Vermont Housing Conservation Board 2005 - Vermont Housing and ...

More documents

Recommendations

Info

HOME OWNERSHIP OPPORTUNITIES Home Ownership Programs Busy in 2005 The HOMELAND Program is a home purchase program funded by VHCB and offered by eight regional housing organizations working in coordination with a statewide system of NeighborWorks® Homeownership Centers located in St. Albans, Burlington, Barre, Lyndonville, West Rutland, Springfield, and Brattleboro. In 2005 and previous recent years, there has been a high level of demand from aspiring homeowner to participate in the program with one of the regional sponsors. VHCB committed 840,000 in 2005 to provide purchase grants to 32 households seeking to buy a home. How it Works Credit-worthy buyers are eligible for purchase subsidy grants of up to 40,000 towards the cost of a home on the private market. Buyers typically obtain mortgage loan financing, often from the Vermont Housing Finance Agency or USDA Rural Development, and are required to contribute at least 1,500 cash toward the purchase. Additional loans of up to 2,000, repayable upon the sale of the home, are available as needed to assist with downpayment and closing costs. In exchange for the purchase subsidy grant, home buyers agree to share any appreciation in the value of the house with future buyers. When the home changes hands, the grant stays with the property and is recycled to the next buyer. Over the past 15 years, VHCB has awarded HOMELAND grants to help nearly 450 households become homeowners. Habitat for Humanity/ Vocational Building Fund In addition to the HOMELAND Program, VHCB awards grants for the construction of homes built by Habitat for Humanity chapters and vocational building programs. Since it was established in 1991, 57 homes have been built with this grant assistance. In 2005, 180,000 in grant funds was awarded for the construction of 8 new homes. 14 Before and after photographs show the improvements to Linda McGowan's home in Richmond, made possible with funds from the HOMELAND program and a loan from USDA Rural Development. The grant and loan assistance lower the mortgage payments for this homeowner.
HABITAT FOR HUMANITY Hard-Earned Homes for Burlington’s New North End Dual Goals: Housing & Conservation Bob Eddy Sarah and Chris Orndorff have put in hundreds of hours of “sweat equity” on their new home. Shown here with their sons, Michael, William and Matthew, the Orndorffs moved into their home in December. Before they got in touch with Habitat for Humanity, Chris and Sarah Orndorff and their three boys were living in a cramped, two-bedroom rental apartment in Colchester. Stacey Lessor and her two daughters were in a Burlington mobile home. “I’ve lived in this mobile home for 15 years — and for a good share of them, I’ve tried to get out,” Lessor says. “As a single parent, I work three jobs; I’ve done my best to do right by my kids, and give them a good place to live. One day, I decided to call Habitat,” she says. “I said, ‘Look — I’m a great candidate for one of your homes.’” On a 13-acre site donated by the Burlington Housing Authority (BHA), eight single family homes will be developed and a 10-acre natural area will be conserved and managed by the City Parks Department, with trails for public use. VHCB awarded $177,000 to Habitat and BHA towards construction costs including $7,500 to conserve the Mt. Cavalry Red Maple Swamp and create trails. Over several years of negotiations, the BHA and Habitat worked with the Burlington Conservation Board to reduce the density of the development, to forgo a proposed connecting street through the natural area, and to develop a conservation plan for the wetland. BHA was one of two housing authorities in the country designated to use a trial HUD Program under which the home purchasers are able to apply Section 8 subsidies to pay their mortgages. BHA constructed two duplexes on the site; Green Mountain Habitat for Humanity will construct four homes. 15
Page 1 and 2: 2005 Annual Report to the General A
Page 3 and 4: james h. douglas governor State of
Page 5 and 6: statutory mandates that require per
Page 7 and 8: in the marketplace, and for homes b
Page 9 and 10: documents. But an applicant’s ent
Page 11 and 12: the 1906-vintage edifice stands out
Page 13 and 14: Bob Eddy photos Laurie Webster, who
Page 15: “These are people who are very en
Page 19 and 20: “Owning a home isn’t just luck.
Page 21 and 22: portation,” said Brenda Torpy, di
Page 23 and 24: So Jon and Lise Yandow, whose seven
Page 25 and 26: Addison Vermont Land Trust photos a
Page 27 and 28: “Watching the O’Connell family
Page 29 and 30: Bob Eddy “Farming is such a labor
Page 31 and 32: This joins a mix of new and retrofi
Page 33 and 34: CROSS VERMONT TRAIL A Trail to Conn
Page 35 and 36: Liz Thompson/The Nature Conservancy
Page 37 and 38: HISTORIC PRESERVATION A New Role fo
Page 39 and 40: Bob Eddy photos England what became
Page 41 and 42: VERMONT COMMUNITY STEWARDSHIP PROGR
Page 43 and 44: VERMONT LEAD-BASED PAINT HAZARD RED
Page 45 and 46: Housing Awards July 2004 -June 2005
Page 47 and 48: Housing Awards July -December 2005
Page 49 and 50: Conservation Awards July 2004 -June
Page 51 and 52: Conservation Awards July 2004 -June
Page 53 and 54: Conservation Awards July -December
Page 55 and 56: Partners in Project Development Jan
Page 61 and 62: Revenues $22,486,033 Interest Incom
Page 63 and 64: PROJECT AWARDS BY COUNTY 1987-2005

Vermont Housing Conservation Board 2005 - Vermont Housing and ...

Create successful ePaper yourself

Delete template?

Save as template?