Homeownership

As previously announced, the Vermont Homeowner Assistance Program (VHAP) will no longer accept new applications after June 12, 2023. All new or currently pending applications must be submitted to the applicant portal on vermonthap.vhfa.org by 5:00 PM on Monday.

The Missing Middle-Income Homeownership Development Program (Missing Middle) recently received an additional $9 million through the Fiscal Year 2023 State Budget Adjustment Act. This funding is available to both applicants who previously submitted applications earlier this year as well as new applicants to the program. All developers and builders who have projects which would be affordable under the parameters of the Missing Middle program are encouraged to apply, especially for projects in geographic areas of Vermont that were not previously awarded program funds.

Due to high demand and the second-highest rate of payments in the nation, the Vermont Homeowner Assistance Program (VHAP) will no longer accept new applications after Monday, June 12, 2023. All new or currently pending applications must be submitted to the applicant portal on vermonthap.vhfa.org by 5:00 PM on this date.

On Monday, the Vermont Housing Finance Agency (VHFA) Board of Commissioners awarded $14.2 million to 12 projects totaling 92 homes across eight counties as part of the Missing Middle-Income Homeownership Development Pilot Program (Missing Middle-Income Program). The program represents the largest single investment in the state’s history to create new homeownership opportunities. Signed into law by Governor Scott in June of 2022, the program was established by the Vermont Legislature with an initial investment of American Rescue Plan Act (ARPA) funding.

The median price of a Vermont home jumped to $310,000 in 2022, an historic 15% increase from the prior year.  This is the largest annual percentage increase in the median sales price of primary homes since 1988 when the Vermont Department of Taxes began publishing home sales data. Among newly-built Vermont homes exclusively, the median price rose to $555,264 in 2022, up 21% from the prior year.

The Vermont Homeowner Assistance Program (VHAP) has paid over $22.5 million in grants to assist homeowners impacted by the pandemic. This represents nearly 55% of total program funding available to homeowners.

Administered by the Vermont Housing Finance Agency, VHAP launched in January, 2022 to assist homeowners who have faced economic hardship brought on by the COVID-19 pandemic. The program, funded by the federal American Rescue Plan Act, provides grants of up to $30,000 per household towards overdue mortgage payments, utility bills, property taxes, and property association charges. Application assistance and counseling is available through local nonprofit partners.

On June 7th 2022, Governor Scott signed legislation that provides $15 million in funding for the Missing Middle-Income Homeownership Development Pilot Program. The program will be initially funded from a portion of the state’s American Rescue Plan Act funding. The program will provide subsidies and incentives for home builders to construct or rehabilitate modest homes affordable to Vermont homebuyers at 120% of Area Median Income or lower. VHFA launched the program in December 2022.

MIDDLEBURY, VT - With many Vermonters feeling stuck because of the increasing costs of homes and the dire lack of availability, officials announced a new program to build more moderately priced homes across the state. The Missing Middle-Income Homeownership Development Program will provide subsidies and incentives for home builders to construct or rehabilitate modest homes affordable to Vermont homebuyers at 120% of the area median household income or lower. 

BURLINGTON, VT. Vermont Housing Finance Agency (VHFA) announces the launch of the First Generation Homebuyer Program, with a goal of helping more Vermonters afford their first home. This program provides a grant to eligible homebuyers whose parents or legal guardians were likely unable to pass on the generational wealth homeownership can provide. 

"Owning a home stabilizes our families and our communities, and this is an important step toward making homeownership available to all Vermonters,” said State Senator Kesha Ram Hinsdale who introduced the initiative. 

The Vermont Homeowner Assistance Program (HAP) will continue to provide federal grants into 2023 for overdue housing costs incurred by homeowners impacted by the pandemic.  Since the program launched in January 2022, homeowners with delinquent mortgage, property tax, utility and property association fee bills have applied for approximately half of the $50 million federal funding award to Vermont.