Vermont’s housing needs have never been more urgent, and VHFA is meeting the moment. Over the past several years—and especially in the past 12 months—our team has dramatically increased the pace and scale of homeownership development funding through two key programs: State Homeownership Tax Credits and the Middle-Income Homeownership Development Program.
Record Funding Disbursements: A Year of Unprecedented Impact
During this period of historic housing pressure, VHFA’s focus on maximizing impact and steadfast stewardship of public resources has had exceptional results:
- VHFA disbursed $14 million in the past 12 months, 7 times more than in 2024. Much of this is for Bay Ridge in Shelburne and Stonecrop Meadows in Middlebury—two recent large, marquis projects.
- This 12 month total is 55% more than all homeownership development funding disbursed by VHFA in the previous five years combined.
These numbers reflect a major expansion in production capacity as Vermont ramps up middle-income homeownership opportunities statewide.
Strengthening Programs While Maintaining Accountability
This period of rapid growth has required significant program evolution. VHFA stood up several new programs in the past few years, which required new processes to responsibly deploy federal stimulus-related resources and support new eligible uses and eligible households. With Vermont’s housing needs expanding well above traditional “affordable” income standards, VHFA launched three middle-income programs to help with weatherization, building for-sale homes, and apartments. This required internal policy development, adopting documentation standards, and building audit-ready procedures—steps essential to stewarding public dollars.
Even while implementing these improvements, VHFA continued to accelerate funding decisions and disbursements. The results demonstrate that stronger oversight and faster production must go hand-in-hand.
As Vermont continues to navigate housing challenges, VHFA’s goal remains clear: deliver the resources that communities need to build more homes Vermonters can afford—and do so with integrity, speed, and care.
What’s your housing story?
Now through March 15th, VHFA invites Vermonters who have used VHFA programs (including first generation homeowners, return homebuyers, and renters in Vermont) to share their apartment or house-hunting experiences. VHFA will contact people who have submitted stories that are selected by VHFA to use on the website, social media channels, and reports. A $100 gift card will be provided to participants whose stories are selected. Stories must be submitted via our online form at https://vhfa.org/your-story.
Photo: Homeowners at Stonecrop Meadows in Middlebury. Photo courtesy of Summit Properties, 2025.