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VHFA outlines down-payment program pressures, asks committee to extend state tax-credit sales and sustain first-generation homebuyer grants
Summary
The executive director of the Vermont Housing Finance Agency briefed the committee on mortgage market changes, the status of VHFA down-payment assistance and first-generation homebuyer grants, and requested a five-year extension to sell state tax credits and continued funding for grant programs.
Mark Collins, executive director of the Vermont Housing Finance Agency, told the Vermont House Committee on Commerce and Economic Development on Jan. 17 that rising prices and mortgage rates have squeezed potential homebuyers and strained VHFA’s down-payment assistance (DPA) revolving fund.
"So we're about to go ask for $45,000,000," Collins said, describing an upcoming tax-exempt bond sale intended to replenish VHFA lending capital.
Collins reviewed how VHFA’s DPA program is funded and why the agency expects to ratchet back assistance unless the legislature extends the authority to sell state tax credits. The agency’s DPA program has used proceeds from the sale of a state tax-credit allocation (a five-year credit vehicle) together with revolving loan repayments; Collins said the program currently generates roughly $1.1 million annually from tax-credit sales and that…
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