The U.S. Treasury Department recently announced new guidelines 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.
Finance
VHFA releases VHIF Annual Report
By: Mia Watson
VHFA has released its first annual report for the Vermont Housing Investment Fund (VHIF). VHFA established the fund in 2020 in recognition of a growing need for more flexible financing opportunities for affordable housing development. VHIF investments are intended to fill gaps in project budgets, allowing worthwhile housing projects to move forward despite complex and changing development conditions.
Confidence in VHFA bonds increases ahead of bond sale
By: Mia Watson
Strong financial performance contributed to a rating upgrade from Aa2 to Aa1 for Vermont Housing Finance Agency (VHFA)'s multiple purpose social bonds from Moody's Investor Service last week. 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.
VHFA awards federal and state tax credits for 338 affordable apartments
By: Mia Watson
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.
Renovations celebrated at Whitney Hill in Williston
By: Mia Watson
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.
VHFA receives $4 million Capital Magnet Fund award to support 300 affordable homes
By: Mia Watson
Vermont Housing Finance Agency (VHFA) joined Representative Peter Welch in South Burlington yesterday 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.
AHP funding application opens June 6
By: Mia Watson
The Federal Home Loan Bank of Boston (FHLBB)'s Affordable Housing Program (AHP) will begin to accept applications on June 6, 2022. The program will award a minimum of $10.6 million in subsidy funding through member institutions to organizations promoting homeownership and rental housing opportunities for low income households. This funding will support critical housing resources during a time of extreme housing shortage, affordability crisis and rising development costs.
Vermont Bond Bank announces Capital Plan Contest and Forum
By: Mia Watson
Vermont Bond Bank has announced its first annual Capital Plan Contest as well as the Vermont Capital Planning Forum. In sponsoring the contest, the Bond Bank seeks to recognize best practices in communities of all sizes while allowing all Vermonters to benefit from exemplary models of capital planning throughout the state.
Ribbon-cutting celebrated at New Avenue in St. Johnsbury
By: Mia Watson
Vermont Housing Finance Agency (VHFA) Executive Director Maura Collins joined housing partners on Wednesday for a virtual ribbon-cutting ceremony for New Avenue Apartments in downtown St. Johnsbury. The historic building, redeveloped by RuralEdge and Evernorth, offers 40 apartments and ground-floor commercial space. The project received the majority of its funding from federal tax credits and a long-term loan awarded by VHFA.
Ribbon cuttings celebrated in November
By: Mia Watson
This month Vermont Housing Finance Agency (VHFA) joined partners at ribbon-cutting ceremonies at Lincoln Place in Rutland and Red Clover Commons in Brattleboro. The two projects together created 37 new apartments, all of which will be paired with supportive services to help residents live independently.