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VHFA News

Posted by: admin on March 22, 2006 - 3:41am

BURLINGTON, VT  River Valley Credit Union has become a Vermont Housing Finance Agency (VHFA) participating lender. Participating lenders work with borrowers to answer questions about purchasing a home with a VHFA mortgage, determine borrowers’ eligibility, and process applications for low-interest rate VHFA home loans. “We’re pleased to have River Valley Credit Union join the ranks of VHFA participating lenders,” said VHFA Executive Director Sarah Carpenter. “With more than 30 such lenders across the state, Vermonters now have more choices than ever when it comes to selecting a participating lender they feel most comfortable with helping them through the home-buying process.” “We at River Valley Credit Union are very pleased to be a participating VHFA lender," said Vice President Stephen Duclos. "Being a community lender, it is extremely important we partner with VHFA for our credit union members’ home buying needs.” River Valley Credit Union has offices in Bellows Falls, Brattleboro, Putney, Springfield and Townshend. VHFA’s Web site (www.vhfa.org) features a searchable database of all VHFA participating lenders — including names of mortgage originators at each institution and detailed contact information. The Vermont Legislature established VHFA in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped almost 25,000 households with affordable mortgages and nearly 7,000 families into affordable rental units.

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Posted by: admin on March 1, 2006 - 5:45am

BURLINGTON, VT  Gov. Jim Douglas has appointed Bartlett H. “Bart” Frisbie of Colchester and Robert H. Alberts of Bridport to the VHFA Board of Commissioners. Frisbie and Alberts fill the two vacancies created when the Agency’s Board was expanded from seven members to nine, following the Legislature’s passage of H.521, which Gov. Douglas signed into law on June 23, 2005. “We believe a larger Board will benefit VHFA by providing an even broader range of experience and expertise,” says Executive Director Sarah Carpenter. “We’re all looking forward to the energy and fresh perspectives Bart and Rob will bring.” Frisbie owns Sterling Construction Inc. in South Burlington, a construction firm developing neighborhoods and building residential housing throughout Chittenden County. He’s served on the Board of Directors of the Home Builders and Remodelers Association of Northern Vermont for the past 26 years, including terms as Secretary, Vice President and President. In addition, Frisbie is a member of Master Builders, a trade group of builders from across the country. He has also served with the Colchester Community Development Corp. Alberts is President of Eastview at Middlebury Inc., a planned multi-level, nonprofit retirement community in Middlebury, and owner of Middlebury Fitness, a full-service fitness and wellness center. He is also a partner in Community Investment Counselors, a Middlebury investment firm specializing in fee-based asset allocation investment programs. Alberts serves on the Board of Directors of the United Way of Addison County and the Middlebury Business Association. VHFA’s Board of Commissioners governs the Agency. The Board includes four ex-officio members and five members appointed by the Governor of Vermont, representing private and public lending, real estate, and housing development interests. The Vermont Legislature established VHFA in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped almost 25,000 households with affordable mortgages and nearly 7,000 families into affordable rental units.

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Posted by: admin on February 17, 2006 - 3:56am

Burlington, VT—Vermont Resident Service Coordinators (VRSC) launched its Web site on Feb. 14, with help from Vermont Housing Finance Agency (VHFA). The site (www.vrsc.org) is the organization’s first venture onto the Web. It offers information about VRSC, an archive of the organization’s newsletters, a database of resident service coordinators (RSC) working in Vermont, a collection of helpful links for RSCs and more. VRSC members have access to the site’s member’s only section, which contains a variety of useful resources, including a members’ forum. VHFA Communications Coordinator Craig Bailey developed the site, working with VRSC Administrator Cathleen Gent. It includes a custom-built content management system that allows VRSC to maintain the site without the assistance of a Web developer. “The VRSC Web site is an all-in-one resource for Vermont's resident service coordinators to help perform their work every day,” says VRSC President Gina Berry. “We thank VHFA for making the Web site possible.” VRSC is a professional group dedicated to providing educational and peer support to individuals and organizations offering resident service coordination services in housing across Vermont. The Vermont Legislature established VHFA in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped almost 25,000 households with affordable mortgages and nearly 7,000 families into affordable rental units. VHFA Director of Multifamily Programs Sam Falzone has been involved with VRSC since its nascent stages in 1995.

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Posted by: admin on January 20, 2006 - 3:08am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Erin Navin of Williston as Homeownership Outreach Coordinator. Navin is the primary outreach and marketing representative for VHFA’s Homeownership Department. She promotes VHFA’s homeownership programs in Vermont through training and marketing with mortgage lenders, real estate professionals, homebuilder organizations, non-profit organizations and consumers. Before joining VHFA, Navin worked as Individual Development Loan Manager at Opportunities Credit Union in Burlington. Before that, she was a Branch Manager at Merchants Bank. She previously spent six years working for Vermont Federal Credit Union. Navin holds a Bachelor of Science in International Business from the University of Vermont, and a Certification in Residential Lending from the Credit Union National Association. The Vermont Legislature established VHFA in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped almost 25,000 households with affordable mortgages and nearly 7,000 families into affordable rental units.

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Posted by: admin on November 29, 2005 - 4:23am

BURLINGTON – To celebrate Homeownership Week, Vermont Housing Finance Agency is giving a boost to homeownership across Vermont. VHFA Executive Director Sarah Carpenter announced today that VHFA has increased income and purchase price limits for its homeownership programs in most areas of the state. In addition, VHFA is introducing a special rate option to help home buyers with cash for down payment and closing costs, often major obstacles faced when buying a home. The interest rates are the result of a bond sale last month for its homeownership programs, resulting in rates as low as 6.2%, Carpenter said. Over $30 million in low-interest rate funds are assisting approximately 400 Vermont families and individuals purchase homes. The Cash Assistance rate option is available at a 30-year fixed rate of 7.0% throughout Vermont. This rate option provides cash at closing of up to 3% of the mortgage amount with no repayment required. Carpenter said, “The Cash Assistance funds will allow Vermonters who otherwise could not become home buyers to reach their dream of homeownership through this affordable option.” “VHFA’s low interest rates in all its homeownership programs will give new homeowners significant purchasing power.” For instance, a household earning $45,500 can now afford a $135,000 purchase price (at VHFA’s rate of 6.5% with 0 points), an increase in purchasing power of $8,500 when compared with other mortgage programs, Carpenter explained. Again this year, VHFA has expanded income limits for every county in Vermont and increased purchase price eligibility limits for many counties in Vermont where home prices have risen substantially in the past year. The income limit increases will boost homeownership, in particular for economically distressed targeted Vermont counties. “VHFA is committed to making our programs meet the needs of Vermonters who want to buy a home, for both first time and move-up home buyers in areas of the state where the first-time buyer requirement does not apply.” [See tables with complete list of income and purchase price limits for every county.] “Our programs have difficulty keeping up with local conditions in some parts of the state, where personal incomes have grown substantially and home prices escalated quickly. These program enhancements address those local conditions and represent good news in every region of the state, especially in southern Vermont and the red-hot real estate markets in northwest Vermont and the upper Connecticut River valley," Carpenter added. For further information, contact VHFA’s Homeownership Department at 802-864-5743 or contact a local lender. 

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