Vermont Housing Finance Agency (VHFA) has released its second annual report for the Vermont Housing Investment Fund (VHIF). VHFA established the fund in 2020 in recognition of a growing need for more flexible financing opportunities for affordable housing development. VHIF investments are intended to fill gaps in project budgets, allowing worthwhile housing projects to move forward despite complex and changing development conditions.
To date, $4.7 million in VHIF awards has supported 17 multifamily developments across the state. VHIF loans have supported nearly $190 million in total development costs, providing gap funding to effectively leverage other private and public housing funds. VHIF investments have or will help to build 381 new apartments and rehabilitate or preserve 453 existing affordable units. This includes 80 homes for Vermonters experiencing homelessness, paired with community-based supportive services.
Since the fund began, it has raised over $9.5 million in public and private capital. The annual report highlights the contributions and leadership of the Vermont Community Foundation (VCF), New England Federal Credit Union (NEFCU), and the Federal Home Loan Bank (FHLB) of Boston. VHFA will continue partnering with funders, particularly non-traditional housing investors, and will seek expand new investment to continue the impact of the VHIF for years to come.
Developers interested in applying for VHIF awards and investors interested in the fund can reach out to [email protected] for more information.