As the COVID-19 pandemic unfolded worldwide, VHFA focused on the shifting needs of Vermonters and stayed the course with long-standing tools and programs. In March, the agency swiftly found ways to support non-profit partners as well as to pivot to fully remote work. By December, it had designed and wrapped up a 6-month Vermont COVID Emergency Mortgage Assistance Program that successfully helped 638 homeowners to remain stably housed after COVID hardships caused them to miss mortgage payments.
In June, VHFA responded to growing evidence of the inequitable impact of the pandemic on BIPOC Vermonters amidst nationwide focus on institutional racism. After determining that Black Vermont households were far less likely than their white counterparts to be homeless or to own a home, VHFA publicly committed itself to improvements. The Emergency Mortgage Assistance program provided the opportunity to ensure access of all homeowners across the state, regardless of their race or primary language. Final program reports showed that Vermonters of color comprised 7% of the homeowners helped by the program, and a guide about how to apply was translated into 9 languages and downloaded 100 times. Since wealth is largely comprised of home equity, keeping Vermont homeowners stably housed through hardships like the pandemic promotes short-term well-being as well as long-term wealth.
Through its long-running programs, VHFA helped 312 primarily first-time home buyers and 260 low-income renter households move into safe, affordable homes in 2020. By July, a total of 1,197 Vermonters and their families had used the Vermont down payment assistance program provided by VHFA to buy their first homes in 189 towns across the state since the program started in 2015.
Read more in the 2020 VHFA Annual Report.