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VHFA News

By: admin on 2/5/2003

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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By: admin on 2/5/2003

BURLINGTON—Vermont Housing Finance Agency has taken two big steps towards helping more Vermonters own their own homes. VHFA today announced the completion of an $81.4 million single-family bond sale and the approval of higher income and purchase-price limits for borrowers. The bond sale provides more than $50 million in low-interest mortgages to finance between 600 and 700 home purchases over the next nine months. About $30 million of the new bond revenue will be used to refund VHFA bonds issued in 1989. The savings from that refund will be used to help keep VHFA’s mortgage loans affordable. The Agency’s interest rate for a 30-year mortgage with no points is 6.5 percent. The higher income and purchase-price limits mean more Vermonters will be eligible for VHFA low-interest loans. “We’re extremely pleased to be able to make the dream of homeownership come true for more Vermonters,” VHFA Executive Director Sarah Carpenter said. “We were able to use a variety of financial tools with this bond sale to keep our interest rates low. And we were able to raise the income and purchase-price limits to give more Vermonters access to our mortgage products.” Carpenter said the new mortgage money and higher limits come at a time when Vermont’s housing shortage is making it harder for many people to find housing they can afford. “Vermont’s housing shortage is pushing prices up,” Carpenter said, “and the federal rules that govern our financing allow us to adjust our limits to take that into account. These new, higher limits better reflect Vermont’s current housing market.” The new income and purchase-price limits vary for different areas of the state. Information is available on VHFA’s website, www.vhfa.org, or through participating local lenders. A list of lenders who offer VHFA products is also located on the website. VHFA was established in 1974 by the Vermont Legislature to finance and promote safe, decent and affordable housing opportunities for low- and moderate-income Vermonters. Since then, the Agency has issued $1.68 billion in single-family and multi-family bonds and notes, providing financing for more than 23,000 homes and 5,200 affordable apartments. 

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By: admin on 12/24/2002

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Renee Couture of Burlington as Administrative Assistant. Couture provides administrative support to the agency's executive management staff and legal counsel, and provides backup support to the front office. Before joining VHFA, Couture spent more than four years at IDX Systems Corp. in South Burlington, most recently as Senior Software Analyst. Before that she worked four years providing software application support as a Help Desk Consultant at Service Design Associates in Raleigh, N.C. A graduate of the University of Vermont, Couture is pursuing an associate degree in business, with a concentration in financial services, at Community College of Vermont in Burlington. VHFA was established by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the agency has helped more than 24,000 households with affordable mortgages and nearly 6,000 families into affordable rental units. 

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By: admin on 12/4/2002

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Pat LaFond of Georgia as Homeownership Specialist. LaFond serves as one of the agency's primary contact persons with its lending partners for funding loans, resolving policy and procedural issues, and supporting outreach efforts. She also assists with the maintenance and development of homeownership policies and procedures. LaFond has more than 14 years of financial services experience. Before joining VHFA, she spent a decade with Chittenden Bank in Burlington, most recently as Senior Collector in the credit collections department. Before that she worked for Peoples Trust Co. in St. Albans and Georgia. VHFA was established by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the agency has helped more than 24,000 households with affordable mortgages and nearly 6,000 families into affordable rental units. 

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By: admin on 11/22/2002

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the promotion of Kathy Curley of Burlington to the newly created position of Tax Credit Compliance Specialist. Curley has been Administrative Assistant at the agency since November 2000. In her new position she handles compliance monitoring of multifamily projects using the federal Low Income Housing Tax Credit program, such as review of annual status reports and owner certifications, on-site physical inspections and tenant file audits, management of findings with owners and managers; and communication with the IRS. She's also responsible for maintaining tax credit project information in the Agency’s core software application database. VHFA was established by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the agency has helped more than 23,000 households with affordable mortgages and 4,900 families into affordable rental units.

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