The Vermont Housing Finance Agency awarded Housing Vermont and its local development partners a total of 2,287,000 in allocated (9%) Low Income Housing Tax Credits for four new construction developments.
“This is great news that will benefit four different housing markets across the state,” said Housing Vermont President Nancy Owens. “These developments respond in different ways to local needs and opportunities to increase the supply of affordable apartments by building new housing.”
Housing Vermont will syndicate the federal Low Income Housing Tax Credits to institutional investors to raise capital which will finance a significant portion of the costs of creating affordable housing. Housing Vermont estimates that the credits will generate about $19.4 million in private equity.
In addition to the allocated LIHTCs, VHFA awarded Housing Vermont and its partners a total of 348,000 in federal bond (4%) housing credits and 180,000 in state credits for two rehabilitation projects in Bristol and one in Burlington.