The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced on Monday the award of state housing tax credits and loans to support the development, rehabilitation or preservation of 107 permanently affordable apartments in three communities across the state.

“Preserving existing housing and developing new permanently affordable homes is essential to meeting the housing needs of Vermonters and helping our communities fully recover from the pandemic,” remarked VHFA Executive Director Maura Collins.

VHFA previously awarded federal allocated or Ceiling tax credits in May. The latest funding round includes additional federal Bond credits, Vermont Affordable Housing Tax Credits and loans issued by VHFA.

The Vermont Housing & Conservation Board (VHCB) will award $168.8 million in supplemental state funds and federal American Rescue Plan Act State Fiscal Recovery Fund (ARPA-SFR) funding for investments in housing, conservation, working lands businesses and rural economic development. The first general application due date is July 23, 2021. 

Due to limited funding, applications for the current round of Vermont COVID Emergency Mortgage Assistance must be submitted by 4:00 PM on Wednesday, June 30, 2021. Until then, eligibility requirements and application instructions will remain available on VHFA’s website at www.vhfa.org/map.  All grant awards are  subject to funding availability. 

Construction survey data finds that new homes in the Northeast tend to be built on far larger lot sizes than elsewhere in the country. The median newly built single-family home in the Northeast was built on a little under half an acre, compared to less than a quarter of an acre nationwide. Research suggests that strict zoning laws are responsible for the disparity and have resulted in higher home development costs and sale prices.