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Message from Governor James H. Douglas THIS PAST YEAR HAS BEEN ONE OF GREAT And, of course, I value the economic benefits VHFA’s CHALLENGES for all of us who’re working to provide work has brought to our state. As you can see from an adequate supply of affordable housing for the data contained in this year’s annual report, VHFA’s Vermonters and their families. investment in affordable housing created approximately $174 million worth of economic While the rapid rise in rents and home prices that activity. The benefits of that activity, in terms of job characterized Vermont’s housing market in recent creation, income and support for local and regional years has slowed, too many Vermonters are still businesses, are significant. VHFA’s work has had a finding it difficult to keep a roof over their heads while major positive impact on every area of the state, from GOVERNOR paying for other necessities. Many of us in Vernon to Richford, in communities large and small, JAMES H. DOUGLAS government and the private sector have been working and that work has helped Vermonters of all ages and hard to come up with ways to create more housing from many walks of life find a place to call home. that fits into an average Vermont family’s budget. Vermont Housing So on behalf of Vermont and Vermonters, for all the Finance Agency VHFA continues to play an essential role in providing work you have done, for all the good things you have Promoting and financing for affordable housing and in developing brought to so many, for your commitment, your financing affordable, housing policy that makes sense and addresses the vision, your energy and your innovation, thank you to safe and decent continuing needs of Vermont and Vermonters. As a everyone at Vermont Housing Finance Agency. You’ve housing opportunities former VHFA board member, I take pride in knowing done well, by all of us, and I am looking forward to for low- and moderate- income Vermonters VHFA made it possible for more than 900 Vermont working closely with you to create a brighter future for since 1974 families to move into new homes in the past year — the people of our state. many of them homeowners for the first time — and helped create more than 750 new affordable rental units. I have also valued VHFA’s efforts both in the Statehouse and across Vermont to educate officials about our housing needs, to create workable solutions James H. Douglas and to help communities find ways to encourage the Governor development of much-needed housing. Message from the Chairperson and Executive Director THIS PAST YEAR HAS BEEN MARKED BY MAJOR initiative proposed by the Governor’s office, and we CHANGES in the real estate and housing finance are active in the ongoing effort to shape this worlds, and Vermont Housing Finance Agency has legislation and help move it to passage in the coming risen to the challenges presented by these changes. legislative session. We educated lawmakers about how Vermont’s housing market works and talked about the By the time we closed our books on the 2007 fiscal need for financial tools, such as an expansion of the year, VHFA had purchased more than $134 million state’s housing tax credit for homeownership projects. worth of mortgage loans, an all-time high. Those mortgages helped Vermonters purchase more than 900 We were active in communities across the state, working LISA MITIGUY RANDALL homes. At the same time, VHFA was creating new with local citizens’ groups who are coming together to products to advance the mission of housing affordability, support affordable housing, and we continued our including our 4.75% program, which just celebrated its support of the NeighborWorks® HomeOwnership first anniversary. We also had our biggest year creating Centers around the state, which provide education and new homes, with more than $450,000 in pre- counseling to Vermonters who’re buying homes or who development loans and $12.3 million in construction face difficulties during homeownership. loans. And it was a very productive year for creating multifamily rental housing. VHFA made nearly $26 This year, VHFA also published issue papers on the million in loans, allocated more than $4.2 million in impact of affordable housing on school enrollments state and federal tax credits and supported the creation and the growing need for housing for seniors, and we or rehabilitation of 754 affordable rental units. again took a leading role in producing “Between a Rock and a Hard Place: Housing and Wages in SARAH CARPENTER You can read all about these and our other activities Vermont,” the annual publication that has become on the following page of this report. required reading for housing policy in Vermont. We believe this success is not only a tribute to the hard work and creativity of So while we take great satisfaction in a job well done, VHFA’s staff, but also to the concept of housing finance agencies as leaders in the we are ready to continue VHFA’s leadership on behalf effort to support and develop safe, decent and affordable housing. Even though of Vermonters who need affordable housing. We look housing prices are no longer soaring higher each year by double-digit rates, forward to the year ahead. affordability is still a major concern in Vermont. At the same time, consumers are wondering where credit markets will go. It is VHFA’s job to address those concerns. VHFA was once again a major presence in housing policy and legislation in the year Lisa Mitiguy Randall Sarah Carpenter just past. We worked with a coalition of supporters of the New Neighborhoods Chairperson Executive Director Agency accomplishments • FY2007 determine their physical and financial needs. Applying these standards statewide will help Vermont Housing Data $10 million mortgage program launched improve the long-term sustainability of Web site redesigned In August 2006, VHFA created a new Vermont’s affordable housing inventory. VHFA re-launched Vermont Housing Data mortgage program. The 30-year, fixed-rate (www.housingdata.org) — an online trove of mortgage with a 4.75% interest rate is for Energy program initiative information on housing demand, supply, and qualified borrowers purchasing new homes Working with Efficiency Vermont, Burlington cost. The new site conforms to Web code in developments located in VHFA-approved Electric and VHCB, VHFA lead efforts to and accessibility standards, and streamlines areas designated by communities for survey utility costs for 233 affordable access to the site's core content. housing growth. housing properties; directed energy audits and weatherization work; and financed Common application launched Reflecting on social responsibility improvements for 14 properties with the VHFA partnered with other housing VHFA formed a Socially Responsible highest cost per unit. agencies to streamline applications for Committee, working to inventory the many development funding. This partnership has ways the Agency works in a responsible More homeownership units developed created a common application for several and/or sustainable manner. The committee FY07 marks VHFA’s biggest year creating federal and state funds needed to create drafted an action plan of ways VHFA can new homes affordable to VHFA borrowers. new subsidized housing. These agencies are increase its socially responsible actions as a With more than $450,000 in pre- now working on common project part of its business practices. This will be a development loans and another $12.3 monitoring responsibilities. new focus for the Agency in coming years. million in short-term construction loans, VHFA works to ensure the homebuyers Capital Needs Assessment have affordable options in the marketplace. standards created The Agency worked with other Making it easier for lenders funding agencies to create For borrowers with high credit scores, VHFA Capital Needs Assessment now allows lenders to use traditional (CNA) standards to be used in automatic underwriting programs — such all existing and new multifamily as Fannie Mae’s Desktop Underwriter and rental properties to better Freddie Mac’s Loan Prospector — on VHFA loans. We’ve also expanded the production side of VHFA.net. Lenders can now manage Members of VHFA’s Socially their files, track approvals and monitor Y E Responsible Committee L I production totals. We’ve also changed our A B G meet to discuss their draft I process for lenders so they can sell us loans A R C action plan with repair or rehabilitation escrows. FY2007 initiatives to end homelessness VHFA continues to partner with many groups that are dedicated to bringing an end to homelessness in Vermont. Below are a number of initiatives the Agency was involved with during FY07. They all share a common goal: creating more housing and service opportunities to help those Vermonters who most need it. New state funding new Profile of Homelessness section with Homeless advocacy The Vermont Coalition to End Homelessness details on the annual point-in-time count of The VCEH held its annual homeless vigil in (VCEH) has continued to thrive thanks to people who are homeless, and more. December 2006 in Montpelier (below). support from VHFA. The Agency has been Governor Jim Douglas spoke about the working with this coalition of the state’s Vermont Interagency Council need to end homelessness in the Green homeless shelters and service providers for on Homelessness Mountain State. Direct service workers who five years, and has helped the organization After the Vermont Interagency Council on serve homeless Vermonters and people who grow tremendously. This year the coalition Homelessness was re-launched with higher- are or have been homeless also spoke successfully advocated for an additional level state officials and partnering agencies, about their experiences.

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