Director of Multifamily Programs Sam Falzone reminds all owners, managers and auditors of VHFA-financed multifamily properties of the March 1 deadline for audited financial statements. Meeting the deadline this year is more important than ever, since VHFA will be using your statements to make decisions about our portfolio and to update ratings agencies prior to issuing bonds to finance affordable housing later this year. Read Sam's full memo (65 KB; PDF) or download our audit requirements.

The Champlain Valley Office of Economic Opportunity (CVOEO) Fair Housing Project and VHFA have published a short report titled "Sub-Prime Lending in Vermont."

"Though sub-prime lending in Vermont has not reached the historic highs that have brought many communities across the nation to their knees," the report states, "our small, rural state is experiencing a rise in foreclosures and was not immune to sub-prime lending during the mortgage bubble of the past few years."

Subsidized housing managers/owners: We've posted the 2009 certification timeline and Application for Subsidized Rental Housing Certification online.

Act 68, passed by the Vermont legislature in 2003, affects the way subsidized housing buildings in Vermont are taxed. To assure your property is not taxed at the higher "non-homestead" rate, you must apply for the subsidized rental housing designation.

Learn more online.

At its Dec. 18 meeting, the VHFA Board of Commissioners decided to suspend new activity under VHFA's multifamily and single-family Ventures pre-development loan program.

We hope to resume this program, which has helped fund start-up development costs for non-profit organizations, as soon as market conditions allow.

To learn more about the factors that lead to the suspension, and for suggestions of other sources for pre-development funding, read Director of Development Joe Erdelyi's letter to housing colleagues (124 KB; PDF).