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 31,000 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 9,600 affordable apartments statewide. Each U.S. state has a housing finance agency.  

Values. VHFA's V.I.I.B.E.

V.I.I.B.E.---Values: Integrity. Innovation. Belonging. Equity. Organizational values are the why behind our mission and what we do. The values ground and guide our work. We recognize we will not always be able to perfectly meet these values. When we don’t, we welcome feedback and will take decisive steps to align our actions with these values. We will use our strategic plan to act on our values and assess how we are doing as an agency in living these values. 

Integrity: High-quality, data-informed work and customer service are central to VHFA’s operations. In order to continue serving as a trusted, dependable housing partner and resource, VHFA will maintain transparent processes and relationships with everyone we work with and serve.  

Innovation: New, iterative, and creative approaches are necessary to ensure safe, decent, and affordable housing for low -and -moderate income people living in Vermont. VHFA leads and participates in national and state collaborations that utilize interdisciplinary, equitable and evidence-based approaches to improve affordable housing access, development, and financing. 

Belonging: VHFA believes our communities and our organization are at their best when they reflect the vibrant and diverse people and perspectives of our state. Being a welcoming, trusting, and respectful environment for all will support wellness, collaboration, relationships, and outcomes. We are doing this by creating an inclusive, diverse, and affirming workplace as well as through the development and financing of housing to ensure thriving communities. 

Equity. VHFA will be antiracist, an ally, and a proactive catalyst for change in the promotion and financing of affordable housing to realize racial and social equity. We will identify the needs of historically marginalized communities and refine our organizational practices and programs to better serve all people living in Vermont and create a more equitable distribution of housing resources.  


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.