Development

VHFA Executive Director Maura Collins joined U.S. Representative Peter Welch and housing partners last week for a virtual ribbon-cutting for Woolson Block in Springfield.

This press release from the Vermont Futures Project shares their new white paper on housing challenges and solutions in Vermont. VHFA assisted with research on the project.

The Biden administration’s American Jobs Plan includes a program that would bring $8 million in housing tax credits each year for affordable homeownership in Vermont.

With difficulties mounting for home builders across the country, Vermont’s new home prices have started increasing at a faster pace. After several years of minimal growth, the median new primary home sold for $388,000 in Vermont in 2020, up $22,000 from the prior year, according to Multiple Listing Service (MLS) data.

The Congressional omnibus spending bill, passed at the end of December, had several key housing provisions, including emergency rental assistance and an extension of the period to use federal CARES Act funds.

Vermont Finance Agency (VHFA) has worked with local financial institutions to fund affordable homes that will be sold to low- and moderate-income Vermonters. Passumpsic Bank, Union Mutual Insurance, Community National Bank, National Life, Northfield Savings Bank, and Union Bank invested in Vermont Affordable Housing Tax Credits available through VHFA.

VHFA Executive Director Maura Collins traveled the western side of the state in late September to celebrate the completion of 46 newly constructed and 40 renovated perpetually affordable apartments. “Affordable housing is needed now more than ever as we begin to recover from COVID-19," Collins remarked.

On August 28th, the United States Interagency Council on Homelessness (USICH) announced that the Chittenden County Continuum of Care (VT-501) has eradicated homelessness among veterans in Chittenden County.  
 
The announcement, sent to Mayor Kristine Lott of Winooski and Mayor Miro Weinberger of Burlington states: 
 

Last week the VHFA Board of Commissioners awarded state housing tax credits for five affordable homeownership development projects. In total, VHFA allocates $1,075,000 in state housing tax credits each year, $425,000 of which was awarded last week for affordable homeownership development. Once sold to investors, those credits will yield approximately $1.9 million in equity for construction.

Vermont Housing Finance Agency (VHFA) is in the process of updating the Qualified Allocation Plan (QAP) for 2022 to 2023. The Agency sought initial public comment on the plan in February.