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VHFA News

Posted by: admin on July 14, 2004 - 9:00am

BURLINGTON— Vermont Housing Finance Agency (VHFA) has dropped the interest rate on a 30-year, no points, fixed rate loan to 5.80 percent. The new low rate is expected to help more Vermonters realize their dream of homeownership. The new rate becomes effective today. “We strive to give our customers the lowest rates we possibly can,” said VHFA Executive Director Sarah Carpenter. “When market conditions permit, we always take the opportunity to lower rates. But those conditions change constantly, so we can never predict how long any rate will last. We can predict, however, that we will always be working to give our customers the best value we can.” VHFA offers a variety of mortgage loan products to qualified buyers, with different interest rates. (See rates table on our Web site: www.vhfa.org) Rates are subject to change. Income and purchase price limits apply. Prospective borrowers should contact their local lenders for more details. A list of lenders that offer VHFA’s products is also available on the Agency’s Web site. VHFA is celebrating its 30th anniversary in 2004. The Vermont Legislature established VHFA on April 11, 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 into affordable rental units.

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Posted by: admin on April 15, 2004 - 6:12am

BURLINGTON — Vermont Housing Finance Agency celebrates 30 years of financing safe, decent and affordable housing for low- and moderate-income Vermonters this week. Vermont Governor Jim Douglas, himself a former VHFA customer and a former member of its Board of Commissioners, praised the Agency for its commitment to providing affordable housing at a ceremony in the Statehouse Monday and issued a proclamation congratulating the Agency on its work. “Vermont has a serious shortage of affordable housing,” Gov. Douglas said, “VHFA provides financing for homeownership and for affordable rental housing, but it provides something more — leadership.” Douglas also praised VHFA’s “high standards of fiscal responsibility and professionalism.’ Since its founding in 1974, VHFA has helped more than 24,000 Vermont families purchase a home and has helped finance the development of more than 6,700 units of affordable rental housing. “I am really proud of VHFA’s track record,” said Executive Director Sarah Carpenter. “I’m confident we will continue to look for more and better ways to serve our customers to support our partners in Vermont’s housing community, and to promote and develop affordable housing.” - more - - 2 - VHFA began with a staff of three and $23,000 in seed money — a $20,000 loan from the state and a $3,000 loan from Merchants Bank. That staff has grown to 41, and VHFA made more than $53 million in home mortgage loans that supported the purchase of 665 homes in the Fiscal Year that ended June 30, 2003. The Agency also made $17.1 million in loans for 25 affordable rental housing projects and awarded $2.5 million in housing tax credits to nine projects. Later this year, VHFA will reach the $2 billion mark in the amount of bonds issued to finance affordable housing. Former Gov. Tom Salmon, who signed Act 260, the legislation creating VHFA in 1974, spoke appreciatively of the Agency and its work. “This is an example of how government can take steps to help people with a basic need,” Salmon said. VHFA Board of Commissioners chair Lisa Mitiguy Randall said that, throughout the many changes in the Agency and in Vermont’s housing market over the years, VHFA has “stayed true to its mission.” “I am proud of the high level of professionalism on the staff, the commitment of my fellow Board members, and the leadership of our director,” Randall said. VHFA is also responsible for asset management, regulatory compliance and loan servicing for all properties financed with its rental housing programs and those financed using only housing tax credits. As of June 30, 2003, VHFA’s multifamily management portfolio included 223 properties with 5,877 units. VHFA also supports a number of other initiatives, such as consumer education through Vermont’s six NeighborWorks® HomeOwnership Centers, and public outreach, through the Vermont Housing Awareness Campaign, www.housingawareness.org, and the Vermont Responsible Lending Initiative. VHFA staff members are active in the development of housing policy, providing information to elected officials, their staff, and community leaders. VHFA was instrumental in the development of the Vermont Housing Data Website, www.housingdata.org; the first of its kind in the country. The Agency has sponsored several conferences on housing issues, including a biennial statewide housing conference.

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Posted by: admin on March 31, 2004 - 4:06am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today the hiring of Eliza Smith-Vedder as Multifamily Development Underwriter. Smith-Vedder analyzes prospective multifamily housing and single-family development loans being considered for VHFA financing. She’s responsible for underwriting of Housing Credit applications and assists VHFA’s Senior Development Officer with the administration of the Housing Credit program. Before joining VHFA, Smith-Vedder spent more than a year at the Burlington Community Land Trust — most recently as Homeland Facilitator, and before that as Education and Outreach Coordinator with the Trust’s NeighborWorks® HomeOwnership Center of Vermont. She also teaches at Kaplan Test Prep Inc. in Burlington. Smith-Vedder graduated Cum Laude from Purchase College, where she spent her senior year developing an independent project that explored environmentally sustainable ways to provide quality affordable housing. VHFA is celebrating its 30th anniversary in 2004. The Vermont Legislature established VHFA on April 11, 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 more than 6,700 families into affordable rental units.

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Posted by: admin on March 9, 2004 - 3:57am

BURLINGTON— Vermont Housing Finance Agency (VHFA) has announced a new low mortgage interest rate — 5.30% for a 30-year, fixed rate loan with no points for qualified borrowers. The new low rate is expected to help more Vermonters realize their dream of homeownership. The new rate becomes effective today. “VHFA is always working to give Vermonters the most value for their dollar,” said VHFA Executive Director Sarah Carpenter. “Market conditions fluctuate, so we can’t say how long we’ll be at 5.30%. But VHFA remains committed to supporting affordable homeownership and to providing Vermonters with the best value we can offer.” The new rate follows a substantial increase to VHFA’s income and purchase price limits last week. Income limits are ceilings on what households can earn and still qualify for VHFA mortgages; purchase price limits are the maximum price a home can sell for and still be eligible for VHFA financing. “The new limits made many more people eligible for VHFA loans,” Carpenter added. “Combined with the new rates, homeownership is within the reach of more Vermonters.” VHFA offers a variety of mortgage loan products, with different interest rates. (See rates table on our Web site: www.vhfa.org) Rates are subject to change. Prospective borrowers should contact their local lenders for more details. A list of lenders that offer VHFA’s products is also available on the Agency’s Web site. VHFA is celebrating its 30th anniversary in 2004. The Vermont Legislature established VHFA on April 11, 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 more than 6,700 families into affordable rental units.

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Posted by: admin on March 4, 2004 - 4:10am

BURLINGTON, VT — More Vermonters are able to take part in Vermont Housing Finance Agency's lowinterest mortgage programs now that VHFA’s Board of Commissioners has approved new income and purchase price limits. “VHFA is constantly working to give Vermonters more options and more value when it comes to purchasing homes,” according to Executive Director Sarah Carpenter. “These changes reflect those efforts. “With the new limits, many more Vermonters and Vermont properties have become eligible for VHFA financing. These changes will help more Vermonters realize the dream of homeownership,” she added, “but, for many, homeownership will remain a challenge, because the state’s housing stock hasn’t kept up with demand.” Income and purchase price limits vary by county and help determine which homebuyers and properties are eligible for VHFA financing. Income limits are ceilings on what households can earn and still qualify for VHFA mortgages; purchase price limits are the maximum price a home can sell for and still be eligible for VHFA financing. VHFA raised the limits substantially on March 2. While each county’s limits are unique, the maximum eligible purchase price for existing homes rose by almost 30 percent in many counties, while many areas had their new construction limits increased by more than 14 percent. Income limits, also calculated for each county separately, increased anywhere from 3 to 7 percent. Current limits are available at www.vhfa.org, or by contacting a participating VHFA lender. A complete list of lenders is available at the Web site. VHFA offers a variety of mortgage loan programs. The Agency’s 30-year 0-point rate is currently 5.50%. For buyers who need cash for downpayment and/or closing costs, VHFA offers a cash assistance rate option at a slightly higher rate. All rates are subject to change. VHFA is celebrating its 30th anniversary in 2004. The Vermont Legislature established VHFA on April 11, 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 more than 6,700 families into affordable rental units.

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