Phil Holmes, long-time promoter of affordable multifamily housing at HUD’s Manchester office, died tragically last night in a motorcycle accident.

Through his many years of work with the Maine, New Hampshire and Vermont housing manager associations, Phil became a good friend to many owners, managers and agency staff.   Phil was a was strong advocate of HUD’s risk share insurance program and expansion of computer learning centers in HUD assisted housing.   He was also well known for his involvement with Northgate Apartments and support for resident control and ownership.

Sam Falzone, VHFA’s Director of Multifamily Programs, described his death as “a tremendous loss to the affordable housing community throughout northern New England.”

Sara Barrett of Burlington has joined VHFA as Loan Servicing Assistant.

Barrett’s most recent experience includes serving as an AmeriCorps member with the Shared Equity Program at Champlain Housing Trust through Vermont Housing and Conservation Board.   She has been in the affordable housing industry since 2009.  Barrett will provide support to the Agency’s loan servicing function in our Homeownership Department.

Standard & Poor's Ratings Services raised its rating on VHFA's multifamily mortgage bonds  from 'BBB+' back to ‘A+’.   

"The upgrade is based on recent legislative changes that resulted in these bonds conforming with our moral obligation criteria," said Standard & Poor's credit analyst Henry Henderson. 

Read the Standard and Poor’s press release.

Vermont's econonomy outperformed the U.S. during the past 12 months, with tax revenues that exceeded projections by 2.5%.  Nevertheless, state economists cautioned the legislature and administration of the risks here in Vermont should national policy makers fail to reach an agreement about raising the U.S. debt ceiling. 

Home prices in Vermont will likely continue to decline slightly during the next 3 months, the economic report to the legislature explained.  After that, Vermont's real estate market is likely to begin "an extended period of very low price appreciation."

Read the economic report.