New England Federal Credit Union President/CEO John J. Dwyer, Jr. has announced a $500,000 grant from New England Federal Credit Union to the Vermont Housing Finance Agency. The grant is to address the area’s shortage of affordable housing to Vermonters with low and moderate incomes. The money will support construction and renovation costs for perpetually affordable homes in Bristol, Jericho, and several other towns.
“This investment will help address the shortage of affordable housing in the area, which impacts not only our residents but also businesses and communities,” Dwyer remarked. “We believe that improving the affordability of homes in the counties we serve creates a cascade of benefits that help make the region more economically healthy in the long run.”
The grant continues New England Federal Credit Union’s steps toward helping the tens of thousands of lower income Vermonters who receive no housing assistance, but face housing costs that are out of line with their income. In 2017, New England Federal Credit Union provided a $1 million investment to VHFA for affordable housing, which provided support to four affordable housing initiatives, including construction of apartments for seniors in South Burlington’s new City Center, the development of affordable apartments in the historic French Block building in downtown Montpelier, a memory care facility in Williston, and the financing of several new high-efficiency Vermont homes.
VHFA is a non-profit agency created in 1974 by the Vermont Legislature to finance and promote affordable housing opportunities for low and moderate-income Vermonters. Since its inception, the agency has helped approximately 29,000 Vermont households with affordable mortgages and financed the development of approximately 8,800 affordable rental apartments.