A group of energy and financing agencies is developing an innovative weatherization payment mechanism that will allow more Vermonters to participate in comprehensive weatherization projects. One step is to hear from potential customers to help design the process. We are seeking interested homeowners whose building is between 1-4 units in size to participate in a 1-hour focus group. Participants will each receive a $50 gift card for their time. Please find details and dates below. Register and share with others who may be interested!
Finance
Spotlight on ARPA resources for affordable housing
By: Mia Watson
In the newest installment of VHFA's housing video series, VHFA Executive Director Maura Collins interviews Vermont Housing & Conservation Board Policy Director Jennifer Hollar on how federal American Rescue Plan Act pandemic recovery funding is being used to create new affordable homes for Vermonters.
NEFCU announces $3 million investment in VHFA housing fund
By: Mia Watson
New England Federal Credit Union (NEFCU) President/CEO John J. Dwyer, Jr. announced at a press conference held today at their headquarters in Williston a $3 million contribution to Vermont Housing Finance Agency (VHFA)’s Housing Investment fund. The money will be awarded by VHFA over the next three years to developers to address Vermont’s critical need for affordable rental housing and homeownership opportunities.
Federal tax credits awarded to build affordable apartments in five Vermont towns
By: Mia Watson
The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced last week that its annual allocation of federal housing tax credits will support the construction of 105 permanently affordable apartments in five communities across the state. The sale of the credits is expected to yield over $26 million in funding, which will cover over 60 percent of total development costs. The program is the largest single funding source for affordable housing development in Vermont.
Register for FHLB's AHP funding webinar
By: Mia Watson
The Federal Home Loan Bank of Boston (FHLBB)'s 2021 Affordable Housing Program (AHP) will begin to accept applications on June 7. The program will award grants and low-interest loans through member institutions to organizations promoting homeownership and rental housing opportunities for low income households. The Affordable Housing Program has led to the production or renovation of nearly 35,000 affordable homes since 1990.
Federal program would provide $8 million in annual tax credits to build and improve affordable owner homes in Vermont
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.
Congress expands access to affordable housing
By: Mia Watson
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. One key inclusion was a permanent minimum 4 percent rate for Housing Credit developments, which could offer nearly $7 million in additional funding for affordable housing projects in Vermont in the next three years alone.
Vermont Housing Finance Agency completes successful annual sale of state tax credits
By: Mia Watson
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.
Vermont COVID Emergency Mortgage Assistance applications accepted through November 6
November 6, 2020 will be the last day for Vermont homeowners behind on their mortgage payments due to COVID to submit applications for mortgage assistance grants. Funded by the federal CARES Act, Vermont Mortgage Assistance grants for up to 6 months of missed payments are available to any homeowner who meets eligibility criteria, even if they have already arranged a forbearance agreement.
VHFA awards state tax credits for affordable homeownership development
By: Mia Watson
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.