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VHFA News

Posted by: admin on July 17, 2003 - 3:53am

BURLINGTON—The National Center for Housing Management awarded VHFA Tax Credit Compliance Specialist Kathy Curley the Certified Occupancy Specialist (COS) designation. The COS designation indicates mastery of occupancy requirements of subsidized multifamily housing programs. Curley received the honor following completion of a three-day course and an exam on the newly revised U.S. Department of Housing & Urban Development Handbook 4350.3. Curley joined VHFA in November 2000 as an Administrative Assistant. She was promoted to her current position in November 2002. 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 provided low-cost homeownership financing to more than 24,000 Vermont families, and financed the construction or rehabilitation of more than 6,700 affordable apartments.

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Posted by: admin on June 2, 2003 - 7:57am

BURLINGTON— Vermont Housing Finance Agency (VHFA) has again announced a new low mortgage interest rate — 5.35% for a 30-year, fixed rate loan with no points for qualified borrowers — which is the lowest rate ever offered by the Agency. The new rate becomes effective today. “VHFA is always working to give Vermonters the most value for their dollar, and our new rate means the dream of homeownership is within the reach of more people,” said VHFA Executive Director Sarah Carpenter. “Market conditions change all the time, so we can’t say how long we’ll be at 5.35%. But VHFA remains committed to supporting affordable homeownership and to providing Vermonters with the best value we can offer.” In addition, VHFA borrowers can save up to $500 at closing, because VHFA mortgages are exempt from the Vermont Property Transfer Tax on the first $100,000 of the home purchase price. VHFA also offers a Cash Assistance Rate Option, at a slightly higher interest rate, which offers qualified borrowers up to 3% of their loan amount in cash back to help pay closing costs and/or downpayment. “For many borrowers, coming up with the money for downpayment and closing costs can be a major obstacle standing between them and a new home,” Carpenter said. “The Cash Assistance rate option is one way VHFA can help.” Carpenter added, “The new rate follows VHFA’s recent announcement that it was able to raise its income and purchase price limits, which made more people eligible for a VHFA loan.” 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 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 provided low-cost homeownership financing to more than 24,000 Vermont families, and financed the construction or rehabilitation of 6,500 affordable apartments.

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Posted by: admin on May 21, 2003 - 7:36am

BURLINGTON, VT — Affordable housing will be created or preserved in six Vermont communities with the help of $1.2 million in federal and state Housing Tax Credits awarded by Vermont Housing Finance Agency. "Tax credits are one of the most significant tools we have in creating and preserving affordable rental housing. Unfortunately, demand for these credits routinely exceeds supply," said Executive Director Sarah Carpenter. "The shortage of high quality affordable housing continues to be a problem for most Vermont communities and for the Vermont economy. VHFA is very pleased to assist in the development of this housing, but frustrated that we couldn’t do more to meet the needs of all the applicants." VHFA is responsible for allocating Housing Tax Credits. Projects receiving federal tax credits this round are: Shelburne Interfaith Housing, Shelburne; 203 Pearl Street, Essex Junction; Tuttle Building, Rutland; and Island Housing, Grand Isle. Whetstone Housing in Brattleboro and Highgate Apartments in Barre received state Housing Tax Credits. Housing Tax Credits have helped produce nearly all of Vermont's recently-developed affordable rental housing. Vermont receives $2 million annually in federal Housing Tax Credits and $150,000 in state Housing Tax Credits, which it awards in three rounds. The next round is scheduled for mid-September. A schedule and application information are available at the VHFA website: www.vhfa.org. Congress created the Low Income Housing Tax Credit program in 1986 to encourage the creation and preservation of affordable rental housing for low-income households. As a supplement to the federal program, the Vermont legislature created a similar program in 2000. Tax credits reduce tax liability for owners of qualifying rental housing if they agree to conform to certain operating restrictions. 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 provided low-cost homeownership financing to more than 24,000 Vermont families, and financed the construction or rehabilitation of 6,500 affordable apartments.

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Posted by: admin on April 2, 2003 - 5:44am

BURLINGTON, VT ― More Vermonters are able to take part in Vermont Housing Finance Agency's low-interest mortgage programs now that VHFA has adjusted its income and purchase price limits. "These are some of the largest increases we've made in income and purchase price limits," says Executive Director Sarah Carpenter. "The new numbers mean many more Vermonters fall within VHFA's eligibility requirements, and many more homes are now eligible for VHFA financing. "Still, Vermont's in the midst of a severe housing shortage. These limit changes will help more Vermonters realize their dream of homeownership, but until Vermont's housing stock grows to meet demand, many Vermonters will continue to find homeownership a challenging goal." 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 in every county on April 1. (See the current limits at www.vhfa.org.) VHFA recently adjusted its mortgage interest rates to a record low: Eligible Vermonters can now get a 30-year zero-point VHFA mortgage loan for just 5.75% (5.75% APR includes zero points only for qualified buyers). VHFA offers a variety of mortgage loan programs, including a cash assistance rate option at a slightly higher rate, which gives buyers cash for downpayment and/or closing costs. Rates are subject to change. For more information about VHFA mortgage programs, homebuyers can visit a participating VHFA lender or go to www.vhfa.org. 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 6,500 families into affordable rental units. 

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Posted by: admin on March 11, 2003 - 9:13am

BURLINGTON, VT  Vermont Housing Finance Agency (VHFA) Executive Director Sarah Carpenter announced today changes to the Agency's Board of Commissioners: New to the Board are John Hall, Vermont Commissioner of Housing and Community Affairs; Paul Beaulieu, Executive Vice President and Chief Operating Officer, Factory Point National Bank; and Jeb Spaulding, Vermont State Treasurer. Hall is a native Vermonter and business owner whose public involvement dates back to 1976. He served in the Vermont House from 1993 to 1996 and chaired the House Education Committee from 1995 to 1996. He served as the Vermont League of Cities and Towns’ Director and Vice-President from 1991 to 1993 and 1996 to 2000, and sat on the Downtown Development Board from 1998 to 2000. Since 2000, he’s served on the Legislative Reapportionment Board. John has also served on several other boards and committees, including Governor Dean’s Task Force on Act 60, the Judicial Nominating Board, and Lt. Governor Snelling’s “Challenge for Change” task force on education funding. Hall fills the vacancy opened by former Deputy Commissioner of Housing and Community Affairs Kathy Beyer. He is the designee to the Board for Kevin Dorn, Secretary of the Vermont Agency of Commerce and Community Affairs. Spaulding served in the Vermont Senate from 1985 to 2000. During that period, he chaired several committees, including the Senate Appropriations Committee, the Joint Fiscal Committee, the Senate Education Committee, and the Joint Committee on Administrative Rules. He was also the Director of Career and Workforce Development at the Vermont Department of Education, Director of the Vermont Academy of Science and Technology at Vermont Technical College, and an adjunct instructor in the Communications Department at Norwich University. Spaulding fills the Board position vacated by Gov. Jim Douglas, Vermont's former State Treasurer. In addition to his position at Factory Point, Beaulieu is a Board of Trustees member and Chairperson of the Finance Committee for Southwestern Vermont Heath Care; a trustee and Vice Chairman of the New England School of Banking at Williams College; a trustee of the Smokey House Center in Danby; and a member of the Bennington County Regional Commission and of the Economic Progress Committee of the Manchester and the Mountains Chamber of Commerce. Beaulieu fills the Board vacancy created by the departure of Karen Moran Lafayette. VHFA’s Board of Commissioners includes three ex-officio members: Hall, Spaulding and Tom Candon, Deputy Commissioner of Banking, who remains on the Board as designee for John Crowley, the new Commissioner for Banking, Insurance, Securities and Health Care Administration. Four at large members are appointed by the Governor, representing private and public lending, real estate, and housing development interests. Those members are Chairperson Lisa Mitiguy Randall, Director of Development, Mater Christi School, Burlington; Vice-Chair Gus Seelig, Executive Director, Vermont Housing and Conservation Trust Fund; Dagyne Canney, Principal Broker, Vermont Real Estate Sales Company; and Beaulieu. 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 6,500 families into affordable rental units. 

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