Development

VHFA joined housing partners in Stowe this week to celebrate the completion of Phase 1 of the River Bend Apartments project. The first phase of the project, developed by Lamoille Housing Partnership and Evernorth, includes nine newly constructed affordable apartments on Maple Street in Stowe.

**Update 6/24/2022: Review draft program guidelines. 

Last week, VHFA joined Governor Scott and housing partners in Colchester for a groundbreaking ceremony at Stuart Avenue Apartments. The project, developed by Champlain Housing Trust (CHT) and Evernorth, will create 36 new apartments as part of the Sunderland Farms master development at Severance Corners. The project will receive the majority of its funding from federal credits awarded by VHFA.

The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced this week that its annual award of federal housing tax credits will support the construction of 109 permanently affordable apartments in five communities across the state. The sale of this year’s tax credits to investors is expected to yield nearly $25 million in funding, which will cover an estimated 55 percent of total project development costs. 

The Federal Home Loan Bank of Boston (FHLBB)'s Affordable Housing Program (AHP) will begin to accept applications on June 6, 2022. The program will award a minimum of $10.6 million in subsidy funding through member institutions to organizations promoting homeownership and rental housing opportunities for low income households.

The Vermont Department of Public Service (PSD) will soon begin updating Vermont's building energy codes, with the target effective date of Fall or Winter 2023. The code update process will include multiple opportunities for stakeholders to provide input and feedback.

Vermont Bond Bank has announced its first annual Capital Plan Contest as well as the Vermont Capital Planning Forum. In sponsoring the contest, the Bond Bank seeks to recognize best practices in communities of all sizes while allowing all Vermonters to benefit from exemplary models of capital planning throughout the state.

The Vermont chapter of the American Institute of Architects (AIA), will host a design charrette session with pro-bono services for affordable housing projects.

AIA-VT invites Vermont nonprofits, municipalities, and community-based groups to submit specific affordable housing projects in the early or conceptual stages for review.

A new white paper from Vermont Housing Finance Agency (VHFA) finds that 86% of Vermont housing developers were experiencing project delays during the pandemic. The report draws from an online survey of statewide developers in August and a subsequent forum that brought together over 60 development professionals and state regulators to discuss challenges and potential solutions.

Vermont Housing Finance Agency (VHFA) Executive Director Maura Collins joined housing partners on Wednesday for a virtual ribbon-cutting ceremony for New Avenue Apartments in downtown St. Johnsbury. The historic building, redeveloped by RuralEdge and Evernorth, offers 40 apartments and ground-floor commercial space.