Thanks to VHFA housing credits and other funding sources, the historic Darling Inn, a perpetually affordable apartment building in Lyndonville, reopened its doors this weekend with much celebration. Executive Director, Sarah Carpenter, joined Senator Patrick Leahy and other partners at Saturday’s ribbon cutting.
Partner organizations
VHFA AND UNION BANK TURN TAX CREDITS INTO DOWN PAYMENT HELP FOR VERMONTERS
By purchasing $125,000 in Vermont Housing Tax Credits last Friday, Union Bank supplied the equity needed to help approximately 125 households buy their first homes in Vermont this coming year. These households will receive up to $5,000 to help cover their down payment and closing costs through a statewide program when they qualify for a Vermont Housing Finance Agency mortgage.
Affordable housing tops concerns in UVM Medical Center community survey
Lack of affordable housing is the community challenge that survey respondents are most concerned about, according to the recently released 2016 Community Health Needs Assessment. Among survey respondents, 58.3 percent rated lack of affordable housing as the top concern, followed by 52.5 percent for drug and alcohol abuse.
Chittenden County leaders call for increased production of housing over next 5 years
Building Homes Together was launched yesterday. It is a collaboration of organizations and communities seeking to remedy some of the most pressing challenges in Chittenden County’s housing market.
“The housing shortage in Chittenden County has been well noted with unhealthy vacancy rates and high rents,” added Charlie Baker, Executive Director of the Chittenden County Regional Planning Commission. “Employers can’t find workers, and workers themselves spend more time in commutes and with a higher percentage of their paychecks on housing costs.”
Together over 100 individuals representing local municipalities, institutions, employers, bankers, builders, and others -- including VHFA -- have signed on to support this effort.
High rents put Vermont’s housing wage far above average wage or minimum wage
A modest, two-bedroom apartment costs $1,099, according to the annual Out of Reach report from the National Low-Income Housing Coalition. In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn an hourly “housing wage” of $21.13—far more than Vermont’s minimum wage of $9.60 or the average wage among the state’s renters ($11.79).
Need an affordable apartment?
Need an affordable apartment or know someone who does? There are vacancies in 13 different apartment complexes across the state, according to the Vermont Directory of Affordable Rental Housing.
Bipartisan Policy Center recommends new funding and approaches to meet housing needs of seniors
A recent report from the Bipartisan Policy Center describes the need for a comprehensive national approach to integrating health care and housing for seniors. To counteract the increasing number of vulnerable Americans experiencing hardship as they age, the report makes the following recommendations:
Metamorphosis begins for once-decaying mobile home park near Vergennes
After sitting vacant for six years, the Gevries mobile home park in Addison County has started redevelopment. VHFA provided housing tax credits that will cover an estimated 60 percent of the project’s costs and ensure that the new 14-home community will be affordable for low-income renters of all ages. By installing VERMOD high-performance duplex homes, developers Cathedral Square Corporation and Addison County Community Trust anticipate that the neighborhood will achieve net-zero annual energy costs, another critical component of its long-term affordability.
Watch Local22’s story last week about the project.
Ground breaking at Elm Place in Milton celebrated
Executive Director Sarah Carpenter joined partners from Cathedral Square and other agencies to launch construction of Elm Place, a 30-unit building for seniors in Milton. Elm Place will be Vermont’s first multi-family building certified to Passive House standards. Better windows and doors, added insulation and improved air sealing are expected to enable the building to use roughly 65 percent less energy.
The project has an anticipated opening date of March 2017. Residents will benefit from Support and Services at Home (SASH) care coordination which supports aging in place through an on-site SASH coordinator and part-time wellness nurse. Two apartments are fully ADA accessible and all apartments are adaptable.
Fair Market Rents revised up 16 percent in Burlington metro area
Thanks to a local survey commissioned by Vermont State Housing Authority, the Fair Market Rent standards used for HUD's Section 8 Housing Choice Vouchers in Chittenden, Franklin and Grand Isle counties will be revised upward effective today. The levels established in December 2015 by HUD were 16 percent lower than the new levels.
The survey of rents in the Burlington metro area was funded by VHFA and other partner agencies. Read more.