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.
Pandemic help for Vermont homeowners remains available
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.
Rising interest rates and prices decrease home affordability
Increasing mortgage interest rates and home prices have rapidly made it much more difficult for Vermonters to purchase their first homes. About half as many renters can afford to purchase their first home in 2022 compared to 2021, based on VHFA’s recent analysis of sales price and interest rate trends.
VHFA awards state tax credits to expand affordable homeownership statewide
On Monday, the Vermont Housing Finance Agency (VHFA) Board of Commissioners awarded $708,000 in Vermont State Affordable Housing Tax Credits for homeownership development projects. Once sold to investors, the credits will yield nearly $3.4 million in equity for home construction costs and energy-efficient manufactured homes.
Vermont Homeowner Assistance Program awards $11 million in grants during first six months
Over $11 million of a $50 million program to pay overdue housing costs for homeowners impacted by the pandemic has been disbursed within the first six months of the program. The Vermont Housing Finance Agency (VHFA) launched the Homeowner Assistance Program (HAP) in January 2022 with funding from the federal American Rescue Plan Act. It provides grants of up to $30,000 for income-eligible homeowners.
Vermont home prices continue to increase despite predictions of cooling market
The median Vermont primary home sold for $295,000 throughout the first six months of 2022, compared to $270,000 throughout 2021, a 9.3 percent increase for the first half of the year.
Future strategies to promote homeownership opportunity for BIPOC Vermonters
This article was written by VHFA Spring Housing Fellow Christina Cramer
AHP funding application opens June 6
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.
Watch out for homeowner relief scams
As many states including Vermont begin to award millions in financial assistance to homeowners impacted by the pandemic, the U.S.
State funding available to replace wells and septic systems
A new program from the Vermont Agency of Natural Resources has funding for low and moderate income Vermont homeowners to replace their home water or wastewater systems. Applications for the first round of funding are open through April 15, 2022.