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VHFA seeks to extend and modestly increase sale of state tax credits to preserve down-payment assistance
Summary
The Vermont Housing Finance Agency told the Senate Finance Committee it needs authority to sell state tax credits for five more years and to raise annual sales to $350,000 so its revolving down-payment assistance loan pool (currently about $14M) can keep serving first-time buyers with $5,000–$10,000 silent second loans.
Laura Collins, executive director of the Vermont Housing Finance Agency, told the Senate Finance Committee on Jan. 30 that VHFA’s down-payment assistance (DPA) program has helped more than 2,100 Vermont households and is funded largely through the sale of state tax credits to banks.
Collins explained the DPA is a 0% silent second loan, historically $5,000 and later increased to $10,000 to account for rising prices, that is repaid when borrowers refinance, move or otherwise clear the lien. She said the program has made roughly $14,000,000 available in the revolving pool and that borrowers’…
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