate knowledge gained in the classroom to practical, real-world settings.  The Agency plans to appoint a new student to the fellowship each semester. </p> <p>VHFA is currently accepting applications for the fellowship for the Spring semester of 2023. Please contact VHFA’s Human Resources Director Robert Bishop (<a href="mailto:rbishop@vhfa.org">rbishop@vhfa.org</a>) for more information. Candidates must be graduate students enrolled in an accredited program. Internship course credits may be available through his or her university or through the University of Vermont’s Public Administration program. For information about University of Vermont credits, please contact Julie Starr at <a href="mailto:jstarr2@uvm.edu">jstarr2@uvm.edu</a>.</p> <p>For more information on the VHFA Housing Fellowship Program, please visit:</p> <p><a href="https://www.vhfa.org/about/housing-fellow-program">https://www.vhfa.org/about/housing-fellow-program</a></p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/For-VHFA-News.JPG?itok=wY-FHATm" width="471" height="312" alt="Olivia Lavecchia" title="Olivia Lavecchia" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 31 Oct 2022 10:55:19 +0000 Robert Bishop 15187 at https://www.vhfa.org Regular registration ends this week for Statewide Housing Conference https://www.vhfa.org/news/blog/regular-registration-ends-week-statewide-housing-conference <div property="content:encoded" class="article__body"><p>Don't miss the final week of regular registration for the November 16th <a href="https://conference.vhfa.org/web/event?eventid=2138816763">Vermont Statewide Housing Conference</a>. As of Monday, November 7th, on-line registrations will be available only on a limited basis.   </p> <p>Taking place shortly after the midterm and statewide elections, the conference will help answer your questions about how election results will affect housing in Vermont. A legislative breakfast reception will facilitate networking with state legislators as well as staff from the offices of Vermont's federal legislators. Later, keynote speaker Sara Bronin, the founder of DesegregateCT, will describe the movement toward a National Zoning Atlas and Washington insider Jennifer Schwartz from the National Council of State Housing Agency will discuss the rising costs of housing development and federal opportunities during the lame duck session in an afternoon break-out session.</p> <p>The theme of the 2022 Statewide Housing Conference is "What YOU can do to help solve the housing crisis."  By bringing Vermonters with common goals but access to different types of levers affecting housing affordability together, conference planners are seeking to maximize its impact. </p> <p>With vacancy rates near zero and home prices rising even faster than in prior years, many Vermont communities and residents are looking for ways to help. In response, the conference will feature strategies to connect attendees with the information, people and tools they need to tackle tough housing problems. Conference attendees will learn how to avoid "recreating the wheel" and to collaborate effectively through goal setting and by engaging with others who have access to needed resources and information.   </p> <p>Throughout the day, Kerry Secrest of Watershed Coaching and other conference speakers will offer tools to help participants make the most of their conference experience and turn inspiration into action. Check out the <a href="https://conference.vhfa.org/web/event?eventid=2138816763">conference agenda to learn more and register</a>.    </p> <p> </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Capture_2.JPG?itok=VQv7Zn1U" width="480" height="341" alt="housing-levers" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Fri, 28 Oct 2022 22:43:53 +0000 Leslie Black-Plumeau 15186 at https://www.vhfa.org CohnReznick sponsors Statewide Housing Conference https://www.vhfa.org/news/blog/cohnreznick-sponsors-statewide-housing-conference-0 <div property="content:encoded" class="article__body"><p>CohnReznick, LLP is our newest Platinum level sponsor of the <a href="https://conference.vhfa.org/" target="_blank">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event on November 16th at the Hilton Burlington. </p> <p>The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. This exciting event would not be possible without sponsors like <a href="https://www.cohnreznick.com/">CohnReznick</a>.</p> <p>Conference registration is still open! <a href="https://conference.vhfa.org/web/event?eventid=2138816763">Register today</a> to to advantage of the opportunity to network, learn, and be inspired about housing in Vermont.</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Conference%20sponsor%20blog%20post%20%282%29_0.png?itok=6Q66COxB" width="480" height="302" alt="CohnReznick Platinum Sponsor" title="CohnReznick Platinum Sponsor" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Fri, 28 Oct 2022 12:17:11 +0000 Mia Watson 15183 at https://www.vhfa.org Did Vermont's population jump in 2020? https://www.vhfa.org/news/blog/did-vermonts-population-jump-2020 <div property="content:encoded" class="article__body"><p>According to the Census Bureau's 2020 count, <a href="https://www.housingdata.org/profile/population-household/population">17,336 more people</a> and <a href="https://www.housingdata.org/profile/population-household/households-by-tenure">15,448 more households</a> considered Vermont their primary home than in 2010, despite earlier predictions of near zero growth in the statewide tally. This was almost certainly the result of the COVID-19 pandemic that abruptly shifted the way we lived and worked in 2020. </p> <p>Although detailed 2020 Census counts are not available yet, we do know that the<a href="https://vhfa.org/news/blog/understanding-vermont-vacant-homes"> number of homes used seasonally</a> (or vacant for other reasons) had fallen significantly in 2020 relative to a decade earlier. </p> <p>Taking a shorter look back to 2019 suggests that Vermont experienced an increase in the number of households who considered Vermont their primary residence by 2020 that was accompanied by an almost as large drop in the number of Vermont homes considered seasonal. Roughly 12,000 more households in 2020 reported their Vermont home as their primary home compared to a year earlier. Meanwhile, the number of homes used only seasonally in Vermont fell by about 9,000 in 2020.</p> <p>Although we know that some people migrated to Vermont during the pandemic, it's likely that some of Vermont's recent growth is a result of a shift in the way some property owners used their Vermont home. It appears that some owners who pre-pandemic used their Vermont home only seasonally began to consider it their primary home once the pandemic hit. </p> <p> </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Capture_1.JPG?itok=EtFL6qIH" width="480" height="403" alt="graph" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 26 Oct 2022 16:24:02 +0000 Leslie Black-Plumeau 15182 at https://www.vhfa.org Mutual of America sponsors Statewide Housing Conference https://www.vhfa.org/news/blog/mutual-america-sponsors-statewide-housing-conference-0 <div property="content:encoded" class="article__body"><p>Mutual of America Financial Group is our newest Platinum level sponsor of the <a href="https://conference.vhfa.org/" target="_blank">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event on November 16th at the Hilton Burlington. </p> <p>The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. It offers a unique opportunity to network, learn, and be inspired about housing in Vermont. This exciting event would not be possible without sponsors like <a href="https://www.mutualofamerica.com/">Mutual of America</a>.</p> <p>Sponsorship opportunities are still available for a limited time only! <a href="https://vhfa.org/conference-sponsor-registration" target="_blank">Sign up to sponsor</a> this event now to get free conference registrations, an exhibit table, and many marketing benefits. <a href="https://vhfa.org/sites/default/files/Conference-Sponsor-Benefits.pdf" target="_blank">Learn more about sponsorship benefits online</a>. </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Conference%20sponsor%20blog%20post%20%281%29_0.png?itok=YU3WOJqz" width="480" height="302" alt="Mutual of America housing conference sponsor " title="Mutual of America" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 20 Oct 2022 19:26:55 +0000 Mia Watson 15179 at https://www.vhfa.org Do you know a Housing Hero? https://www.vhfa.org/news/blog/do-you-know-housing-hero-0 <div property="content:encoded" class="article__body"><p>This is the final week to submit a nomination to the <a href="https://www.vhfa.org/conference/">Vermont Statewide Housing Conference</a> for the 2022<a href="https://www.vhfa.org/form/housing-hero"> Housing Hero Award</a>. Recipients will be announced during the conference on November 16, 2022.</p> <p>Since 2002, the Vermont Statewide Housing Conference has recognized individuals through this award whose leadership, vision and actions have brought about positive and lasting change in the way their community or the state regards housing. Nominees should exemplify commitment to expanding opportunities for decent, safe and affordable housing for all Vermonters, an outstanding record of leadership, commitment to public service in Vermont, vision to recognize current housing challenges and create innovative solutions, and the ability to bring Vermonters together towards shared housing goals.</p> <p>Previous winners include Gisele Kloeckner, Hilary Melton, Governor Madeleine Kunin, Melinda Bussino and Michael Richardson. </p> <p>Visit the <a href="https://conference.vhfa.org">Vermont Statewide Housing Conference website</a> to <a href="https://www.vhfa.org/form/housing-hero">submit a nominee</a> by October 21. Questions? Contact us at <a href="mailto:conference@vhfa.org">conference@vhfa.org</a>. </p> <p> </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/hero_new_0.png?itok=jr2Sx7Px" width="480" height="221" alt="Housing hero" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 17 Oct 2022 19:13:35 +0000 Leslie Black-Plumeau 15177 at https://www.vhfa.org Early bird rate extended for VT Statewide Housing Conference registration https://www.vhfa.org/news/blog/early-bird-rate-extended-vt-statewide-housing-conference-registration-0 <div property="content:encoded" class="article__body"><p>Great news!  The deadline for grabbing the early bird registration rate for the <a href="https://conference.vhfa.org/web/event?eventid=2138816763">Vermont Statewide Housing Conference</a> has been extended until <strong>Friday, October 14</strong>. </p> <p>For 20 years, this conference has been Vermont's largest affordable housing gathering. Held the week after the election, it's a great place to discuss the election's impacts on housing, learn from experiences in communities in every corner of the state and meet practitioners from the many sectors affecting housing affordability.  </p> <p>Thanks to the amazing Conference Planning Committee (list below), there's an <a href="https://www.vhfa.org//sites/default/files/Schedule-at-a-glance.pdf">exciting line-up of activities</a> so <a href="https://conference.vhfa.org/web/event?eventid=2138816763">register today!</a> <a href="https://conference.vhfa.org/web/event?eventid=2138816763"><img alt="Conference schedule" data-entity-type="" data-entity-uuid="" src="https://www.vhfa.org//sites/default/files/Conf-agenda_1.JPG" /></a></p> <p> </p> <p><strong>Vermont Statewide Housing Conference Planning Committee</strong></p> <p> </p> <p>Evernorth, NAACP Windham County, Thriving Communities/Fair Housing Project of CVOEO, USDA Rural Development (USDA RD), Vermont Affordable Housing Coalition (VAHC), Vermont Agency of Human Services (AHS), Vermont Association of Planning and Development Agencies (VAPDA), Vermont Board of Realtors, Vermont Coalition to End Homelessness, Vermont Council on Rural Development (VCRD), Vermont Department of Housing and Community Development (DHCD), Vermont Home Builders &amp; Remodelers Association, Vermont Housing &amp; Conservation Board (VHCB), Vermont Housing Finance Agency (VHFA), Vermont League of Cities and Towns (VLCT), Vermont Office of Racial Equity, Vermont State Housing Authority (VSHA)</p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Copy%20of%20Conference%20Social%20Post.png?itok=C2H77x36" width="480" height="402" alt="Housng Conference Early Bird Registration extended" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Tue, 11 Oct 2022 13:15:20 +0000 Leslie Black-Plumeau 15174 at https://www.vhfa.org Morgan Stanley sponsors Statewide Housing Conference https://www.vhfa.org/news/blog/morgan-stanley-sponsors-statewide-housing-conference-1 <div property="content:encoded" class="article__body"><p>Morgan Stanley is our newest Platinum level sponsor of the <a href="https://conference.vhfa.org/" target="_blank">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event on November 16th at the Hilton Burlington. </p> <p>The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. It offers a unique opportunity to network, learn, and be inspired about housing in Vermont. This exciting event would not be possible without sponsors like <a href="https://www.morganstanley.com/">Morgan Stanley</a>.</p> <p>Sponsorship opportunities are still available for a limited time only! <a href="https://vhfa.org/conference-sponsor-registration" target="_blank">Sign up to sponsor</a> this event now to get free conference registrations, an exhibit table, and many marketing benefits. <a href="https://vhfa.org/sites/default/files/Conference-Sponsor-Benefits.pdf" target="_blank">Learn more about sponsorship benefits online</a>. </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Morgan%20Stanley.png?itok=Fs7L_k17" width="480" height="302" alt="Morgan Stanley Conference Sponsor" title="Morgan Stanley Conference Sponsor" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 06 Oct 2022 18:18:02 +0000 Mia Watson 15171 at https://www.vhfa.org Last week for early bird Vermont Statewide Housing Conference fee https://www.vhfa.org/news/blog/last-week-early-bird-vermont-statewide-housing-conference-fee-0 <div property="content:encoded" class="article__body"><p>Don't miss your chance to get the discounted early bird rate by registering for the <a href="https://conference.vhfa.org/web/event?eventid=2138816763">Vermont Statewide Housing Conference</a> by Friday, October 7.   </p> <p>This year’s conference will focus on what YOU can do to help solve the housing crisis. In addition to hearing from national and state leaders, this conference offers an exciting menu of specialized, interactive break-out sessions focusing on today's hot housing topics. Tools to help attendees turn inspiration into action will be integrated into the conference experience by executive coach Kerry Secrest of <a href="https://www.watershedcoachingllc.com/">Watershed Coaching Consulting</a>, LLC.   </p> <p>Check out the <a href="https://conference.vhfa.org/web/event?eventid=2138816763">conference website</a> for a full list of activities and register today!</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Picture1_0.jpg?itok=X2KUloVw" width="480" height="266" alt="Conference scrap book" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Tue, 04 Oct 2022 21:03:37 +0000 Leslie Black-Plumeau 15170 at https://www.vhfa.org Mia Watson promoted to Special Programs Manager https://www.vhfa.org/news/blog/mia-watson-promoted-special-programs-manager <div property="content:encoded" class="article__body"><p>Executive Director Maura Collins announced that Vermont Housing Finance Agency (VHFA) has promoted Mia Watson (she/her) of Essex Junction to the new role of Special Programs Manager.</p> <p>Watson has been at VHFA since 2017 as the Agency’s Research and Communications Coordinator. In this role, she developed and updated visualizations on the <a href="https://www.housingdata.org/">Vermont Housing Data website</a>, authored many agency publications including VHFA blog articles, press releases, social media and annual reports and operated the <a href="https://www.vhfa.org/about/housing-fellow-program">Vermont Housing Fellow program</a>, an internship program for graduate students. She has a Master’s in Public Administration from the University of Vermont. </p> <p>As VHFA’s new Special Programs Manager, Watson will replace Ken Pulido as the manager of the  <a href="https://vhfa.org/news/blog/energy-and-housing-leaders-applaud-governor-phil-scott-s-investment-weatherization">Weatherization Repayment Assistance Program (WRAP)</a>, a new program featuring an innovative payment mechanism to allow more Vermonters to participate in comprehensive home weatherization projects.  The Special Programs Manager role will also include management responsibilities for broader energy finance initiatives as well as other new program and projects including the <a href="https://www.vhfa.org/sites/default/files/publications/VHIF-Annual-Report-2022.pdf">Vermont Housing Investment Fund</a>.  </p> <p>"VHFA continues to build new programs to help provide more Vermonters with affordable, safe, energy-efficient homes," Collins remarked. "Mia’s deep understanding of VHFA’s programs and the housing market will be invaluable as we expand our impact while working collaboratively with new and existing partners in the energy and finance sectors.”</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Copy%20of%20New%20staff%20blog.jpg?itok=8Qpkn5_R" width="480" height="302" alt="Mia-Watson" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 03 Oct 2022 12:35:13 +0000 Leslie Black-Plumeau 15168 at https://www.vhfa.org Butternut Grove Condominiums Celebrated in Winooski https://www.vhfa.org/news/blog/butternut-grove-condominiums-celebrated-winooski <div property="content:encoded" class="article__body"><p>VHFA joined housing partners and residents on September 8 to celebrate the completion of Butternut Grove Condominiums in the heart of Winooski. Developed by <a href="https://www.getahome.org/" target="_blank">Champlain Housing Trust (CHT),</a> the newly constructed building offers 20 <a href="https://www.getahome.org/homes/" target="_blank">shared equity homes</a> starting at $143,500 for a 2 bedroom, 1.5 bath unit and up to $184,500 for a 3 bedroom 2.5 bath unit. All 20 condominiums have been purchased or are currently under contract and are affordable to buyers earning 100% of area median income, approximately $96,000 for a family of three in Chittenden County.  </p> <p>“These homes were built with more than concrete, wood, and steel. They were built with partnerships and through dedicated community development specialists leveraging state and federal resources in a way that has not been done in Vermont before, “ remarked Maura Collins, VHFA Executive Director.  </p> <p>The partnerships started when the City of Winooski donated the land on which the homes are sited to CHT, which brought the overall cost of the $7.8 million project down. Winooski Mayor Kristine Lott opened the celebration by acknowledging that the city is located within Ndakinna (in-DAH-kee-NAH), the homeland of the Western Abenaki people, and is named after the original Abenaki word ‘Winoskitekw’, or ‘onion land river’, in relation to the Winooski River in Vermont.  </p> <p>VHFA provided $1.3 million of state affordable housing tax credit equity to the development. Additional funding and loans came from Vermont Housing and Conservation Board, NeighborWorks America, and Housing Partnership Network. In addition, $1.5 million came from the New Market Tax Credit, which was used for the first time in Vermont for a homeownership project. Finally, downpayment assistance was offered by CHT as part of its <a href="https://www.getahome.org/homeownership-equity-program/" target="_blank">Homeownership Equity Program</a>, available to buyers who identify as Black, Indigenous, or People of Color.  </p> <p>The perpetual affordability of the homes comes at a time when <a href="https://www.vhfa.org/news/blog/rising-interest-rates-and-prices-decrease-home-affordability" target="_blank">home prices and mortgage interest rates are rising</a>, making homeownership even more out of reach for so many. “They could not come at a better time,” Collins exclaimed. “The region’s housing market has hit new affordability challenges in recent months. The median price of homes sold in Winooski climbed to $390,000 in the first 6 months of 2022 putting home ownership even further out of reach of many residents.” </p> <p>Butternut Grove homes are located near jobs, schools, community and health services, as well as recreational spaces, making this neighborhood well-sited for people to put down roots. </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Butternut-Maura.jpeg?itok=LdtG-MmJ" width="446" height="480" alt="Maura Collins - Butternut Grove Event" title="Maura Collins-Butternut Grove Event" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 26 Sep 2022 19:02:43 +0000 Chad Simmons 15165 at https://www.vhfa.org Sara Bronin, nation's expert on broad impacts of zoning, to keynote November Statewide Housing Conference https://www.vhfa.org/news/blog/sara-bronin-nations-expert-broad-impacts-zoning-keynote-november-statewide-housing <div property="content:encoded" class="article__body"><p>This year's <a href="https://conference.vhfa.org/web/event?eventid=2138816763">Vermont Statewide Housing Conference</a> on November 16, 2022 will feature keynote speaker <a href="https://sarabronin.com/">Sara Bronin</a>, a Mexican-American architect, attorney, professor, and policymaker whose interdisciplinary work focuses on how law and policy can foster more equitable, sustainable, well-designed, and connected places. Recently nominated by President Biden to chair the Advisory Council on Historic Preservation, Bronin's recent projects, which span topics from renewable energy to federalism, include the article <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3792544">Zoning by a Thousand Cuts</a> along with the <a href="https://www.zoningatlas.org/">National Zoning Atlas</a> and earlier <a href="https://www.desegregatect.org/">DesegregateCT</a> initiative.  </p> <p>At the November conference, Bronin will share evidence from her work and describe ways zoning data can better inform advocacy.  She will also explain how the National Zoning Atlas will help us understand zoning's relationship to housing affordability and diversity and offers new hope for the future.</p> <p>Registration for the conference at the special early bird rate is available through October 7. Visit the <a href="https://conference.vhfa.org/web/event?eventid=2138816763">conference</a> website for a full list of workshops and agenda items.</p> <p> </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Capture.JPG?itok=ST1kXSJY" width="480" height="404" alt="Sara Bronin" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Fri, 23 Sep 2022 15:51:35 +0000 Leslie Black-Plumeau 15163 at https://www.vhfa.org Pandemic help for Vermont homeowners remains available https://www.vhfa.org/news/blog/pandemic-help-vermont-homeowners-remains-available <div property="content:encoded" class="article__body"><p>The <a href="https://vermonthap.vhfa.org/">Vermont Homeowner Assistance Program (HAP)</a> will continue to provide federal grants into 2023 for overdue housing costs incurred by homeowners impacted by the pandemic.  Since the program launched in January 2022, homeowners with delinquent mortgage, property tax, utility and property association fee bills have applied for approximately half of the $50 million federal funding award to Vermont.  </p> <p>Administered by the Vermont Housing Finance Agency, HAP is expected to continue to accept applications and provide one-time grants of up to $30,000 on behalf of eligible homeowners through the spring of 2023, assuming demand remains consistent.  Another federally funded pandemic relief program, the Vermont Emergency Rental Assistance Program, recently announced a series of program changes as it nears the end of its federal fund allotment.  </p> <p>VHFA regularly monitors the volume of HAP applications submitted and paid and will stop taking applications once we determine we have received as many applications as can be funded.  If demand for HAP assistance increases  dramatically, such as a spike in overdue utility bills during the winter, VHFA will proactively notify state leaders, legislators, and the public through VHFA’s communication channels, including <a href="https://www.vhfa.org/news">VHFA News</a>, <a href="https://www.vhfa.org/news/HAF/subscribe">HAP News</a> and social media.</p> <p>During the program’s first nine months. HAP has paid overdue bills for 3,000 homeowners across the state who have faced economic hardship as a result of the COVID-19 pandemic.  </p> <p>“We’ve heard time and time again how critical support from HAP has been for neighbors hit hard by the unprecedented blows of the past few years,” explained VHFA Executive Director Maura Collins.  Homeowners helped by the program have an average income of $34,000 and have received median grants of $2,700 to help them avoid foreclosure, utility shut-offs, tax sales and to stabilize their finances. Check out this <a href="https://www.vhfa.org//sites/default/files/comments.pdf">pictochart of HAP customer comments</a>.   </p> <p>If you or someone you know owns their home and is facing mounting housing bills due to the pandemic, please visit the HAP website at <a href="https://vhfa.org/partners/initiatives/program-impacts/HAP">vermonthap.vhfa.org</a> or call (833) 221-4208. The Vermont Homeowner Assistance Program is being supported, in whole or in part, by federal award number HAFP-0040 awarded to the State of Vermont by the US Department of the Treasury. </p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Picture1.jpg?itok=OKxzI9Rv" width="480" height="306" alt="Customer photo" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 21 Sep 2022 20:12:02 +0000 Leslie Black-Plumeau 15162 at https://www.vhfa.org New England Federal Credit Union sponsors Statewide Housing Conference https://www.vhfa.org/news/blog/new-england-federal-credit-union-sponsors-statewide-housing-conference <div property="content:encoded" class="article__body"><p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{124}" paraid="85942513">New England Federal Credit Union is our newest Platinum level sponsor of the <a href="https://conference.vhfa.org/" rel="noreferrer noopener" target="_blank">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event on November 16th at the Hilton Burlington. </p> <p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{141}" paraid="987370293">The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. It offers a unique opportunity to network, learn, and be inspired about housing in Vermont. This exciting event would not be possible without sponsors like <a href="https://www.nefcu.com/" rel="noreferrer noopener" target="_blank">NEFCU</a>. </p> <p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{152}" paraid="56111180">Sponsorship opportunities are still available for a limited time only! <a href="https://vhfa.org/conference-sponsor-registration" rel="noreferrer noopener" target="_blank">Sign up to sponsor</a> this event now to get free conference registrations, an exhibit table, and many marketing benefits. <a href="https://vhfa.org/sites/default/files/Conference-Sponsor-Benefits.pdf" rel="noreferrer noopener" target="_blank">Learn more about sponsorship benefits online</a>. </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Conference%20sponsor%20blog%20post%20%284%29.png?itok=WcvTgjMO" width="480" height="302" alt="New England Federal Credit Union Platinum Sponsor" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Tue, 20 Sep 2022 20:11:09 +0000 Madelyn Stoen 15147 at https://www.vhfa.org Vermont State Housing Authority sponsors Statewide Conference https://www.vhfa.org/news/blog/vermont-state-housing-authority-sponsors-statewide-conference <div property="content:encoded" class="article__body"><p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{70}" paraid="129276475">Vermont State Housing Authority is our newest Premiere level sponsor of the <a href="https://conference.vhfa.org/" rel="noreferrer noopener" target="_blank">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event on November 16th at the Hilton Burlington. </p> <p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{87}" paraid="1731832635">The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. It offers a unique opportunity to network, learn, and be inspired about housing in Vermont. This exciting event would not be possible without sponsors like <a href="https://www.vsha.org/" rel="noreferrer noopener" target="_blank">VSHA</a>. </p> <p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{98}" paraid="738692707">Sponsorship opportunities are still available for a limited time only! <a href="https://vhfa.org/conference-sponsor-registration" rel="noreferrer noopener" target="_blank">Sign up to sponsor</a> this event now to get free conference registrations, an exhibit table, and many marketing benefits. <a href="https://vhfa.org/sites/default/files/Conference-Sponsor-Benefits.pdf" rel="noreferrer noopener" target="_blank">Learn more about sponsorship benefits online</a>. </p> <p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{114}" paraid="31368269"> </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Conference%20sponsor%20blog%20post%20%283%29.png?itok=ma3zuK1u" width="480" height="302" alt="Vermont State Housing Authority Premiere Sponsor" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 01 Sep 2022 12:22:29 +0000 Madelyn Stoen 15146 at https://www.vhfa.org Megan Roush selected as VHFA Director of Development https://www.vhfa.org/news/blog/megan-roush-selected-vhfa-director-development <div property="content:encoded" class="article__body"><p>Executive Director Maura Collins has announced that Vermont Housing Finance Agency (VHFA) has selected Megan Roush (she/her) of Northfield in the new role of Director of Development.</p> <p>Roush has been at VHFA since 2019 working as a Community Development Underwriter. In this role, she has served as the chair of the Manufactured Housing Subcommittee of the Vermont Affordable Housing Coalition. Prior to coming to VHFA, Roush worked as a Housing Loan Specialist at USDA Rural Development. Roush has a bachelor's degree  from Saint Michael's College and is currently completing her M.S. in Community Development and Applied Economics at the University of Vermont. She also serves as a volunteer emergency medical technician with Colchester Rescue.</p> <p>"VHFA continues to build new programs to house more Vermonters," Collins remarked. "Megan’s experience and leadership will be invaluable as we expand our impact while continuing to work collaboratively with the state’s housing funding and development community.”</p> <p>The role of Development Director at VHFA has not been filled since 2019, with those duties managed since that time by the Managing Director of Community Development. The new Director of Development will manage the Community Development Underwriter team, support new program development, and will serve as a main point of contact for Vermont developers applying for VHFA funding.</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Roush%20Development%20Director.png?itok=ybSZNaSz" width="480" height="302" alt="Megan Roush Director Development Announcement" title="Megan Roush" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 29 Aug 2022 12:28:55 +0000 Mia Watson 15157 at https://www.vhfa.org Public feedback sought on ending rural homelessness https://www.vhfa.org/news/blog/public-feedback-sought-ending-rural-homelessness <div property="content:encoded" class="article__body"><p>The Vermont Coalition to End Homelessness (VCEH), on behalf of the Balance of State Continuum of Care, is seeking public feedback on its application for special funding from the U.S. Department of Housing &amp; Urban Development (HUD) to address rural homelessness. </p> <p>VCEH will be applying to HUD for Rural Set Aside funds made available as part of a competitive <a href="https://www.hud.gov/program_offices/comm_planning/coc/specialCoCNOFO">Continuum of Care Supplemental to Address Unsheltered and Rural Homelessness (Special NOFO)</a>. HUD intends for these funds to be paired with new or newly rehabilitated units created other funding (such as CRF, ARPA, VHIP), and well as projects that might pair Special CoC NOFO supported services with HUD's new <a href="https://www.hud.gov/sites/dfiles/OCHCO/documents/2022-24pihn.pdf">Housing Stability Vouchers</a>.  Projects receiving the special funds will be limited to enrolling households who are literally homeless and will likely prioritize permanent housing projects to serve households who have a history of unsheltered homelessness. VCEH has more <a href="https://helpingtohousevt.org/special-nofo-to-address-unsheltered-and-rural-homelessness/">information available on its website</a>, including slides and a recording from an informational meeting on August 9.</p> <p>The Special NOFO application requires a <em>Plan for Serving Individuals and Families Experiencing Homelessness with Severe Service Need</em>. VCEH’s application to HUD will also include a list of projects put forward for funding consideration by HUD. The Plan will shape and prioritize what projects are selected by the VCEH committee. A Special NOFO Committee is drafting the plan, which will be released on September 9, 2022 for comment. Projects will be solicited via an RFP also released on September 9. Project applications will be due on September 20. A detailed timeline for the application process is <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__helpingtohousevt.org_wp-2Dcontent_uploads_2022_08_Special-2DNOFO-2DFFY2022-2DHUD-2Dtimeline-2D8-2D8-2D22.pdf&amp;d=DwMFAg&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=obHio3GSjOjzF_e2qDl7jL6H5kntG_HCyeoiYrG3WaM&amp;m=J4VeSVYK9SEtysVOs8481WYlvdhXwA-h3TFpMTr-Dqc&amp;s=FpW-Hu8qieT97fdMFPjYfH0VtcRznwcVfo1AFKE7Rm0&amp;e=">available here</a>. </p> <p>VCEH will host a public meeting to provide input on the Special NOFO Plan on <strong>Monday, August 29 at 1:00 PM</strong>. The link to attend is below:</p> <p><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__us02web.zoom.us_j_84004903415-3Fpwd-3DeVVzMzB6Uk1hZ2VlMkhXb0l3NUZoQT09&amp;d=DwMFAg&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=obHio3GSjOjzF_e2qDl7jL6H5kntG_HCyeoiYrG3WaM&amp;m=J4VeSVYK9SEtysVOs8481WYlvdhXwA-h3TFpMTr-Dqc&amp;s=urYq7QO7QlgzmJA67J3YqCwMCwUK9exh7xnqS1bneZE&amp;e=">https://us02web.zoom.us/j/84004903415?pwd=eVVzMzB6Uk1hZ2VlMkhXb0l3NUZoQT09</a><br /> Meeting ID: 840 0490 3415<br /> Passcode: 449422</p> <p>Affordable housing partners are encouraged to participate, and should also be aware that potential project applicants may be approaching them for letters of commitment. If your organization is considering applying for the Special CoC funding, <a href="https://helpingtohousevt.org/special-nofo-to-address-unsheltered-and-rural-homelessness/">please submit a Letter of Interest</a>.</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/HUD.jpg?itok=GIvwAeYD" width="480" height="300" alt="U.S. Department of Housing &amp; Urban Development" title="U.S. Department of Housing &amp; Urban Development" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Fri, 26 Aug 2022 12:23:57 +0000 Mia Watson 15156 at https://www.vhfa.org Rising interest rates and prices decrease home affordability https://www.vhfa.org/news/blog/rising-interest-rates-and-prices-decrease-home-affordability <div property="content:encoded" class="article__body"><p>Increasing mortgage interest rates and home prices have rapidly made it much more difficult for Vermonters to purchase their first homes. About half as many renters can afford to purchase their first home in 2022 compared to 2021, based on VHFA’s recent analysis of sales price and interest rate trends.</p> <p>National mortgage interest rates rose substantially from 2021 to 2022. The <a href="http://www.freddiemac.com/pmms/pmms30.htm">30-year mortgage interest rate</a> increased from 2.74% in January 2021 to 5.52% in June 2022. Meanwhile, <a href="https://vhfa.org/news/blog/homeownership">Vermont’s home prices were also rising</a>. The median primary home sold for $259,900 in January through June 2021, increasing to $295,000 in 2022.</p> <p>The increase in homes prices and mortgage interest rates have combined to dramatically increase the cost of a monthly mortgage payment. From January to June 2021, the median Vermont home purchase at average interest rates would require a monthly mortgage of around $1,710, when factoring in estimated private mortgage insurance (PMI), home insurance and property taxes. In 2022, that median home would cost $2,192 per month, a 28% increase.</p> <p>This means that the income needed to afford that purchase has also increased, from an estimated $68,394 in 2021 to $87,671 in 2022. Buyers will also need around $27,000 in cash on hand to afford a 5% down payment and closing costs.</p> <table><thead><tr><th> </th> <th>January-June 2021</th> <th>January-June 2022</th> </tr></thead><tbody><tr><td>Vermont median primary home price</td> <td>$259,900</td> <td>$295,000</td> </tr><tr><td>Average interest rate on <a>30</a>-year mortgage, no points</td> <td>3.11%</td> <td>4.72%</td> </tr><tr><td>Monthly mortgage payment (includes mortgage, PMI, insurance, property taxes)</td> <td>$1,710</td> <td>$2,192</td> </tr><tr><td>Income needed to afford</td> <td>$68,394</td> <td>$87,671</td> </tr><tr><td>Estimated Vermont renters with enough income to purchase median priced home</td> <td>24,500</td> <td>11,100</td> </tr></tbody></table><p> </p> <p>The increase between 2021 and 2022 in the income required to purchase a median priced home would have priced out around 13,400 Vermont renter households, which represents over half of the renter households who could have afforded a home in 2021. Today, only around 15% of renters can afford the median home price. That number <a>likely overstates</a> the total renters who can afford the median home, as factors like credit history, other major expenses like childcare and student loans and the ability to save for a down payment can provide additional barriers to purchasing a home.</p> <p>Vermont’s experience was mirrored <a href="https://www.jchs.harvard.edu/blog/across-nation-rising-prices-and-increased-interest-rates-limit-access-homeownership">across the United States.</a> Nationally, the median home price rose to $391,200 and income needed to afford increased 35% from 2021. Although Vermont experienced unusually high demand during the pandemic, the impact of higher mortgage rates and a <a href="https://www.upforgrowth.org/sites/default/files/2022-07/UFG_Underproduction_Report_Pages.pdf">substantial, long-term shortage of homes</a> were felt in most parts of the country.</p> <p>Vermont Housing Finance Agency (VHFA)’s <a href="https://vhfa.org/homebuyers">homeownership programs</a> remain <a>an important resource</a> to help first-time buyers who might otherwise be priced out of the market. <a>VHFA</a> benefits include up to $15,000 in down payment and closing assistance as well as savings on closing costs and annual federal tax credits.</p></div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Home%20sale_0.png?itok=ZmqTZePn" width="480" height="302" alt="Home sale" title="Home sale" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 25 Aug 2022 12:34:29 +0000 Mia Watson 15155 at https://www.vhfa.org Marie Milord-Ajanma appointed to VHFA’s Board of Commissioners https://www.vhfa.org/news/blog/marie-milord-ajanma-appointed-vhfas-board-commissioners <div property="content:encoded" class="article__body"><p>Governor Phil Scott has appointed Marie Milord-Ajanma (she/her) of Waterbury to Vermont Housing Finance Agency (VHFA)’s Board of Commissioners.</p> <p>Marie Milord-Ajanma has worked for the Department of Veterans Affairs since 2006. An Army veteran herself, Milord-Ajanma supervises a team of therapists who offer counseling and other support services to combat veterans as they transition from military to civilian life. She holds a master's degree in counseling from Argosy University in Washington, DC. Milord-Ajanma also brings housing expertise to her role on the Board through her work as a Realtor with Hickey &amp; Foster Real Estate, a division of Keller Williams Vermont.</p> <p>“Marie brings a fresh perspective and a wealth of experience to VHFA’s Board,” said VHFA Executive Director Maura Collins. “Her knowledge of the home sale market and her experience with veterans, a traditionally underserved group, will be invaluable.”</p> <p>There are nine members of VHFA’s Board of Commissioners. They include four ex officio members and five members appointed by the Governor of Vermont, representing private and public lending, real estate, housing and community interests. Appointees are confirmed by the State Senate Finance Committee and serve a four-year term, which can be renewed. Milord-Ajanma will replace Lamont Barnett of Bellows Falls after 10 years of service to VHFA’s Board.</p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Marie%20Milord-Ajanma.png?itok=Ip4X_qex" width="480" height="302" alt="Marie Milord-Ajanma " title="Marie Milord-Ajanma " loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 22 Aug 2022 12:14:05 +0000 Mia Watson 15154 at https://www.vhfa.org Raymond James sponsors Statewide Housing Conference https://www.vhfa.org/news/blog/raymond-james-sponsors-statewide-housing-conference-2 <div property="content:encoded" class="article__body"><p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{18}" paraid="496340420">Raymond James is our newest Premiere level sponsor of the <a href="https://conference.vhfa.org/" rel="noreferrer noopener" target="_blank">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event on November 16th at the Hilton Burlington. </p> <p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{33}" paraid="146055704">The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. It offers a unique opportunity to network, learn, and be inspired about housing in Vermont. This exciting event would not be possible without sponsors like <a href="https://www.raymondjames.com/" rel="noreferrer noopener" target="_blank">Raymond James</a>. </p> <p paraeid="{87e49109-d9fc-4e10-b9b8-b9a618282a0b}{44}" paraid="294388674">Sponsorship opportunities are still available for a limited time only! <a href="https://vhfa.org/conference-sponsor-registration" rel="noreferrer noopener" target="_blank">Sign up to sponsor</a> this event now to get free conference registrations, an exhibit table, and many marketing benefits. <a href="https://vhfa.org/sites/default/files/Conference-Sponsor-Benefits.pdf" rel="noreferrer noopener" target="_blank">Learn more about sponsorship benefits online</a>. </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Conference%20sponsor%20blog%20post%20%282%29.png?itok=8qBjnfSs" width="480" height="302" alt="Raymond James Premiere Sponsor" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Fri, 19 Aug 2022 12:33:42 +0000 Madelyn Stoen 15145 at https://www.vhfa.org VHFA awards state tax credits to expand affordable homeownership statewide https://www.vhfa.org/news/blog/vhfa-awards-state-tax-credits-expand-affordable-homeownership-statewide <div property="content:encoded" class="article__body"><p>On Monday, the Vermont Housing Finance Agency (VHFA) Board of Commissioners awarded $708,000 in Vermont State Affordable Housing Tax Credits for homeownership development projects. Once sold to investors, the credits will yield nearly $3.4 million in equity for home construction costs and energy-efficient manufactured homes. The projects will create new, high-quality homes, which are needed more than ever as low- and moderate-income homebuyers continue to face an <a href="https://vhfa.org/news/blog/vermont-home-prices-continue-increase-despite-predictions-cooling-market">extremely challenging housing market</a>.  </p> <p>About 8 percent of Vermont households live in manufactured homes. Investment in energy efficient manufactured homes can offer a sustainable path to long-term affordable homeownership, particularly in the <a href="https://vtdigger.org/2022/08/04/across-the-country-investors-are-buying-manufactured-home-communities-some-vermonters-are-resisting-the-trend/">state's resident-owned cooperatives</a>. During the 2022 Vermont State Legislative Session, the Legislature increased the amount of available credits for the program by $250,000 to support more manufactured homes. </p> <p>VHFA awarded credits to Windham and Windsor Housing Trust (WWHT) for Tri-Park Cooperative Housing in Brattleboro. Tri-Park is Vermont's largest manufactured home community and is organized as a resident-owned cooperative. One of the three community locations is at very high risk for flood damage. The project is being overseen by <a href="https://www.msdevelopmentllc.com/">M&amp;S Development</a>, and will provide 27 residents with highly energy efficient new manufactured homes at safer locations within the community, and the old sites will be converted into a conservation easement. VHFA is also currently underwriting the project for pre-development capital and a loan refinance to address major infrastructure improvements for Tri-Park.</p> <p>Champlain Housing Trust (CHT) also received state tax credits for approximately 47 new homes through its Manufactured Housing Down Payment Loan Program. The statewide program provides 0% interest second mortgages to help borrowers place a new Energy Star manufactured home on owned land or in a manufactured home community. The program also serves households looking to replace old manufactured homes with highly efficient modular homes. Since 2012, the program has served 270 households across every Vermont county. </p> <p>VHFA also awarded state tax credits for new condominiums. At Bay Ridge in Shelburne, CHT will build 26 new condominiums as part of the redevelopment of the former Harbor Place Motel. VHFA previously awarded <a href="https://vhfa.org/news/blog/vhfa-awards-federal-and-state-tax-credits-338-affordable-apartments">state and federal housing tax credits and loans</a> for 64 rental apartments in the master site plan. The new condos will include six 4-unit townhomes including 3-bedroom and 2-bedroom units, as well as one duplex, with two fully accessible 3-bedroom units. Homes are anticipated to sell at a net price from $145,000 to $160,000 to buyers earning around 70 percent of area median income (AMI). </p> <p>At Temple Street &amp; Manhattan Drive, CHT will partner with Green Mountain Habitat for Humanity (Habitat) to construct two new 3-bedroom duplexes in Burlington. This collaboration between Habitat and CHT has yielded 25 homes in the past five years. CHT provides income verification, buyer education and ongoing stewardship, while Habitat coordinates volunteer labor and acts as the general contractor. Homes are anticipated to sell at a net price of $131,000 and $153,500 to buyers earning around 50 percent of area median income (AMI).</p> <p>CHT and Habitat will also partner on Clearview Estates in Milton on a new duplex within a larger mixed-income development. VHFA <a href="https://www.vhfa.org/news/blog/vhfa-awards-state-tax-credits-create-affordable-homeownership-opportunities">awarded tax credits last year</a> for an earlier phase of the project. The new duplex will consist of one 2-bedroom and one 3-bedroom home, anticipated to sell at net prices of $140,000 and $150,000, affordable to households earning roughly 50 percent of AMI. </p> <p>Homes developed by CHT will use a shared equity model, in which homes are sold to low and moderate-income buyers who will use the equity as a down payment which will lower monthly mortgage payments. If the buyers ever move, the home is resold through CHT to another moderate-income buyer. The original homeowner retains a portion of the appreciated value, and the perpetual affordability of the home is ensured. </p> <p>VHFA also awarded state credits to Twin Pines Housing Trust (TPHT) and Evernorth for homes in the Safford Commons neighborhood. The project began in 2005 with 28 rental homes but encountered numerous permitting and cost increase challenges until it was finally completed in 2015. The original plan also included affordable homeownership, and in 2019, VHFA awarded state credits to support the construction of the first two duplex buildings. The current project will complete the final two duplex buildings, creating 4 three-bedroom units and meeting Efficiency Vermont's High-Performance Home standards. The homes will sell at net prices of $235,000, targeted to households earning 80 to 120 percent of AMI, and will be sold with a limited equity provision allowing the homeowner to retain 25% of the appreciation of the home upon resale to another income-qualified buyer. </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Vermod_0.jpg?itok=QzyBEyn9" width="480" height="302" alt="Vermod manufactured home" title="Vermod manufactured home" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 17 Aug 2022 13:12:39 +0000 Mia Watson 15151 at https://www.vhfa.org Otis Atwell sponsors Statewide Housing Conference https://www.vhfa.org/news/blog/otis-atwell-sponsors-statewide-housing-conference-1 <div property="content:encoded" class="article__body"><p paraeid="{0c141831-857f-4a16-958f-a71ab7081180}{219}" paraid="384120520">Otis Atwell is our newest Diamond level sponsor of the <a href="https://conference.vhfa.org/" rel="noreferrer noopener" target="_blank">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event on November 16th at the Hilton Burlington. </p> <p paraeid="{0c141831-857f-4a16-958f-a71ab7081180}{236}" paraid="1277467432">The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. It offers a unique opportunity to network, learn, and be inspired about housing in Vermont. This exciting event would not be possible without sponsors like <a href="https://otisatwell.com/" rel="noreferrer noopener" target="_blank">Otis Atwell</a>. </p> <p paraeid="{0c141831-857f-4a16-958f-a71ab7081180}{247}" paraid="262827913">Sponsorship opportunities are still available for a limited time only! <a href="https://vhfa.org/conference-sponsor-registration" rel="noreferrer noopener" target="_blank">Sign up to sponsor</a> this event now to get free conference registrations, an exhibit table, and many marketing benefits. <a href="https://vhfa.org/sites/default/files/Conference-Sponsor-Benefits.pdf" rel="noreferrer noopener" target="_blank">Learn more about sponsorship benefits online</a>. </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Conference%20sponsor%20blog%20post%20%281%29.png?itok=1yk3pdWp" width="480" height="302" alt="Otis Atwell Diamond Sponsor" title="Otis Atwell Diamond Sponsor" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 11 Aug 2022 19:18:30 +0000 Madelyn Stoen 15144 at https://www.vhfa.org Climate change raises risk of increasing inequities https://www.vhfa.org/news/blog/climate-change-raises-risk-increasing-inequities <div property="content:encoded" class="article__body"><p><a href="https://www.urban.org/sites/default/files/2022-02/centering-equity-to-address-extreme-heat_1.pdf">The Urban Institute</a> recently released an article about how an equity lens is essential to mitigating the effects of hotter summers that are expected in the future due to climate change. As our climate continues to rise, low-income neighborhoods and communities of color are much more likely to experience hotter summers and the effects that come with it, even compared to higher income neighborhoods in the same area. This, along with less access to air conditioning and cooler buildings, means that marginalized communities are most vulnerable to the health risks associated with climate change.</p> <p>Urban areas are often significantly hotter than surrounding areas, which is known as the Heat Island Effect. Due to significant disinvestment in these areas, urban areas and in particular, low-income communities have less greenspace that can help mitigate how hot cities get in the summer. When dense cities require more roads and buildings, heat gets absorbed in materials such as concrete. Since low-income families are more likely to live in urban areas and higher income families in less dense single-family dwellings that have less concrete and more shade from trees and greenery, there is a significant difference in how the heat affects these groups. </p> <p>Vermont, and especially Burlington is a unique case in the country regarding heat islands, given its architectural history. In the 19th and 20th centuries, homes in Vermont were built with the intention to trap heat, to help stay warm during cold winters, and during this time summers were significantly less hot than today. As <a href="https://climatechange.vermont.gov/vermont-today">our climate has shifted</a>, these homes have added to the effects of heat islands. Because of this, the city of Burlington is an average of <a href="https://vtdigger.org/2021/08/01/a-long-history-of-building-for-cold-weather-may-have-consequences-as-the-climate-warms/">7 degrees hotter than rural areas of the state</a>. </p> <p>These disparities are becoming more apparent as cities are experiencing record breaking heat. As the temperatures begin to rise, <a href="https://climatechange.vermont.gov/vermont-today">adverse health effects</a> also begin to take shape, which affects low-income communities the most. Some of these health effects include higher prevalence of disease from lower air quality, and negative impacts on mental health.  </p> <p>Heat is not usually addressed in emergency hazard mitigation plans, but as it becomes more of a threat, it is gaining more traction. Each year there are more record-breaking heat waves across the country, which threaten the most vulnerable populations. By implementing heat mitigation plans, cities can better be equipped to ensure safety for residents, and also create more heat mitigation programs, such as expanding the <a href="https://www.benefits.gov/benefit/623">Low-Income Heat Energy Assistance Program</a> to extend year-round instead of just in the colder months.  </p> <p>Urban Heat Islands are not just a heat inequity issue, but also include inequities in public health, environmental justice, and economic justice. It is also a life-threatening emergency if not planned for. During <a href="https://khn.org/morning-breakout/in-oregon-heat-wave-mainly-killed-the-old-in-general-heat-hits-the-poor/">a 2021 heatwave in the Pacific Northwest</a>, all of those severely impacted did not have air conditioning, and most of them were elderly, poor, or both. </p> <p>In order to resolve the impacts of excessive heat in Vermont, addressing the needs of marginalized communities must be at the forefront, in both the short run and long run. This includes ensuring people have access to air conditioning and <a href="https://vem.vermont.gov/content/municipal-cooling-locations">cooling centers</a>, as well as keeping in mind how the developed land impacts weather.  </p> <p><a href="https://dcf.vermont.gov/benefits/weatherization">Weatherization programs</a> can help provide better insulation and A/C installation to help keep households cool, and financial assistance can help low-income households with utility bills, which can increase as the days get warmer. VHFA is currently working on an <a href="https://www.vhfa.org/news/blog/energy-and-housing-leaders-applaud-governor-phil-scott-s-investment-weatherization">upcoming weatherization finance program</a>.</p> <p>By implementing more cooling centers and weatherization programs, people will have some immediate relief from the detrimental heat. However, alongside this, work needs to be done to create cooler climates and make investments in climate-focused community development. By encouraging local policies that include more green space such as trees and native plants in cities, people and the cities they live in can thrive.  </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Climate.png?itok=lU0YAZLb" width="480" height="302" alt="Trees and city buildings" title="Urban climate" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 10 Aug 2022 13:11:18 +0000 Mia Watson 15148 at https://www.vhfa.org U.S. Treasury allows expanded use of stimulus funding for affordable housing https://www.vhfa.org/news/blog/us-treasury-allows-expanded-use-stimulus-funding-affordable-housing <div property="content:encoded" class="article__body"><p>The U.S. Treasury Department <a href="https://www.leahy.senate.gov/press/adams-collins-leahy-maloney-rouzer-celebrate-8-billion-victory-for-affordable-housing">recently announced new guidelines</a> that will significantly increase Vermont’s ability to use pandemic recovery funding to directly support the development of affordable housing and reduce costs for Vermonters. </p> <p>Vermont had identified affordable housing as a key priory for its allocation of pandemic relief funds from the federal American Rescue Plan Act (ARPA), intending to pair ARPA with the federal Low Income Housing Tax credits (LIHTC) awarded by VHFA. However, due to a previous Treasury interpretation of how these two programs could work together under the Act, Vermont and other states were at risk of being unable to maximize the impact of the federal funding. </p> <p>Vermont’s congressional delegation was the first to recognize this problem and jointly led national efforts to seek a solution. Senator Leahy led a bipartisan group to introduce legislation that would allow states to more efficiently make long-term loans using ARPA funds, with strong support from Senator Sanders and Representative Peter Welch.</p> <p>Ultimately, due to groundwork laid by Vermont’s delegation and other supporters, the Treasury Department released new guidance permitting ARPA funds to be used for loans to housing projects with long-term affordability requirements, like the ones financed by LIHTC. The Treasury and the U.S. Department of Housing and Urban Development (HUD) <a href="https://home.treasury.gov/system/files/136/Affordable-Housing-How-To-Guide.pdf?utm_source=NCSHA&amp;utm_campaign=3a9b7e4e7a-EMAIL_CAMPAIGN_2019_02_06_09_58_COPY_01&amp;utm_medium=email&amp;utm_term=0_f00bc192e4-3a9b7e4e7a-65512003">have published a guide</a> for how states and local governments can use recovery funds for affordable housing development.</p> <p>“In Vermont, there is simply not enough housing, and during the pandemic, we saw how this shortage has a detrimental impact on the lives of too many Vermonters.... [Treasury’s] new guidance, the result of a close partnership with Congress and housing practitioners, will direct additional dollars toward needed housing production and help ensure that families across Vermont and the country can live and thrive in safe, decent and affordable homes,” said Senator Leahy in <a href="https://www.leahy.senate.gov/press/adams-collins-leahy-maloney-rouzer-celebrate-8-billion-victory-for-affordable-housing">an announcement last week</a>. </p> <p>Earlier in 2022, VHFA awarded federal credits to several projects that also use ARPA investments from the Vermont Housing &amp; Conservation Board (VHCB). Projects that received awards in the spring that combine LIHTC and ARPA will generate approximately $58 million in equity for construction from the LIHTC program. Affordable housing projects across the state will benefit from the new Treasury guidance, substantially increasing the impact of Vermont’s affordable housing resources. </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/US%20Treasury.png?itok=3D5WFtTh" width="480" height="302" alt="US Treasury Department" title="US Treasury Department" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 08 Aug 2022 12:20:42 +0000 Mia Watson 15143 at https://www.vhfa.org KeyBank sponsors Statewide Housing Conference https://www.vhfa.org/news/blog/keybank-sponsors-statewide-housing-conference-0 <div property="content:encoded" class="article__body"><p paraeid="{f9cf51f2-1186-498d-8a7c-8ce15d887832}{167}" paraid="501846667">KeyBank is our newest Platinum level sponsor of the <a href="https://conference.vhfa.org/">2022 Vermont Statewide Housing Conference</a>. For over 20 years, the conference has drawn hundreds of Vermonters interested in affordable housing together. After cancelling the conference in 2020, we are excited to again host an in-person event on November 16th at the Hilton Burlington. </p> <p paraeid="{f9cf51f2-1186-498d-8a7c-8ce15d887832}{167}" paraid="501846667">The conference draws hundreds of housing professionals, including legislators, town and regional planners, advocates, developers, and bankers. It offers a unique opportunity to network, learn, and be inspired about housing in Vermont. This exciting event would not be possible without sponsors like <a href="https://www.key.com/personal/index.html" rel="noreferrer noopener" target="_blank">KeyBank</a>. </p> <p paraeid="{f9cf51f2-1186-498d-8a7c-8ce15d887832}{182}" paraid="1425864860">Sponsorship opportunities are still available for a limited time only! <a href="https://vhfa.org/conference-sponsor-registration" rel="noreferrer noopener" target="_blank">Sign up to sponsor</a> this event now to get free conference registrations, an exhibit table, and many marketing benefits. <a href="https://vhfa.org/sites/default/files/Conference-Sponsor-Benefits.pdf" rel="noreferrer noopener" target="_blank">Learn more about sponsorship benefits online</a>. </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Conference%20sponsor%20blog%20post_0.png?itok=Rmee0WcX" width="480" height="302" alt="KeyBank Opens Doors Platinum Sponsor" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Fri, 05 Aug 2022 14:43:34 +0000 Madelyn Stoen 15140 at https://www.vhfa.org Vermont Homeowner Assistance Program awards $11 million in grants during first six months https://www.vhfa.org/news/blog/vermont-homeowner-assistance-program-awards-11-million-grants-during-first-six-months <div property="content:encoded" class="article__body"><p>Over $11 million of a $50 million program to pay overdue housing costs for homeowners impacted by the pandemic has been disbursed within the first six months of the program. The Vermont Housing Finance Agency (VHFA) launched the <a href="http://vermonthap.vhfa.org">Homeowner Assistance Program (HAP)</a> in January 2022 with funding from the federal American Rescue Plan Act. It provides grants of up to $30,000 for income-eligible homeowners. </p> <p>“We’ve paid nearly 4,000 bills on behalf of 2,000 households, stopping foreclosures, utility shut offs and tax sales for Vermonters who have been directly impacted by Covid,” explained VHFA Executive Director Maura Collins. “This was designed to be a four-year program, but we’ve paid out one-quarter of the program funding in the first six months. That shows the need in our state for this kind of help.” </p> <p>HAP funding is provided as a one-time-only grant, with payments made directly to the service provider for eligible mortgage, property tax, utility or homeowner association charges. The program also provides free legal and financial counseling as well as translation assistance to eligible households. Although the vast majority of applications are submitted online directly by homeowners, about 400 have applied to the program with the help of community-based organizations across the state. </p> <p>Long-time Northfield residents Mary and George Doud faced mounting overdue housing bills when the pandemic slowed their videography business. “Our business went underwater during the pandemic...This is the first time in 22 years that the property taxes went unpaid as we struggled to make mortgage and other living expenses,” Mary explained. “Receiving help through VHFA at this time was critical.”   </p> <p>Since January, VHFA has awarded HAP grants for residents in <a href="https://vhfa.org/partners/initiatives/program-impacts/HAP">250 communities across the state and in every county.</a> The median household income of homeowners assisted is $35,000. The program is reaching Vermonters from diverse backgrounds and situations, including 211 applicants living in manufactured home communities. Eight percent of applicants identify as BIPOC (Black, Indigenous, and People of Color), compared to just 3 percent of all Vermont homeowners.  </p> <p>HAP paid past due utility and property tax bills for Renee Gembarowski of Brattleboro. “I finally got caught up on my bills so I didn't have to think about losing my house. It was a lot of stress relief and peace of mind,” she explained.  </p> <p>A Vermont teacher and his family experienced an income drop due to the pandemic that forced them to dip into retirement accounts to pay living expenses. “Upon returning to full-time, our pay has not kept pace with inflation and heating expenses in Vermont are just going up,” this homeowner explained. “I do not consider myself to be a ‘low wage’ earner but what was affordable five years ago is no longer. Fortunately, HAP was able to provide a grant recently to cover the family’s overdue heating bills.” </p> <p>Several residents of New Haven described how HAP helped them recover from the pandemic. “Discovering this program was HUGE. I would very likely have lost my house by now without the possibility of this support,” one homeowner remarked. “It is clear from talking to my lenders that there are many in my situation these days. I would recommend to any and all to take advantage of this VHAP opportunity…This was one of the better experiences I have had in managing this very scary time.” </p> <p>Another New Haven homeowner said “I work in construction … so starting with the total shut down of construction sites things went south for us in a hurry… Without this assistance from VHFA we would have lost our home and my family would probably be scattered to the wind.” </p> <p>Hannah Rose in Grand Isle is using the program to help pay overdue bills and regain financial stability. “I lost my good paying job and have had to find two jobs to try and get by. This led to falling behind in my utility bills and my mortgage,” she explained. “This assistance is amazing. I cannot even express how grateful I am to this program and the wonderful people who work here. I am now caught up with both my water and electric bills. I am waiting on the final decision regarding my back mortgage.” </p> <p>VHFA remains committed to helping Vermonters stay in their homes. To learn more and apply, visit <a href="https://vhfa.org/partners/initiatives/program-impacts/HAP">vermonthap.vhfa.org</a> or call (833) 221-4208. The Vermont Homeowner Assistance Program is being supported, in whole or in part, by federal award number HAFP-0040 awarded to the State of Vermont by the US Department of the Treasury. </p> <p><em>Pictured: HAP grant recipients George and Mary Doud at their home in Northfield</em></p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Doud%20Family.jpg?itok=2n7OvOqg" width="480" height="303" alt="Homeowners" title="HAP grant recipients George and Mary Doud" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 28 Jul 2022 13:55:40 +0000 Mia Watson 15139 at https://www.vhfa.org VHFA releases VHIF Annual Report https://www.vhfa.org/news/blog/vhfa-releases-vhif-annual-report <div property="content:encoded" class="article__body"><p>VHFA has released its <a href="https://vhfa.org/sites/default/files/publications/VHIF-Annual-Report-2022.pdf">first annual report</a> 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. </p> <p>The fund has raised over $9 million in public and private capital. The <a href="https://vhfa.org/sites/default/files/publications/VHIF-Annual-Report-2022.pdf">annual report</a> 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 <a href="https://vhfa.org/news/blog/vhfa-receives-4-million-capital-magnet-fund-award-support-300-affordable-homes">the recent $4 million award</a> 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. </p> <p>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. </p> <p>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 <a href="mailto:developmentdept@vhfa.org">developmentdept@vhfa.org</a> for more information. </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/VHIF%20Annual%20Report%20Blog.png?itok=WHIt831D" width="480" height="302" alt="VHIF annual report cover" title="VHIF annual report cover" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Tue, 26 Jul 2022 15:07:28 +0000 Mia Watson 15138 at https://www.vhfa.org Vermont home prices continue to increase despite predictions of cooling market https://www.vhfa.org/news/blog/vermont-home-prices-continue-increase-despite-predictions-cooling-market <div property="content:encoded" class="article__body"><p>The <a href="https://www.housingdata.org/profile/homeownership-costs/primary-home-sales-ytd">median Vermont primary home sold for $295,000</a> throughout the first six months of 2022, compared to <a href="https://www.housingdata.org/profile/homeownership-costs/primary-home-sales-ytd">$270,000 throughout 2021</a>, a 9.3 percent increase for the first half of the year. The median single family non-vacation home sold for $300,000, the median condominium sold for $286,250 and the median manufactured home sold for $130,000. </p> <p>Home prices tend to have seasonal cycles, with the largest number of sales and the largest median price increases occurring in spring and early summer, with prices slightly decreasing through the fall and winter. However, since 2020, Vermont has seen more dramatic seasonal shifts and a substantial overall trend towards higher prices.</p> <p>Chittenden County continued to have the highest home prices in the state, with the median primary home selling for $424,175, a 10 percent increase compared to prices throughout 2021. Prior to the pandemic, the largest annual home sale price increases had tended to occur in and around Chittenden County, the state’s largest job center. Throughout the pandemic, the largest price increases occurred in Caledonia, Essex, and Lamoille Counties, and particularly across the state’s resort areas. This shift in home price gains may signal a return to pre-pandemic conditions as many workers return to job sites. </p> <p><img alt="Home sales by county 2021 v 2022" data-entity-type="" data-entity-uuid="" height="466" src="https://www.vhfa.org//sites/default/files/Home%20price%20by%20county.png" width="711" class="align-left" /></p> <p>Many national housing market experts are predicting a <a href="https://www.cnbc.com/video/2022/06/27/housing-correction-is-dead-ahead-warns-economist-mark-zandi.html">housing market downturn</a> in the near future, as increased mortgage interest rates cool homebuyer demand and the market corrects itself in response to the inflated home prices experienced during the pandemic. Nationally, the number of home sales appears to be declining, <a href="https://www.redfin.com/news/data-center/">with data from Redfin</a> showing 17.4 percent fewer sales in June compared with the prior year. Vermont had 3,088 primary homes sold in the first half of the year, 22 percent fewer than during the same period in 2021.  However, neither national nor Vermont median home sale prices have yet shown a sustained decline so far this year. </p> <p><img alt="Vermont median home sale prices by month" data-entity-type="" data-entity-uuid="" height="437" src="https://www.vhfa.org//sites/default/files/Median%20home%20sale%20prices%20by%20month.png" width="701" class="align-left" /></p> <p><a href="https://www.newsweek.com/heading-housing-market-crash-what-home-sales-data-reveals-american-economy-1718863">Most experts</a> suggest that a housing market bubble or crash like the one in 2007, associated with the Great Recession, remains unlikely. In addition to stricter mortgage underwriting standards that have reduced the number of risky loans that could lead to mass defaults, the nation is still experiencing very low vacancy rates due to a <a href="https://www.upforgrowth.org/sites/default/files/2022-07/UFG_Underproduction_Report_Pages.pdf">substantial, long-term shortage of homes for sale and for rent</a>. This means that even if demand among homebuyers were to decrease significantly due to higher mortgage rates or a general economic downturn, the pent-up demand among buyers and renters for homes is expected to keep home sale prices from crashing in most parts of the country.</p> <p>The median Vermont home was listed on the market for <a href="https://www.housingdata.org/profile/homeownership-costs/days-on-market-type">58 days in June</a>, which is the fastest homes have sold since at least 2012. This suggests that for now at least, the state continues to experience strong demand among homebuyers. </p> <p>Vermont Housing Finance Agency (VHFA) programs are available to help moderate-income Vermonters have an opportunity to become homeowners. In addition to its <a href="https://vhfa.org/homebuyers">affordable mortgage and down payment assistance programs</a>, VHFA will soon launch its <a href="https://www.vhfa.org/rentalhousing/developers/missing-middle-homeownership-program">Missing Middle initiative</a> that will provide subsidies and incentives for homebuilders to construct or rehabilitate modest homes affordable to homebuyers at 120% Area Median Income (AMI) or lower.</p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Home%20sale.png?itok=azcKxrsf" width="480" height="302" alt="Home for sale" title="Home for sale" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 21 Jul 2022 12:07:26 +0000 Mia Watson 15135 at https://www.vhfa.org Research shows new affordable housing can raise neighborhood property values https://www.vhfa.org/news/blog/research-shows-new-affordable-housing-can-raise-neighborhood-property-values <div property="content:encoded" class="article__body"><p><a href="https://www.urban.org/sites/default/files/2022-04/Alexandria%20Affordable%20Housing%20Brief.pdf">A report by the Urban Institute</a> published in April of this year shows new research on how affordable housing units impact property values on nearby residences. Although a common argument used to oppose affordable housing is the fear that it could lower property values, data from this report shows that this is not true. In fact, affordable housing developments can actually raise property values for nearby homes.</p> <p>The research for this study was done in Alexandria, Virginia, and found that the development of affordable housing units increased property values by 0.09 percent in higher income neighborhoods, and 0.11 percent in lower income neighborhoods. Although this increase is small, it is statistically significant and helps disprove a large misconception about affordable housing, and adds to the <a href="https://www.jstor.org/stable/30162782?seq=17">substantial body of research</a> suggesting that subsidized housing development tends to have a neutral to positive impact on surrounding neighborhoods. </p> <p>In order to help make housing more affordable for low-income families, programs such as the Low-Income Housing Tax Credit Program (LIHTC), which is awarded by VHFA for Vermont, subsidize the costs of affordable housing development or rehabilitation through private or nonprofit developers.  </p> <p>The argument against building affordable housing in existing neighborhoods is often based on perceptions that affordable housing will have a negative impact on property values, reinforcing the “Not in My Backyard” (NIMBY) rhetoric in higher income neighborhoods. However, new studies are beginning to disprove this. The data from the Alexandria study suggests that if developed affordable housing is well managed and visually fits the character of the surrounding area, it will not have a negative impact on residential property values. In Vermont, VHFA works closely with developers to ensure that projects are well-integrated into the neighborhood they are built in and maintains ongoing compliance to ensure continued quality.  </p> <p>Not only does creating affordable housing have a neutral or positive impact on property values, but it also has significant social benefits for the community as well. Creating a model such as LIHTC that puts more people into housing decreases homelessness, and also has a positive neighborhood impact on reduced crime rate and emergency room visits, as seen in a recent study on the <a href="https://www.vhfa.org/news/blog/housing-first-initiative-reports-successful-outcomes-denver">Housing First model based in Denver, Colorado.</a> This creates a healthier community and decreases the amount of taxpayer money that is going to incarceration.   </p> <p>In Vermont, there is a significant gap between what families need and what affordable housing is available. <a href="https://accd.vermont.gov/sites/accdnew/files/documents/Housing/VT%20HNA%202020%20Report.pdf">36% of households are cost-burdened</a>, meaning that they are paying more than 30% of their income towards housing costs. Of those that are housing cost-burdened, over 40% of those households are paying more than 50% of their income towards housing costs. This considerable number shows the immense need for affordable housing for Vermonters. Public support for affordable housing is essential, and one way to do this is by showing how affordable housing can be beneficial for everyone in a community.  </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Generic%20blog%20photo.jpg?itok=MzhSkSBX" width="480" height="302" alt="Alexandria, Virgina" title="Alexandria, Virginia" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 14 Jul 2022 12:01:59 +0000 Madelyn Stoen 15115 at https://www.vhfa.org Confidence in VHFA bonds increases ahead of bond sale https://www.vhfa.org/news/blog/confidence-vhfa-bonds-increases <div property="content:encoded" class="article__body"><p>Strong financial performance contributed to a rating upgrade from Aa2 to Aa1 for Vermont Housing Finance Agency (VHFA)'s multiple purpose social bonds from <a href="https://www.moodys.com/research/Moodys-assigns-Aa1-to-Vermont-Housing-Finance-Agencys-Multiple-Purpose--PR_907770216">Moody's Investor Service last week</a>. Aa1 is the second highest possible rating from Moody’s. 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. Vermonter investors can purchase VHFA bonds during a sale scheduled for Tuesday of this week.</p> <p>VHFA’s Executive Director Maura Collins praised the ratings change, remarking, “This announcement from Moody's reflects increasing confidence in the strength and stability of VHFA’s bond offerings, and our continued stewardship of the Agency’s finances. The upgraded rating expands the Agency’s capacity to give Vermonters access to safe and affordable homes.”</p> <p>VHFA sells its bonds to investors to raise funds for its affordable homeownership mortgage programs and its loans to affordable rental housing developers. The upgraded rating will reduce the Agency’s cost to issue bonds. The savings from these reduced costs will be passed on to VHFA borrowers, allowing more resources to flow towards VHFA’s rental and homeownership programs.</p> <p>The announcement from Moody’s cited several factors contributing to the ratings upgrade, including strengthened asset quality, a sound legal structure, stable cash flow projections and strong management oversight.</p> <p>VHFA is scheduled to sell nearly $23 million in bonds tomorrow, July 12, 2022. Priority is expected to be given to orders placed by Vermont retail buyers. Investors interested in purchasing bonds can contact Raymond James at 877-295-9116, JP Morgan at 855-231-8873 or Morgan Stanley at 800-446-0193. </p> <p><em>Pictured: Jenn and Frank Jareki, who purchased a home with a VHFA mortgage and down payment assistance. VHFA’s homeownership programs are funded through the Agency’s sale of multiple purpose bonds.</em></p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Jareki.jpg?itok=e5tJJ4oa" width="480" height="303" alt="Jareki family homeowners" title="Jareki Family" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 11 Jul 2022 14:10:40 +0000 Mia Watson 15129 at https://www.vhfa.org VHFA seeks public comment on Tax Credit Qualified Allocation Plan https://www.vhfa.org/news/blog/vhfa-seeks-public-comment-tax-credit-qualified-allocation-plan-1 <div property="content:encoded" class="article__body"><p>Vermont Housing Finance Agency (VHFA) is seeking feedback and comments on the Qualified Allocation Plan (QAP) that guides the agency in making housing tax credit allocation decisions. The Agency has opened the initial comment period and will close the period at 4:30pm on Monday August 15th, 2022. The current <a href="https://www.vhfa.org/rentalhousing/qualified-allocation-plan-qap">2022-2023 QAP is available on VHFA’s website</a>.</p> <p>The Federal Low Income Housing Tax Credit (LIHTC) Program, which is governed by Section 42 of the Internal Revenue Code, requires that each tax credit allocating agency maintain a Qualified Allocation Plan (QAP) that sets eligibility and criteria for awarding state and federal tax credits to developers of affordable housing. The QAP is a compilation of IRS mandates, national best practices and state housing priorities.</p> <p>In Vermont, VHFA convenes the Joint Committee on Tax Credits, which solicits public feedback, reviews the policies in the QAP and makes recommendations to the VHFA Board of Commissioners. The Board votes to adopt the plan before being sent to the Governor for approval. </p> <p>To arrive at recommendations for updates to criteria and policies in the QAP, VHFA staff facilitate public comment prior to presenting a recommended QAP. Following a review of comments, VHFA will draft an update to the QAP, with that draft version of the 2024-2025 QAP expected to be available for public comments starting in October 2022. VHFA staff then expect to make recommendations to the Joint Committee on Tax Credits in late 2022 as a result of this update process. The Agency's goal is to have the QAP approved a year in advance of 2024 applications to ensure potential applicants have time to consider any updates in planning 2024 projects. </p> <p>Comments on the QAP can be submitted <a href="https://vhfa.org/rentalhousing/qualified-allocation-plan-qap/qap-comments">via VHFA’s website</a>. Comments can also be emailed to the VHFA Community Development team at <a href="mailto:developmentdept@vhfa.org">developmentdept@vhfa.org</a>.  </p> <p><em>Pictured: New Avenue apartments in St. Johnsbury. The project received federal tax credits allocated by VHFA.</em></p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/New%20Avenue_0.jpg?itok=w1w-8SC4" width="480" height="301" alt="New Avenue apartments St. Johnsbury" title="New Avenue apartments St. Johnsbury" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 07 Jul 2022 12:31:21 +0000 Mia Watson 15127 at https://www.vhfa.org VHFA awards federal and state tax credits for 338 affordable apartments https://www.vhfa.org/news/blog/vhfa-awards-federal-and-state-tax-credits-338-affordable-apartments <div property="content:encoded" class="article__body"><p>The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced last week the award of state and federal housing tax credits and loans to support the development, rehabilitation or preservation of 338 permanently affordable apartments in eleven communities across the state.</p> <p>“Our state is currently facing many challenges in development but also many new opportunities to fund affordable housing,” remarked VHFA Executive Director Maura Collins. “The Vermont development community and housing funders have joined together to make these projects possible and get more Vermonters into safe, decent and affordable homes.”</p> <p>VHFA previously awarded federal <a href="https://vhfa.org/news/blog/tax-credits-combine-pandemic-relief-funds-support-affordable-vermont-apartments">allocated or Ceiling tax credits in May</a>. The latest funding round includes federal Bond credits and Vermont Affordable Housing Tax Credits, which will be sold to investors to raise an estimated $29.8 million in equity for construction. VHFA also awarded $46.8 million in construction loans and $4.2 million in long-term loans to the projects. </p> <p>VHFA also awarded $1,505,000 in loans from its Vermont Housing Investment Fund (VHIF) to four projects. The fund was established in 2020 to provide more flexible financing opportunities for affordable housing development. VHFA <a href="https://vhfa.org/news/blog/vhfa-receives-4-million-capital-magnet-fund-award-support-300-affordable-homes">announced last week</a> that the fund received a $4 million award from the U.S. Treasury that will nearly double the future impact of the fund.</p> <p>The VHIF is instrumental in helping Vermont more effectively leverage state and federal bond credits. While the 9% or ceiling credits are capped for each state, the federal bond credits are effectively unlimited. However, these bond credits cover a smaller amount of projects’ total costs than the ceiling credits and have often been under-used in Vermont due to gaps in project budgets. Bringing together VHIF as well as federal ARPA pandemic relief funds awarded by the Vermont Housing and Conservation Board (VHCB) has allowed VHFA to support more projects than ever before. </p> <p>A full list of the award projects is below:</p> <table border="1" cellpadding="1" cellspacing="1" style="width: 783px;"><thead><tr><th scope="col" style="width: 142px;">Project Name</th> <th scope="col" style="width: 113px;">Town</th> <th scope="col" style="width: 180px;">Developer</th> <th scope="col" style="width: 188px;">VHFA funding</th> <th scope="col" style="width: 117px;">Apartments developed or rehabilitated</th> </tr></thead><tbody><tr><td style="width: 142px;">Addison County Supportive Housing</td> <td style="width: 113px;">Vergennes, Bristol, Middlebury</td> <td style="width: 180px;">John Graham Housing and Services &amp; Addison County Community Trust</td> <td style="width: 188px;">Federal tax credits, state tax credits, VHFA construction loan</td> <td style="width: 117px;">18</td> </tr><tr><td style="width: 142px;">Bay Ridge</td> <td style="width: 113px;">Shelburne</td> <td style="width: 180px;">Champlain Housing Trust &amp; Evernorth</td> <td style="width: 188px;">Federal tax credits, state tax credits, VHFA construction loan, VHIF loan</td> <td style="width: 117px;">68</td> </tr><tr><td style="width: 142px;">Granite City</td> <td style="width: 113px;">Barre</td> <td style="width: 180px;">Downstreet Housing and Community Development &amp; Evernorth</td> <td style="width: 188px;">VHIF loan</td> <td style="width: 117px;">27</td> </tr><tr><td style="width: 142px;">Little Creek</td> <td style="width: 113px;">Vergennes</td> <td style="width: 180px;">Addison County Community Trust &amp; Evernorth</td> <td style="width: 188px;">State tax credits</td> <td style="width: 117px;">55</td> </tr><tr><td style="width: 142px;">O’Brien Farms</td> <td style="width: 113px;">South Burlington</td> <td style="width: 180px;">Summit Properties</td> <td style="width: 188px;">Federal tax credits, state tax credits, VHFA construction loan, VHFA permanent loan, VHIF loan</td> <td style="width: 117px;">47</td> </tr><tr><td style="width: 142px;">Salisbury Square Phase II</td> <td style="width: 113px;">Randolph</td> <td style="width: 180px;">Randolph Area Community Development Corporation</td> <td style="width: 188px;">Federal tax credits, state tax credits, VHFA construction loan, VHFA permanent loan, VHIF loan</td> <td style="width: 117px;">12</td> </tr><tr><td style="width: 142px;">Mellishwood</td> <td style="width: 113px;">Woodstock</td> <td style="width: 180px;">Twin Pines Housing Trust</td> <td style="width: 188px;">VHFA acquisition loan</td> <td style="width: 117px;">26</td> </tr><tr><td style="width: 142px;">Taft’s Flat</td> <td style="width: 113px;">Hartford</td> <td style="width: 180px;">Twin Pines Housing Trust</td> <td style="width: 188px;">Federal tax credits, VHFA construction loan</td> <td style="width: 117px;">18</td> </tr><tr><td style="width: 142px;">White River Junction Hotel Conversion</td> <td style="width: 113px;">Hartford</td> <td style="width: 180px;">Twin Pines Housing Trust</td> <td style="width: 188px;">Federal tax credits, VHFA construction loan</td> <td style="width: 117px;">40</td> </tr><tr><td style="width: 142px;">East Calais General Store</td> <td style="width: 113px;">East Calais</td> <td style="width: 180px;">East Calais Community Trust</td> <td style="width: 188px;">VHIF loan</td> <td style="width: 117px;">3</td> </tr><tr><td style="width: 142px;">Kelley’s Field II</td> <td style="width: 113px;">Hinesburg</td> <td style="width: 180px;">Cathedral Square Corporation &amp; Evernorth</td> <td style="width: 188px;">Federal tax credits, VHFA construction loan, VHFA permanent loan</td> <td style="width: 117px;">24</td> </tr></tbody></table><p> </p> <p>The projects include 102 apartments for households experiencing or at risk of homelessness. This is in addition to <a href="https://vhfa.org/news/blog/tax-credits-combine-pandemic-relief-funds-support-affordable-vermont-apartments">28 apartments in projects awarded in May</a>. This comes as Vermont recorded a 7.3% increase in persons experiencing homelessness in Vermont this year, likely due to continued pandemic-related challenges and an extremely tight rental market. These eleven projects will help provide safe, permanently affordable homes paired with supportive services to help households transition out of homelessness. </p> <p>In addition to the housing credits and loans awarded by VHFA, other funding sources for the new projects include grants and loans from the Vermont Housing and Conservation Board, the Vermont Community Development Program, the federal HOME program, the National Housing Trust Fund, NeighborWorks, Northern Borders, and the Upper Valley Workforce Housing Loan Fund.</p> <p><em>Pictured: Rendering of Bay Ridge in Shelburne. The project will include both new buildings and rehabilitation of existing motel buildings on site. Courtesy of Champlain Housing Trust &amp; Evernorth</em></p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Bay%20Ridge.png?itok=_RXJJRJr" width="480" height="299" alt="Rendering of Bay Ridge" title="Rendering of Bay Ridge" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Tue, 05 Jul 2022 13:07:43 +0000 Mia Watson 15123 at https://www.vhfa.org Renovations celebrated at Whitney Hill in Williston https://www.vhfa.org/news/blog/renovations-celebrated-whitney-hill-williston <div property="content:encoded" class="article__body"><p>VHFA joined housing partners in Williston last week to celebrate the completion of major renovations at Whitney Hill Homestead. The project, developed by Cathedral Square, preserves 44 apartments for older Vermonters. The event was also attended by former VHFA Executive Director Sarah Carpenter, who was CEO of Cathedral Square when Whitney Hill was first developed using VHFA-awarded tax credits in 1992. The renovation project received state and federal tax credits and loan awarded by VHFA.</p> <p>“We are excited to be part of the revitalization of these apartments and of a community that will continue to serve as affordable homes for Vermonters in the decades to come. VHFA is honored to support the enduring stewardship of this property. Being surrounded by residents and seeing the shared pride in Whitney Hill Homestead is a powerful reminder of the community Vermonters can build around safe, decent, affordable homes,” remarked Seth Leonard, VHFA Managing Director of Community Development.</p> <p>Renovations included energy efficiency upgrades such as new boilers, roofs, siding, and windows, as week as well as kitchens, bathrooms and flooring updates in the apartments. Residents were moved to local hotels for the duration of the work before returning to their homes. </p> <p>Whitney Hill offers 37 apartments affordable to senior households at or below 60% AMI, including 20 with project-based rental assistance (PBRA) vouchers through the Vermont State Housing Authority to ensure affordability for very low-income households. All residents will have access to SASH (Support and Services at Home), a care-coordination program originally established by Cathedral Square for Vermont that helps residents live safely and independently.</p> <p>“Today we celebrate the critical importance of high-quality, service-supported, affordable homes for older adults,” said Cathedral Square CEO Kim Fitzgerald. “Whitney Hill illustrates the importance of reinvesting in existing affordable housing in addition to building new housing in the state.”</p> <p>The $6.4 million project received federal bond Low Income Housing Tax Credits and Vermont Affordable Housing Tax Credits awarded by VHFA. The project also received a $3.4 million temporary construction loan and a $1.7 million permanent loan from VHFA. Other funders included Vermont Housing &amp; Conservation Board (VHCB), the National Housing Trust Fund, the Federal Home Loan Bank of Boston’s (FHLBB) Affordable Housing Program (AHP), and from Housing Ministries of New England (HMNE). </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Whitney%20Hill.PNG?itok=gCwrIPBX" width="480" height="302" alt="Whitney Hill Homestead" title="Whitney Hill Homestead" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Fri, 01 Jul 2022 12:49:41 +0000 Mia Watson 15121 at https://www.vhfa.org VHFA receives $4 million Capital Magnet Fund award to support 300 affordable homes https://www.vhfa.org/news/blog/vhfa-receives-4-million-capital-magnet-fund-award-support-300-affordable-homes <div property="content:encoded" class="article__body"><p>Vermont Housing Finance Agency (VHFA) <a href="https://www.sevendaysvt.com/vermont/advocates-celebrate-4-million-federal-housing-grant/Content?oid=35904673">joined Representative Peter Welch in South Burlington yesterday</a> 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.</p> <p>The source is the <a href="https://www.cdfifund.gov/programs-training/programs/cmf">Capital Magnet Fund</a>, a program of the U.S. Treasury. It is intended to create and preserve affordable housing for low-income families and revitalize distressed communities by attracting private capital. This year the program awarded <a href="https://www.cdfifund.gov/sites/cdfi/files/2022-06/FINAL_2021_CMF_Award_Book_060922_for_posting.pdf?utm_source=NCSHA&amp;utm_campaign=cfe2dfce97-EMAIL_CAMPAIGN_2019_02_06_09_58_COPY_01&amp;utm_medium=email&amp;utm_term=0_f00bc192e4-cfe2dfce97-65512003">$336.4 million</a> in funding to nonprofits and financial institutions. The program is highly competitive, receiving requests for nearly three times the available funding each year. VHFA is one of only 59 organizations nationwide to receive an award this cycle.</p> <p>VHFA applied for the award in coordination with its congressional delegation. </p> <p>“We were proud to lend our support for VHFA’s application and for the Capital Magnet Fund program,” said Senator Patrick Leahy. "Now, more than ever, we need innovative financing approaches to build more affordable homes for Vermonters.”</p> <p>VHFA’s success in obtaining the award was largely due to the agency’s ability to work with traditional and non-traditional funding sources and investors for community development. VHFA will invest the award in its Vermont Housing Investment Fund (VHIF). <a href="https://www.vhfa.org/news/blog/VHFA-launches-housing-investment-fund">VHFA created the fund in 2020</a> in recognition of a growing need for more flexible financing opportunities for affordable housing development. The fund has already received $5.1 million in investments from the Federal Home Loan Bank (FHLB) of Boston, New England Federal Credit Union (NEFCU), the Vermont Community Foundation (VCF) and VHFA’s own reserves. These cornerstone investors recognized the potential of private capital to more effectively leverage scarce public housing resources. The fund has previously invested in over 350 affordable homes.</p> <p>“Leveraging this Capital Magnet Fund award through the Vermont Housing Investment Fund demonstrates what a powerful tool the fund is for creating housing in Vermont. This award is another reason why non-traditional investors like employers, foundations, and even individuals seeking opportunities to be part of addressing Vermont’s housing needs should consider the Fund as a way of making an impact on housing,” said VHFA’s Executive Director Maura Collins.</p> <p>The CMF award will be invested in affordable multifamily housing developments as predevelopment loans, short-term loans to bridge financing or to allow for preservation-focused acquisitions, and low-interest long-term loans to developers. These investments are intended to fill gaps in project budgets, allowing worthwhile housing projects to move forward despite complex and changing housing development conditions. </p> <p>“At a time when more and more Americans are struggling to find a safe and affordable home, we must make sure that federal funding is quickly and effectively put to work in Vermont to help solve our housing crisis,” said Senator Bernie Sanders. </p> <p>VHFA estimates that the award will help build or preserve 300 apartments across a minimum of 10 projects. VHFA anticipates that it will layer this funding with $80 million in private sources and $15 million in public sources, which will cover $100 million in eligible project costs. This means that every dollar of the award will help leverage 25 dollars in other public and private funding in a project. VHFA will reinvest loans back into the fund upon repayment, ensuring that the award will support housing development for years to come.  </p> <p>“This CMF award will help Vermont families and strengthen our local economy,” said Representative Peter Welch. “I will continue to work with my colleagues to create new opportunities for investment in Vermont communities.”</p> <p>The award announcement was held at the future site of O’Brien Farms in South Burlington, developed by Summit Properties. The project, which has received a VHIF loan and other VHFA financing, will construct 94 mixed-income apartments in two building, including 20 for Vermonters experiencing homelessness.</p> <p><em>Pictured (from left): John Dwyer Jr., President/CEO of New England Federal Credit Union (NEFCU); Katrina Menard, Office of Senator Bernie Sanders; Chris Flannery, VHFA Chief Financial Officer; Representative Peter Welch; Evan Langfeldt, CEO at O'Brien Brothers; Tricia Coates, Office of Senator Patrick Leahy; Tom Getz, Owner/CEO Summit Properties; Dan Smith, Vermont Community Foundation (VCF) President/CEO</em></p> <p><em>Photo Credit: Paul E. Richardson, Storyworkz Photography</em><br />  </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Capital%20Magnet%20Fund%20award.jpg?itok=JZ_20Ul2" width="480" height="302" alt="Capital Magnet Fund award press conference" title="Capital Magnet Fund award press conference" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 29 Jun 2022 13:12:47 +0000 Mia Watson 15113 at https://www.vhfa.org VHFA welcomes summer interns https://www.vhfa.org/news/blog/vhfa-welcomes-summer-interns <div property="content:encoded" class="article__body"><p>VHFA has welcomed Madelyn Stoen and Minelle Sarfo-Adu to the Agency as summer interns.</p> <p>University of Iowa graduate student Madelyn Stoen (she/her) has been named the Summer 2022 Vermont Housing Fellow. Stoen is pursuing a M.S. Urban and Regional Planning with a concentration in Community and Housing Development and an M.P.H. with a focus on Community and Behavioral Health. She has previously interned as an Eviction Prevention Specialist for Iowa’s emergency COVID-19 rental assistance program. She has a B.S. Global Health Studies and a B.A. Ethics and Public Policy from the University of Iowa.</p> <p>The goal of the <a href="https://vhfa.org/about/housing-fellow-program">Vermont Housing Fellow program</a> is to cultivate interest among graduate students in Vermont-based affordable housing careers with a specific goal of growing the diversity of experiences and perspectives used when thinking about the housing needs in Vermont. The program provides students in Vermont and beyond with a stipend and the opportunity to relate knowledge gained in the classroom to practical, real-world settings. The Agency plans to appoint a new student to the fellowship each semester. </p> <p>VHFA is currently accepting applications for the fellowship for the Fall semester of 2022. Please contact VHFA’s Human Resources Director Steve Gronlund (<a href="mailto:sgronlund@vhfa.org">sgronlund@vhfa.org</a>) for more information. Candidates must be graduate students enrolled in an accredited program. Internship course credits may be available through his or her university or through the University of Vermont’s Public Administration program. For information about University of Vermont credits, please contact Julie Starr at <a href="mailto:jstarr2@uvm.edu">jstarr2@uvm.edu</a>.</p> <p>VHFA also welcomes Minelle Sarfo-Adu (she/her) as a summer intern. Sarfo-Adu is a recent graduate of South Burlington High School. She has served on South Burlington’s Affordable Housing Committee and has <a href="https://www.vpr.org/vpr-news/2021-06-02/perfect-age-to-be-speaking-meet-16-year-old-activist-minelle-sarfo-adu">received recognition for her activism</a>, including working with the Vermont Student Anti-Racism Network to create lesson plans on racial discrimination in housing. This fall she will attend Antioch University in California. </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Summer%20interns.png?itok=eXnnc5m5" width="480" height="302" alt="VHFA summer interns" title="VHFA summer interns" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 23 Jun 2022 18:01:51 +0000 Mia Watson 15111 at https://www.vhfa.org Ribbon-cutting celebrated for River Bend in Stowe https://www.vhfa.org/news/blog/ribbon-cutting-celebrated-river-bend-stowe <div property="content:encoded" class="article__body"><p>VHFA <a href="https://www.mychamplainvalley.com/news/affordable-housing-opens-in-stowe/?fbclid=IwAR1HHTh46pa80IquTetKala1YPZpA94xO0InBM1mr9n8wOYWt309SVuLFPY">joined housing partners in Stowe this week</a> to celebrate the completion of Phase 1 of the River Bend Apartments project. The first phase of the project, developed by Lamoille Housing Partnership and Evernorth, includes nine newly constructed affordable apartments on Maple Street in Stowe. The project received federal tax credits and a loan awarded by VHFA, as well as a loan from VHFA’s Housing Investment Fund (VHIF).</p> <p>“Projects like this one are easy when you have so many amazing partners working towards the same goal,” remarked VHFA Executive Director Maura Collins.</p> <p>The new building is in Stowe’s walkable Village Center, close to jobs, schools and amenities. Four of the new apartments are reserved for Vermonters experiencing or at risk of homelessness, paired with supportive services and additional rental assistance to ensure deep affordability. Despite the challenges posed by the pandemic, the project was completed in just 10 months and the building is already fully occupied. </p> <p>Kristy Sansone, a new resident of River Bend, spoke about how she had been living in temporary motel accommodations, and how much having a permanent home meant to her.</p> <p>“I can start my life over and not have to worry about the things other people take for granted,” said Sansone.  </p> <p>The $5.7 million project received federal Low Income Housing Tax Credits awarded by VHFA. The tax credits were purchased by Union Ban, raising nearly $1.6 million in equity for construction. The project also received a $267,500 permanent loan from VHFA. Other funders included the Vermont Community Development Program through the Town of Stowe and $3.3 million in federal American Rescue Plan Act (ARPA) funds awarded through the Vermont Housing &amp; Conservation Board (VHCB). </p> <p>River Bend also received a $245,000 long-term loan from the Vermont Housing Investment Fund (VHIF), awarded by VHFA. VHIF investment was critical in filling in project gaps. Vermont Community Foundation (VCF) was the first seed investor into the fund, and VCF President &amp; CEO Dan Smith was invited to the event to recognize their contribution to the project. </p> <p>“When I get to see that our charitable assets are invested in a project like this, and knowing that every time one of these doors opens someone is coming into a home that they may not have had access to before, it makes me feel that real progress is possible,” said Smith. “Partnerships are the infrastructure that can close the opportunity gap and put our communities and all Vermonters on a trajectory for a much stronger future in the coming years.”</p> <p>Phase 2 of the project has begun. It will involve the rehabilitation of an existing building on Hutchins Street in Morrisville to create seven apartments.<br />  </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/River%20Bend%20Ribbon%20Cutting_1.png?itok=AojE1HBu" width="480" height="302" alt="Ribbon cutting ceremony at River Bend, Stowe" title="Ribbon cutting ceremony at River Bend, Stowe" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Thu, 16 Jun 2022 12:04:20 +0000 Mia Watson 15103 at https://www.vhfa.org Public feedback sought for Missing Middle Homeownership Program https://www.vhfa.org/news/blog/public-feedback-sought-missing-middle-homeownership-program <div property="content:encoded" class="article__body"><p><strong>**Update 6/24/2022: Review <a href="https://www.vhfa.org//sites/default/files/rentalhousing/Missing-Middle-HO-Program-Draft-6-24-22.pdf">draft program guidelines. </a></strong></p> <p> </p> <p>On June 30th, from 1:00-2:30 pm, Vermont Housing Finance Agency (VHFA) will host a web forum to review proposed guidelines and key components of the <a href="https://legislature.vermont.gov/Documents/2022/Docs/BILLS/S-0226/S-0226 As Passed by Both House and Senate Unofficial.pdf">Missing Middle Homeownership Development Program</a>. This session will offer an opportunity for comments and feedback on how the Missing Middle Program will be implemented. </p> <p>You can register for the session by clicking on this registration link: <a href="https://us02web.zoom.us/meeting/register/tZMocuqopj0oH90PCl8rABl2XVp_Uyt_Rf1T">REGISTER HERE</a></p> <p>On June 7th, Governor Scott signed legislation that provides $15 million in funding for the Missing Middle initiative. The program will be funded from a portion of the State’s American Rescue Plan Act funding. The program will provide subsidies and incentives for homebuilders to construct or rehabilitate modest homes affordable to Vermont homebuyers at 120% Area Median Income or lower. </p> <p>If you are unable to attend, a recording of the session will be made available to the public after the event, along with an option to provide feedback on VHFA’s website. </p> <p>Following the web forum, there will be a two-week open comment period for attendees and the public. VHFA hopes to finalize program guidance and open the application process for project proposals prior to the end of July 2022. </p> <p>Please reach out to <a href="mailto:developmentdept@vhfa.org">developmentdept@vhfa.org</a> if you have any issues registering for the session, accessing the materials in advance of the meeting, or finding the recording.  </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Townhomes.png?itok=PZPcExya" width="480" height="302" alt="Row of townhouses" title="Missing Middle" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Mon, 13 Jun 2022 12:58:35 +0000 Mia Watson 15100 at https://www.vhfa.org Groundbreaking celebrated at Stuart Avenue in Colchester https://www.vhfa.org/news/blog/groundbreaking-celebrated-stuart-avenue-colchester <div property="content:encoded" class="article__body"><p>Last week, VHFA joined Governor Scott and housing partners in Colchester for a <a href="https://www.wcax.com/2022/06/01/colchester-break-ground-affordable-housing/">groundbreaking ceremony</a> at Stuart Avenue Apartments. The project, developed by Champlain Housing Trust (CHT) and Evernorth, will create 36 new apartments as part of the Sunderland Farms master development at Severance Corners. The project will receive the majority of its funding from federal credits awarded by VHFA.</p> <p>The mixed-income project includes nine units affordable to households earning at or below 50% of area median income (AMI), 15 units affordable to households at or below 60% AMI, and 3 at or below 80%. The project responds to the growing need for apartments to house larger families by including several two- and three-bedroom units. </p> <p>In addition, three of the on-site apartments and three apartments located elsewhere in CHT’s portfolio will be reserved for households experiencing or at risk of homelessness. The units will be paired with supportive services and rent vouchers guaranteeing deep affordability, which will help these households transition to stability. </p> <p>The groundbreaking ceremony also celebrated Vermont’s participation in the <a href="https://www.hud.gov/house_america">House America</a> initiative, in which the U.S. Department of Housing and Urban Development (HUD) and the U.S. Interagency Council on Homelessness (USICH) have invited local leaders, tribal nation leaders and governors into a national partnership to utilize the historic investments provided through the American Rescue Plan Act (ARPA) to address the crisis of homelessness.</p> <p>“The State of Vermont has stepped up to the challenge and gone above and beyond by developing multifamily affordable units, with units set aside for families facing homelessness,” said HUD New England Regional Administrator Juana Matias. “This project is a successful demonstration of what is possible when federal, state, nonprofit and private sector partners come together to address some of our most pressing challenges.” </p> <p>Stuart Avenue is expected to cost roughly $12.2 million. Roughly $6.8 million will come from federal Low Income Housing Tax Credits awarded by VHFA. Other funders included the Vermont Housing and Conservation Board (VHCB), and the Vermont Community Development Program (VCDP), the federal HOME program, and Neighborworks. </p> <p>Construction is expected to be completed in Spring, 2023.</p> <p class="MsoNormal"><em>Pictured: Groundbreaking Ceremony at Stuart Avenue Apartments, Courtesy of Evernorth</em><p></p></p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Groundbreaking%20Stuart%20Ave.jpg?itok=-BhY06tS" width="480" height="303" alt="Groundbreaking at Stuart Avenue" title="Groundbreaking at Stuart Avenue" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Fri, 10 Jun 2022 12:12:55 +0000 Mia Watson 15099 at https://www.vhfa.org Seth Leonard selected for the Center for Community Investment’s Fulcrum Fellowship https://www.vhfa.org/news/blog/seth-leonard-selected-center-community-investments-fulcrum-fellowship <div property="content:encoded" class="article__body"><p>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 <a href="https://centerforcommunityinvestment.org/">Center for Community Investment (CCI)</a> at the Lincoln Institute of Land Policy.</p> <p>This prestigious program provides support for the development of the nation’s most promising leaders in the fields of housing, creative placemaking, philanthropy, and economic and community development. Leonard is one of 16 Fellows who will participate in a 15-month action-learning program that aims to help leaders create meaningful systems change through collaboration across silos and sectors. They will join a network of leaders committed to advancing racial equity and supporting disinvested communities to achieve their environmental, social, and economic priorities.</p> <p>“Seth has brought remarkable levels of expertise and energy to VHFA’s community development programs in the past three years,” said VHFA’s Executive Director Maura Collins. “We are thrilled that Seth will discover new ways to unlock capital and use housing and community development investments as a Fulcrum Fellow, helping VHFA support underserved residents and communities.” </p> <p>Leonard, a resident of Winooski, has served as Managing Director of Community Development since 2019, overseeing the Agency’s housing development, rental housing management and community relations activities. Leonard came to VHFA from the USDA Office of Rural Development, where he served as Housing Program Director for Vermont and New Hampshire. Prior to that, worked at VHFA as its Homeownership Outreach Coordinator.</p> <p>Leonard also served as the Mayor of the City of Winooski for four years. During his tenure, Leonard was a strong advocate for affordable housing, and Winooski saw many reforms to encourage new development, including revising its Municipal Master Plan and zoning codes.</p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Fulcrum%20Fellowship.png?itok=XL5NXD37" width="480" height="270" alt="Fulcrum Fellowship" title="Fulcrum Fellowship" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 08 Jun 2022 12:23:52 +0000 Mia Watson 15096 at https://www.vhfa.org Call for Statewide Housing Conference session proposals  https://www.vhfa.org/news/blog/call-statewide-housing-conference-session-proposals <div property="content:encoded" class="article__body"><p class="paragraph"><span style="font-size:12pt"><span style="vertical-align:baseline"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif">On behalf of the Vermont Statewide Housing Conference Planning Committee, VHFA is seeking </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif"><a href="https://conference.vhfa.org/web/authorsubmission?eventid=2138816763" style="user-select:text; -webkit-user-drag:none; -webkit-tap-highlight-color:transparent; color:inherit; cursor:text" target="_blank"><span data-ccp-charstyle="Hyperlink" style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="color:#0563c1"><span style="text-decoration:none"><span style="text-underline:none"><span data-contrast="none" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important">proposals</span></span></span></span></span></span></span></span></span></span></a><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"> for sessions at the </span></span></span></span></span></span></span><a href="http://conference.vhfa.org/" style="user-select:text; -webkit-user-drag:none; -webkit-tap-highlight-color:transparent; color:inherit; cursor:text" target="_blank"><span data-ccp-charstyle="Hyperlink" style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="color:#0563c1"><span style="text-decoration:none"><span style="text-underline:none"><span data-contrast="none" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important">2022 Statewide Housing Conference,</span></span></span></span></span></span></span></span></span></span></a><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"> to be held on Wednesday, November 16 in Burlington.  For decades, t</span></span></span></span><span data-contrast="none" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent">his biennial conference has brought together practitioners, community members and policy leaders to nurture connection and innovation. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p> <p class="paragraph" paraeid="{8481fbf7-2341-479a-9241-3ba7c1024e4f}{14}" paraid="29827361" xml:lang="EN-US"><span style="font-size:12pt"><span style="vertical-align:baseline"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="overflow-wrap:break-word"><span style="white-space:pre-wrap"><span style="font-kerning:none"><span style="font-family:&quot;Times New Roman&quot;,serif"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif">This year’s conference theme is “What YOU can do to solve the housing crisis.” The conference planning committee is inviting the housing community to submit proposals for sessions at the conference that speak to this theme. If you have an idea for a session you would like to facilitate at this year's conference, please </span></span></span></span></span></span></span></span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif"><a href="https://conference.vhfa.org/web/authorsubmission?eventid=2138816763" style="user-select:text; -webkit-user-drag:none; -webkit-tap-highlight-color:transparent; color:inherit; cursor:text" target="_blank"><span data-ccp-charstyle="Hyperlink" style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="color:#0563c1"><span style="text-decoration:none"><span style="text-underline:none"><span data-contrast="none" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important">submit a brief description of the session</span></span></span></span></span></span></span></span></span></span></a><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"> and answer a few questions about it by completing the short web-based form. </span></span></span></span></span></span></span> </span></span></span></span></span></span></span></span></span></span></span></p> <p class="paragraph" paraeid="{6dce36e3-7c45-4f66-90fc-e59caf54f931}{209}" paraid="1210840232"><span style="font-size:12pt"><span style="vertical-align:baseline"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="overflow-wrap:break-word"><span style="white-space:pre-wrap"><span style="font-kerning:none"><span style="font-family:&quot;Times New Roman&quot;,serif"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif">Conference organizers hope to offer a wide range of session formats, including non-traditional approaches that make build off of the conference’s in-person nature and make creative use of technology and other mediums to engage attendees. Here are a few session topic examples: </span></span></span></span></span></span></span></span></span> </span></span></span></span></span></span></span></span></span></p> <ul><li class="paragraph" paraeid="{33df90f4-3685-4c6a-b009-3ac4f10e0d82}{27}" paraid="931976988" style="margin-left:32px" xml:lang="EN-US"><span style="font-size:12pt"><span style="tab-stops:list .5in"><span style="vertical-align:baseline"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="overflow-wrap:break-word"><span style="white-space:pre-wrap"><span style="font-kerning:none"><span style="font-family:&quot;Times New Roman&quot;,serif"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif">Voices of Vermonters with lived experiences that reflect the diversity of our state</span></span></span></span></span></span></span></span></span> </span></span></span></span></span></span></span></span></span></span></li> <li class="paragraph" paraeid="{54c9f440-6dbc-48e9-8472-9e8cff621cad}{147}" paraid="477786670" style="margin-left:32px" xml:lang="EN-US"><span style="font-size:12pt"><span style="tab-stops:list .5in"><span style="vertical-align:baseline"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="overflow-wrap:break-word"><span style="white-space:pre-wrap"><span style="font-kerning:none"><span style="font-family:&quot;Times New Roman&quot;,serif"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif">Ways to combat the housing crisis through direct local levers and partnerships </span></span></span></span></span></span></span></span></span> </span></span></span></span></span></span></span></span></span></span></li> <li class="paragraph" paraeid="{252ff8c2-50b8-472a-8be1-f52549ef8e89}{253}" paraid="1220191853" style="margin-left:32px" xml:lang="EN-US"><span style="font-size:12pt"><span style="tab-stops:list .5in"><span style="vertical-align:baseline"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="overflow-wrap:break-word"><span style="white-space:pre-wrap"><span style="font-kerning:none"><span style="font-family:&quot;Times New Roman&quot;,serif"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif">Systems for turning ideas and inspiration into personal action</span></span></span></span></span></span></span></span></span> </span></span></span></span></span></span></span></span></span></span></li> <li class="paragraph" paraeid="{393830d3-031e-49a8-a5f1-141fc335360e}{111}" paraid="115650109" style="margin-left:32px" xml:lang="EN-US"><span style="font-size:12pt"><span style="tab-stops:list .5in"><span style="vertical-align:baseline"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="overflow-wrap:break-word"><span style="white-space:pre-wrap"><span style="font-kerning:none"><span style="font-family:&quot;Times New Roman&quot;,serif"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif">Impact on affordability and CO2 emissions of municipal housing development requirements </span></span></span></span></span></span></span></span></span> </span></span></span></span></span></span></span></span></span></span></li> </ul><p class="paragraph" paraeid="{33df90f4-3685-4c6a-b009-3ac4f10e0d82}{95}" paraid="1182416961" xml:lang="EN-US"><span style="font-size:12pt"><span style="vertical-align:baseline"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="overflow-wrap:break-word"><span style="white-space:pre-wrap"><span style="font-kerning:none"><span style="font-family:&quot;Times New Roman&quot;,serif"><span data-contrast="auto" style="user-select:text" xml:lang="EN-US"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-variant-ligatures:none !important"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="font-size:14.0pt"><span style="font-family:&quot;Helvetica&quot;,sans-serif">Proposals will be accepted through June 30, 2022. Please direct any questions to <a href="mailto:conference@vhfa.org">conference@vhfa.org</a>.</span></span></span></span></span></span></span></span></span> </span></span></span></span></span></span></span></span></span></p> <p class="paragraph" paraeid="{6dce36e3-7c45-4f66-90fc-e59caf54f931}{233}" paraid="756757926"><span style="font-size:12pt"><span style="vertical-align:baseline"><span style="user-select:text"><span style="-webkit-user-drag:none"><span style="-webkit-tap-highlight-color:transparent"><span style="overflow-wrap:break-word"><span style="white-space:pre-wrap"><span style="font-kerning:none"><span style="font-family:&quot;Times New Roman&quot;,serif"> </span></span></span></span></span></span></span></span></span></p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/HC-logo.jpg?itok=qNsuHrcv" width="480" height="302" alt="Housing conference logo" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 01 Jun 2022 16:29:57 +0000 Leslie Black-Plumeau 15094 at https://www.vhfa.org Tax credits combine with pandemic relief funds to support affordable Vermont apartments https://www.vhfa.org/news/blog/tax-credits-combine-pandemic-relief-funds-support-affordable-vermont-apartments <div property="content:encoded" class="article__body"><p>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. </p> <p>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 &amp; Conversation Board. </p> <p>“Housing will play an essential role in allowing Vermont to fully recover from the pandemic,” said Senator Patrick Leahy. "The leveraging of private equity with public pandemic relief funds will help the funding go farther and be instrumental in addressing our severe shortage of affordable homes.”</p> <p>Vermont always envisioned pairing ARPA funds with federal Low Income Housing Tax credits (LIHTC). However, due to a federal interpretation of how these programs could work together, Vermont was at risk of losing this opportunity to put federal dollars to their best use. Vermont’s congressional delegation was the first to recognize this problem and jointly led national efforts to seek a solution. Senator Leahy led bipartisan efforts to introduce the <a href="https://www.congress.gov/bill/117th-congress/senate-bill/4181">LIFELINE Act</a> to allow states to make long-term loans with ARPA funds to tax credit developments, with strong support from Senator Sanders and Representative Peter Welch. Together, Vermont’s congressional delegation will continue to work with their colleagues in the House and Senate to solve this challenge.</p> <p>“Safe, quality, affordable housing is a human right, period,” said Senator Bernie Sanders.  “At a time when we are experiencing nothing short of a crisis of affordable housing in Vermont and across the country, we must make sure that federal funding to address this crisis is put to work quickly and efficiently to serve working families, seniors, and all those lacking stable housing.  The good news is that when we invest in affordable housing, entire communities benefit. I look forward to seeing all the good that comes of these critically important projects across our state for years to come.” </p> <p>Projects receiving federal tax credits this year include Central and Main, a new 30-unit building developed by Windham &amp; Windsor Housing Trust and Evernorth with 23 affordable units, including six for households experiencing homelessness. The building will fill in a vacant lot in the heart of the historic town center in Windsor. </p> <p>Also in the Upper Valley is Prospect Place in Hartford, developed by Twin Pines Housing Trust and Evernorth. They will build 30 affordable apartments in a new 42-unit mixed-income building, eight of which are reserved for households experiencing homelessness. The two projects will help address a desperate need for affordable housing in the area. </p> <p>O’Brien Farms will be developed and managed by Summit Properties. The O’Brien Hillside project is a large master development in South Burlington, including both homeownership and rental homes. The O’Brien Farms building that received tax credits this week is a 47-unit mixed-income building with 32 affordable units, including eight reserved for households experiencing homelessness. The project will also include a second mixed-income, 47-unit building next door, which will apply separately for federal bond tax credits next month. </p> <p>Downstreet Housing &amp; Community Development and Evernorth will develop Fox Run Apartments in Berlin. The Town of Berlin received a New Town Center Designation for the neighborhood to allow for additional public infrastructure and redevelopment of the area. The project will include 30 new apartments, 24 of which will be affordable, and six of which be set aside for households experiencing homelessness. The project was partially funded by tax credits last year, with the understanding that the sponsors might need to apply for additional funding to move the project forward. </p> <p>Firehouse Apartments in Bristol, which also received tax credits last year, received an additional supplement of tax credits in recognition of the escalating development costs seen during the pandemic. </p> <p>For the fourth year in a row, every project sponsor will reserve at least 25 percent of the new tax credit apartments for households that are either experiencing or at risk of homelessness. To date, state and federal housing tax credits have helped develop 434 affordable apartments paired with supportive clinical and social services devoted to Vermonters experiencing homelessness. The 28 new apartments for households experiencing homelessness developed with this year’s awards will provide an important resource to help shift families from temporary emergency housing into permanent affordable homes. </p> <p>“It is increasingly clear that an investment in housing is an investment in our economy and the health of our communities,” said Representative Welch. “We will continue to work to ensure that all Vermonters have a safe and affordable home.”</p> <p>In addition to the housing credits awarded by VHFA, other funding sources for these developments include grants and loans from the Vermont Housing and Conservation Board, the federal HOME program, the Vermont Community Development Program, the Upper Valley Loan Fund and NeighborWorks. When the apartments come online, the Vermont State Housing Authority and several local Public Housing Authorities will provide project based rental assistance, which will further reduce rent for several units, allowing the projects to provide deep affordability. </p> <p class="MsoNormal"><em>Pictured: Rendering of Central and Main in Windsor, courtesy of Windham &amp; Windsor Housing Trust and Evernorth</em><p></p></p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Central%20and%20Main.PNG?itok=MAVYOm8C" width="480" height="302" alt="Rendering of Central and Main apartment building" title="Central and Main in Windsor" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 25 May 2022 17:41:14 +0000 Mia Watson 15070 at https://www.vhfa.org VHFA is hiring! https://www.vhfa.org/news/blog/vhfa-hiring-12 <div property="content:encoded" class="article__body"><p>Vermont Housing Finance Agency (VHFA) is <a href="https://vhfa.org/about/staff/employment">recruiting</a> for a Director of Human Resources &amp; Administration. Named one of the “Best Small/Medium Places to Work in Vermont” several times over the last few years, VHFA offers a competitive salary and comprehensive benefits package.</p> <p>This position is charged with understanding the pulse of VHFA's workforce and bringing programs, policies, issues and opportunities to Executive Management so that VHFA can remain one of the best places to work in Vermont. The Director of Human Resources and Administration will need to work closely with managers to continually improve management skills and coach individual staff as needed. This position will administer all aspects of the Agency’s benefits, compensation, recruitment, training and performance evaluation, and onboarding and departing staff needs. </p> <p>VHFA is an equal opportunity employer and is committed to a diverse workplace. We highly encourage women, persons with disabilities, LGBTQ people and people from diverse racial, ethnic and cultural backgrounds to apply.</p> <p>For a detailed job description, salary range and benefits overview for this position, please see <a href="https://vhfa.org/about/staff/employment">VHFA's website.</a> To apply, send cover letter (required), resume, and references to the Human Resources Department at <a href="mailto:HR@vhfa.org">HR@vhfa.org</a>. The position will be open until filled.</p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/HR%20Director%20Hire.png?itok=UNoHpKTf" width="480" height="302" alt="HR Director Hire" title="HR Director Hire" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 11 May 2022 12:19:30 +0000 Steve Gronlund 15063 at https://www.vhfa.org New data shows how Vermont towns balance jobs and homes https://www.vhfa.org/news/blog/new-data-shows-how-vermont-towns-balance-jobs-and-homes <div property="content:encoded" class="article__body"><p>Towns with sufficient homes to house the employees that work there are more likely to make inroads against climate change and the housing affordability crisis. According to <a href="https://www.housingdata.org/profile/income-employment/jobs-homes-index">data published this week</a> by the Vermont Housing Data website, the top Vermont town with over 10,000 workplaces to strike this balance is Essex. For every 100 homes in Essex, the town has 112 jobs.</p> <p>The <a href="https://www.housingdata.org/profile/income-employment/jobs-homes-index">Jobs-Homes Index</a> compares the <a href="https://www.housingdata.org/profile/income-employment/jobs">number of jobs</a> in an area with the <a href="https://www.housingdata.org/profile/population-household/households-by-tenure">number of occupied (non-seasonal) homes</a> there. <a href="https://escholarship.org/content/qt7mx3k73h/qt7mx3k73h_noSplash_1b94b2f68d64e93b0fe30509dbf95809.pdf?t=mc2sxr">Experts suggest</a> that an ideal market would have a ratio of 1.5. A ratio higher than 1.5 indicates that the community may not have enough homes to meet the demands of its workforce. Homes with lower ratios than 1.0 tend to serve as ‘bedroom communities’ for adjacent job centers. </p> <p><strong>Vermont towns with over 10,000 jobs </strong></p> <table border="1" cellpadding="1" cellspacing="1" style="width: 600px;"><caption>Source: Vermont Housing Data website, <a href="http://www.housingdata.org/profile">www.housingdata.org/profile</a></caption> <thead><tr><th scope="col" style="width: 184px;">Town/city</th> <th scope="col" style="width: 120px;">Jobs</th> <th scope="col" style="width: 140px;">Jobs-Homes Index</th> <th scope="col" style="width: 157px;">Average annual housing growth</th> </tr></thead><tbody><tr><td style="width: 184px;">Burlington</td> <td style="width: 120px;">33,154</td> <td style="width: 140px;">1.9</td> <td style="width: 157px;">0.8%</td> </tr><tr><td style="width: 184px;">South Burlington</td> <td style="width: 120px;">16,701</td> <td style="width: 140px;">1.8</td> <td style="width: 157px;">1.4%</td> </tr><tr><td style="width: 184px;">Rutland City</td> <td style="width: 120px;">12,595</td> <td style="width: 140px;">1.7</td> <td style="width: 157px;">-0.1%</td> </tr><tr><td style="width: 184px;">Williston</td> <td style="width: 120px;">11,629</td> <td style="width: 140px;">2.7</td> <td style="width: 157px;">2.3%</td> </tr><tr><td style="width: 184px;">Essex</td> <td style="width: 120px;">10,426</td> <td style="width: 140px;">1.1</td> <td style="width: 157px;">1.8</td> </tr></tbody></table><p> </p> <p><img alt="Jobs to home index" data-entity-type="" data-entity-uuid="" height="599" src="https://www.vhfa.org//sites/default/files/images/Jobs%20homes%20index.png" width="438" class="align-right" /></p> <p>About 40% of Vermont’s jobs are located in the Burlington-South Burlington metropolitan area.  Williston, Burlington and South Burlington have the greatest undersupply of housing in the area, according to the Jobs-Homes Index.  </p> <p>Small and medium-sized communities also face challenges striking the jobs-homes balance. Berlin, home to Central Vermont Medical Center, faces the greatest imbalance in the state with 426 jobs for every 100 homes.  Tiny Stratton and Jay also have far more jobs than homes due to the resort jobs located there. </p> <p>A decades-long <a href="https://www.housingdata.org/profile/housing-stock/rate-of-change">slow-down in home building</a> is underway in many Vermont towns. When towns with a large portion of the state’s jobs fail to keep up in terms of homes, thousands of employees must locate further away which increases commuting time and transportation carbon emissions. </p> <p>The lack of available homes near jobs may underlie Vermont’s continued workforce challenges. The state had 9,345 fewer <a href="https://www.housingdata.org/profile/income-employment/labor-force">employed workers </a>in March 2022 compared to March 2019. While workers may have left the workforce for various reasons related to the pandemic, employers <a href="https://www.burlingtonfreepress.com/story/news/2022/03/21/covid-19-labor-shortage-vermont-hiring-employees-struggle-housing-child-care/6828632001/">consistently identify housing</a> as a major barrier to attracting workers. Some <a href="https://www.sevendaysvt.com/vermont/cottages-industry-the-housing-crisis-complicates-hiring-forcing-employers-to-become-realtors-and-builders/Content?oid=35436374">Vermont employers</a> have started trying to help workers find housing in attempt to fill open positions.</p> <p>Building the housing needed to meet workforce needs is vital both for sustained economic development and to help Vermont reach its climate goals.<br />  </p> </div> <div class="article__field-image"> <img rel="og:image rdfs:seeAlso" src="/sites/default/files/styles/large/public/images/Neighborhood%202.png?itok=FjhurOBQ" width="480" height="302" alt="Neighborhood homes" title="Neighborhood homes" loading="lazy" typeof="foaf:Image" class="img-fluid" /> </div> Wed, 04 May 2022 13:26:10 +0000 Leslie Black-Plumeau 15061 at https://www.vhfa.org