The Vermont Housing Finance Agency (VHFA), a Burlington non-profit that develops affordable housing opportunities, is seeking investors for the “Housing for All” initiative passed by Vermont lawmakers earlier this year.
The proceeds from this financing will be used to create and rehabilitate an estimated 650 rental and owned homes across the state.
“We’ve repeatedly heard about how widespread the lack of affordable, decent housing is in many parts of Vermont,” Gov. Phil Scott said in a press release. “By leveraging other funds, this investment will help create much-needed homes affordable for working Vermonters at the middle and lower end of the wage scale.”
The Housing for All initiative is funded through a portion of Vermont’s property transfer tax.
“We are delighted to use our experience with housing finance tools and investors to help strengthen the impact of this exciting initiative,” VHFA’s Executive Director Sarah Carpenter said.
Investor bids are due Oct. 2. More information is available at vhfa.org.
Converting the proceeds from investors into new and rehabilitated housing will be the task of the Vermont Housing and Conservation Board (vhcb.org.)