Our friends at NeighborWorks of Western Vermont will receive $2 million in federal economic stimulus funds to help first-time homebuyers.
The funding comes from the Community Development Financial Institutions Program, part of the recent American Recovery and Reinvestment Act.
The $2 million is part of $6 million being split among three Vermont non-profit organizations: NeighborWorks of Western Vermont, Vermont Community Loan Fund and Opportunities Credit Union.
The U.S. Department of Housing and Urban Development (HUD) today awarded more than $5.4 million to benefit affordable housing in Vermont.
The funding comes via HUD's new Tax Credit Assistance Program (TCAP), part of the American Recovery and Reinvestment Act of 2009. TCAP is a grant program that provides capital investments to stalled Low-Income Housing Tax Credit (LIHTC) projects.
Last week's Northeast Kingdom Collaborative meeting on affordable housing was covered by WCAX-TV Channel 3 on Friday.
Director of Homeownership Programs Pat Crady represented VHFA at the event.
VHFA has received $7 million in funding for the Vermont Neighborhood Stabilization Program to: