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VHFA asks for extension of tax-credit sales to keep down-payment and first-gen programs running
Summary
The Vermont Housing Finance Agency told the committee that rotating state tax-credit sales fund a revolving down-payment assistance loan pool. VHFA asked to extend the sale authority so the program can continue while repayment flows slow as refinancing and moves decline.
The Vermont Housing Finance Agency asked committee members to extend the state tax-credit sale authority that funds two house-buying programs: the VHFA down-payment assistance program and a newer first-generation homebuyer grant program.
Why it matters: VHFA’s down-payment assistance (DPA) program provides 0% repayable loans to eligible buyers through participating lenders; the program is funded by proceeds from five‑year state tax credits that lenders buy. VHFA said repayments have slowed because of low refinancing and fewer homebuyers moving, which has reduced the revolving fund’s cash flow. Without extending authority to sell credits, VHFA warned,…
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