Despite continued signs of a strengthening national economy, HUD's reported this month that severe housing problems are on the rise. In 2015, 8.30 million households had worst case needs, up from 7.72 million in 2013. These households are defined as very low-income renters who do not receive government housing assistance and who paid more than one-half of their income for rent, lived in severely inadequate conditions, or both. High rents in proportion to renter incomes remain dominant among households with worst case needs, leaving these renters with substantial, unmet need for affordable housing. 

The 14-unit McKnight Lane rental housing neighborhood in Addison County captured national attention this week as the New York Times spotlighted the bold initiatives of Green Mountain Power to reduce its customers' dependence on the electrical grid. 

This morning Union Bank funded nearly $600,000 of Vermont Housing Finance Agency’s (VHFA) highly successful “ASSIST” down payment assistance program. By purchasing Vermont Affordable Housing Credits for the past three years, Union Bank has helped nearly 500 Vermont households buy their first homes.

Interested buyers who qualify for a VHFA mortgage can receive up to $5,000 in the form of a no-interest second mortgage to help with down payment and closing costs.  The down payment assistance requires no monthly payments, with repayment to VHFA due only when the home is sold or refinanced.  VHFA uses repayments to continue funding the program for future homebuyers.

Staff from the Vermont Housing and Conservation Board will outline specifics of the Housing for All initiative, the program funded with the state's recently-enacted bond for housing development.  VHFA will issue the revenue bond and the Vermont Housing and Conservation Board will administer the funds statewide to expand Vermont’s stock of permanently affordable housing. 

Staff from regional planning commissions, economic development corporations and affordable housing development organizations are encouraged to attend either of these two public meetings: