Vermont Rural Ventures' $30 million award of federal stimulus money was covered in this morning's Burlington Free Press.

You can read the article online.

Vermont Rural Ventures (VRV) will receive $30 million to develop affordable housing and help stimulate economic growth in Vermont.

The funds, in the form of New Market Tax Credits (NMTC), result from the recently-passed American Recovery and Reinvestment Act (ARRA).

VRV estimates it'll fund six to 12 housing and economic development projects in Vermont as a result of the tax credits.

"The potential benefit from the New Market Tax Credit funding is enormous," said VHFA Executive Director Sarah Carpenter.

A new study reports that providing permanent supportive housing for people in rural Maine is less expensive than serving people while they're homeless.

That conclusion is similar to the one VHFA reached in our May 2008 publication "The Costs and Benefits of Assisting Vermont's Chronically Homeless" (841KB; PDF).

The Maine study, which followed 163 people, found a 57 percent cost reduction for mental health services over a 6-month period.

VHFA is seeking comments on its competitive priorities for the new Tax Credit Assistance Program (TCAP).

TCAP is part of the American Recovery and Reinvestment Act (ARRA), signed into law by President Obama on Feb. 17.

The act includes a number of enhancements to the Low Income Housing Tax Credit program for fiscal years 2007-09, including TCAP and the Credit Exchange Program, also known as Monetized Credit.

ARRA includes $5.4 million for Vermont properties that received Housing Credit allocations in 2007-09. VHFA will award those funds based on these competitive priorities.