Exciting Housing Opportunities

 

Exciting Housing Opportunities

 

Vermont Housing Finance Agency (VHFA) offers new programs in time for 2014 Home buying season. 

 

Mortgage Credit Certificates (MCCs), now available for qualified Vermont home buyers, will increase the long-term affordability of buying a home by reducing the amount federal taxes owed each year. A borrower using the MCC program can take up to 20 percent of the interest paid during the year on their first mortgage as a credit instead of a deduction. This provides a big boost at tax time every year that the original source of financing stays in place. The remaining 80 percent of the interest paid by the home buyer can be taken as a mortgage interest deduction. MCCs can be used in conjunction with either VHFA or non-VHFA first mortgages.

 

In addition to the MCC program, VHFA also unveiled a new first mortgage program called “Advantage.” This program extends VHFA first mortgages to Vermonters who don’t qualify for its traditional programs due to purchase price or income limits or first-time home buyer requirement. The Advantage program has no purchase price limit or first-time home buyer requirement and is available statewide to three or more person households with incomes up to $118,000 and up to $93,000 for single and two-person households.

 

Vermont Housing Finance Agency (www.vhfa.org or 1-800-339-5866). VHFA's mission is to finance and promote affordable, safe and decent housing opportunities for low- and moderate-income Vermonters.

 

 

Champlain Housing Trust

Burlington and Shelburne Housing Opportunities

Call 862-6244 to apply!

 

·        A new housing option in the Old North End – Bright Street

co-op.   Detailed information attached.

 

·        Under construction in Shelburne is a mixed-income, mixed-generation neighborhood of 82 new homes including 42 family apartments, 36 senior apartments and four affordable homes for sale. 

 

 

 

Lisa Jensen

Resource Coordinator

Working Bridges / United Way of Chittenden County

412 Farrell Street, Suite 200  South Burlington VT 05403

802.922.6297   or   lisaj@unitedwaycc.org

 

 

 

 

 

 

Bright Street Co-op

A New Housing option in the Old North End.

What is a housing cooperative?

In a housing co-op “the members are the landlord.” It is a business that the members own and run together, doing the work a landlord would do in a rental.

The shared control and responsibility makes co-ops different from either renting or owning your own home. Financially a co-op is more like renting, but the members’ control and responsibility lead to an ‘ownership attitude’ without the financial commitment of buying a home.

Cooperative housing is not for everyone. As an intentional community it is ideal for people with the desire and skills to work with their neighbors and to help create a stable community.

The co-op will feature:

• Forty apartments and townhomes
• A vibrant mix of household sizes and incomes
• New, energy-efficient construction
• Self-management that brings a sense of community and security
• Underground parking, laundry room, community room, elevator
• Shared outdoor space including a play area
• Green features include raised-bed gardening, bike parking, and clotheslines

Time frame

• Construction will start in late 2014; opening is tentatively planned for summer of 2015.
• We are taking applications now for a waitlist. Once members are approved they will pick apartments in waitlist order, so it’s good to get on the list

Apartment sizes and approximate monthly charges (heat included):

Twelve 1BR apartments in the range of $650 to $975/month
Twenty 2BR apartments in the range of $780 to $1,200/month
Five 3BR apartments in the range of $950 to $1,300/month
One 4BR apartment in the range of $1,200 to $1,425/month

 

 

Interested? To learn more and apply, come to a one-hour Orientation to Cooperatives.
Register with Julia Curry at jcurry@getahome.org or (802) 861-7378.