Vermont Housing Finance Agency (VHFA) has released its third annual report for the Housing Investments for Vermont (HIVE) Fund. VHFA recently changed the name of VHFA's investment fund to HIVE to reduce confusion with state programs with similar acronyms and to better symbolize the collaborate and dynamic nature of the fund.
VHFA established the fund in 2020 in recognition of a growing need for more flexible financing opportunities for affordable housing development. Fund investments are intended to fill gaps in project budgets, allowing worthwhile housing projects to move forward despite complex and changing development conditions. The HIVE Fund embodies a swarm of activity, a collective, fueled by the partnership and participation of many individual actors. Housing Investments for Vermont is part of a legacy of solutions VHFA designs to meet the opportunities and challenges of a given time, but– like a HIVE – not one that we could have accomplished alone.
Since the fund began, it has raised over $15.8 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), the Federal Home Loan Bank (FHLB) of Boston, the Capital Magnet Fund of the U.S. Treasury, and an anonymous philanthropic award. VHFA will continue partnering with funders, particularly non-traditional housing investors, and will seek new partnerships to continue the impact of the HIVE for years to come.
To date, these investments have supported 27 multifamily developments across the state. HIVE loans have supported nearly $363 million in total development costs, providing gap funding to effectively leverage other private and public housing funds. HIVE investments have or will help to build 570 new apartments and rehabilitate or preserve 628 existing affordable homes. This includes 147 homes for Vermonters experiencing homelessness, paired with community-based supportive services.
Developers interested in applying for HIVE awards and investors interested in the fund can reach out to [email protected] for more information.