Vermont Housing Finance Agency

The Vermont Housing Finance Agency is chartered as a private non-profit agency to finance and promote affordable housing opportunities for low- and moderate- income Vermonters. They are located in Burlington, Vermont.

WWW vhfa.org

History

The Vermont legislature established the agency in 1974.
By 2018, the VHFA had assisted approximately 29,000 people to purchase primary residences; and provided financing, development and management support, subsidy administration and tax credits for about 13,650 units of multifamily rental housing.

Operations

The board of directors has five members whom the Governor of Vermont appoints. There are also four "ex officio" members representing the finance and construction industry who also vote. The Executive Director is Maura Collins.
VHFA helps applicants with

Single-family and homeownership mortgage financing programs
Multifamily programs including:
*Multifamily loan programs
*Asset management and monitoring
*Housing Assistance Payments contract administration
*Federal and state Housing Tax Credit programs

VHFA reports housing data to responsible government agencies.

Financial

Since 1974, the agency has issued $2.96 billion worth of bonds and other financial instruments, of which $783.9 million was still outstanding at the end of the fiscal year ending June 30, 2010. Operating expenses were $4.6 million out of which $3.0 million were for personnel salaries and benefits.

Staffing

VHFA has about 40 employees. it issues tax-exempt bonds to fund its loan programs. It supports its operation out of the difference between what it gets for interest from its debtors and what it gets from lenders. The bonds are obligations of the agency and are underwritten by its loans.