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VHFA urges five-year extension of state tax credits to expand down-payment assistance
Summary
Vermont Housing Finance Agency told the Commerce & Economic Development committee it needs authority to keep selling state tax credits for five more years and requests $350,000 in annual credits to grow a revolving down-payment assistance fund that has helped 2,100 first-time buyers.
Laura Collins of the Vermont Housing Finance Agency told the Commerce & Economic Development committee on Jan. 28 that the agency is seeking legislative authority to continue selling state tax credits for five more years and to increase the annual credits it seeks to $350,000 to support its down-payment assistance program.
Collins, who identified the program as a DPA (down-payment assistance) program marketed on VHFA's site as the "Assist" program, said it has operated for 11 years using proceeds from state tax-credit sales and has helped over 2,100 households become homeowners. "I am asking if we could have the ability to sell them for 5 more years," she said during the presentation.
Why it matters: Collins said the DPA is structured as a revolving loan fund: VHFA provides a 0% "silent second" loan (typically up to $10,000) that reduces a borrower's mortgage principal without…
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