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.
Homeownership
New data shows unprecedented jump in Vermont median home price
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.
Half of homeowner pandemic assistance program funding awarded
By: Mia Watson
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.
Missing Middle Program Application Deadline Extended to January 27
By: Chad Simmons
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.
New program launches to increase homeownership opportunities for Vermonters
By: Chad Simmons
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.
New First Generation Homebuyer Program Available
By: Chad Simmons
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.
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
By: Mia Watson
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
By: Mia Watson
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
By: Mia Watson
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.