The VHAP program portal will close to new applicants on 6/12/23. All applications must be completed and submitted on

Vermont Housing Finance Agency (VHFA) was established in 1974 to finance and promote affordable, safe and decent housing opportunities for low- and moderate-income Vermonters.

Since its inception, VHFA has helped 30,000 primarily first-time home buyers and their families purchase homes. It also provides financing, development and management support, subsidy administration and tax credits for approximately 8,800 affordable apartments statewide. Each U.S. state has a housing finance agency.  


1. To provide access to low-cost, flexible, innovative affordable housing programs and maximize the benefit to Vermont communities.

2. To work in partnership with others to:

  • Encourage and support coordinated planning and funding for affordable housing;
  • Facilitate the expansion of resources available for affordable housing in Vermont;
  • Address the needs of Vermonters who have been historically marginalized;
  • Heighten awareness of housing needs for low- and moderate-income Vermonters; and
  • Ensure housing remains perpetually affordable where appropriate.

3. To ensure the Agency has a strong and flexible financial and operational platform from which to pursue its mission.

4. To sustain a workplace conducive to attracting and retaining a highly qualified and motivated staff, equipped with the tools necessary to work efficiently and promote excellence.

Using VHFA’s goals as a framework, the agency adopted a strategic plan (VHFA Vision 2020) to guide its activities over the next three years. 


Learn more about VHFA and it's activities in our short Housing 101 videos and in our annual reports

VHFA's primary activities include:

In addition, VHFA analyzes and shares housing data, best practices and research innovations and supports communities, partners and policy makers seeking to improve housing affordability and opportunity. 


VHFA operates with an average staff size of 38 and receives no general appropriation of state funds. Its loan programs are funded primarily through the issuance of tax-exempt bonds.

VHFA operates on the net funds generated from fees and interest income that amounts to the difference between its cost of funds and the interest rate charged on its investment in loans.

Bonds issued by VHFA are secured by the cash flows of the underlying loans made by the Agency, and are not obligations of the State of Vermont.