Housing affordability challenges in high-cost cities often overshadow the enormous housing challenges in rural America. Though the situation is more extreme in metro areas, rural areas and small towns also face significant shortages of affordable and available rental housing, as most very low-income Vermonters well know.
Data and Statistics
$35 million bond would have long-lasting benefits
Housing developers, business leaders, smart growth policy experts and poverty advocates joined together to support the passage of a $35 million housing bond this afternoon at a press conference at Vermont’s State House in Montpelier.
Recommended in Governor Scott's budget proposal, the housing bond would address a significant need for affordable housing in Vermont, help to alleviate homelessness, house the workforce, and provide expanded homeownership opportunities for Vermonters.
Need an affordable apartment?
Need an affordable apartment or know someone who does? There are vacancies in 35 different apartment complexes across the state, according to the Vermont Directory of Affordable Rental Housing.
Need an affordable apartment?
Need an affordable apartment or know someone who does? There are vacancies in 24 different apartment complexes across the state, according to the Vermont Directory of Affordable Rental Housing.
Housing Credit is a model program
Since it was signed into law as part of the Tax Reform Act of 1986, the Low Income Housing Tax Credit (Housing Credit) has become our nation’s most successful tool for building and preserving affordable rental housing. By providing an incentive for private sector investment, the Housing Credit has financed nearly 3 million apartments across the country for low-income workers, families, seniors, veterans, and those with special needs. It creates opportunities for the millions of families and individuals in our country today who otherwise would pay an excessive portion of their income for housing, live in substandard and overcrowded conditions, or face homelessness.
VHFA seeks public input on state's most urgent rental housing needs
VHFA's Executive Director Sarah Carpenter announced today that interested parties are invited to submit comments on how housing tax credits are allocated. Housing tax credits are Vermont’s primary funding source for developing affordable rental housing. The comments will be considered during this year’s upcoming revisions to Vermont’s Qualified Allocation Plan (QAP). As administrator of the housing tax credit program, VHFA allocates credits to specific projects in accordance with identified State needs and Federal requirements outlined in the Vermont QAP. Vermont’s inter-agency Joint Committee on Tax Credits reviews allocation policies and process and makes recommendations on the QAP to VHFA’s Board of Commissioners.
New fact sheets show impact and need for housing tax credits in VT
In Vermont, the federal Low-Income Housing Tax Credits allocated by VHFA have financed 6,513 apartments, providing affordable homes to 15,175 low-income Vermont households and supporting 7,360 jobs. However, 15,061 households in Vermont still pay more than half of their income towards rent, and the average minimum wage worker has to work 89 hours per week in order to afford a modest-two bedroom apartment, underscoring the need to expand the Housing Credit.
Need an affordable apartment?
Need an affordable apartment or know someone who does? Vermont has plenty of options! There are vacancies in 15 different apartment complexes across the state, according to the Vermont Directory of Affordable Rental Housing.