The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced last week that its annual award of federal housing tax credits will support the construction of 112 homes in perpetually affordable apartment buildings in four communities across the state. The sale of this year’s tax credits to investors is expected to yield over $28 million in funds covering an estimated 60 percent of total project development costs.  

These housing construction projects will take place in a uniquely challenging environment. Elevated development costs, interest rates and housing needs among Vermonters heavily influenced project planning. The cost of developing a unit of rental housing in Vermont has increased 36% since 2018.  

Olivia LaVecchia of Burlington has joined VHFA in the role of Community Development Underwriter. 

LaVecchia is currently completing her Master's Degree in City Planning at University of California, Berkeley and was VHFA’s Vermont Housing Fellow in the fall of 2022.  She has interned at a California-based affordable housing developer. She previously worked in the City of Burlington Mayor’s office as communications coordinator and special projects manager, including for the city’s recent major housing policy reforms.

A webinar on applying for the “10% in Vermont” local investment program will be held at noon on April 17, with applications for the program due June 1, 2023. The program was announced earlier this week by State Treasurer Mike Pieciak who was joined by VHFA’s executive director Maura Collins, state and local leaders and community members.

FHLBank Boston is hosting the Community Impact and Partnership Forum for Vermont lenders and community leaders.

Learn how members, sponsors, and community developers can successfully partner with FHLBank Boston to support the creation of affordable housing and promote homeownership and economic development in their communities. Network and build partnerships. The second half of the forum will include training focused on the 2023 Affordable Housing Program. Lenders – bring your development partners. Housing developers – bring your lenders!

Due to high demand and the second-highest rate of payments in the nation, the Vermont Homeowner Assistance Program (VHAP) will no longer accept new applications after Monday, June 12, 2023. All new or currently pending applications must be submitted to the applicant portal on vermonthap.vhfa.org by 5:00 PM on this date.

Executive Director Maura Collins announced that Nate Lantieri (he/him) of Burlington has joined VHFA in the role of Research Coordinator.