Vermont Housing Finance Agency

What Vermont Housing Finance Agency does

Vermont Housing Finance Agency (VHFA) is a quasi-governmental state agency of Vermont, established in 1974 to provide affordable housing finance programs for low- and moderate-income Vermonters. Headquartered at 164 Saint Paul Street in Burlington, the agency administers mortgage financing programs (MOVE, MOVE MCC, and Advantage), down payment and closing cost assistance, homebuyer education, and Low-Income Housing Tax Credit (LIHTC) allocation for affordable rental development. VHFA also operates HousingData.org, a statewide housing data platform, and supports housing research and policy through publications, a Vermont Housing Fellow graduate program, and a biennial statewide housing conference.

VHFA distributes its products through a network of 20+ participating lenders (including Union Bank, EastRise Credit Union, Guild Mortgage, Vermont Federal Credit Union, and CMG Home Loans) and approved homebuyer education providers such as Fannie Mae Homeview and Vermont NeighborWorks. On the development side, VHFA administers the HIVE Fund (Housing Investments for Vermont, established 2020, over $20 million raised), developer loan programs, and tax credit allocation. Current mortgage rates range from 5.750% to 6.250% across MOVE and Advantage programs as of June 2026.

The agency's operating model is funded through a combination of state allocations, federal grants, and capital market activity. Major funding sources include Vermont State Treasurer allocations through the 10% in Vermont program ($55.5 million in September 2023 and $30 million in February 2026), a $4.5 million federal Capital Magnet Fund award (July 2024), and tax-exempt and taxable bond issuance. These allocations have leveraged an estimated $540 million in additional private and public capital and supported over 1,100 housing units through the 10% in Vermont program, 240+ apartments through the HIVE Fund, and 241 additional affordable apartments through tax credit awards in June 2026. VHFA is governed by a nine-member Board of Commissioners and led by Executive Director Maura Collins, CFO Chris Flannery, and Deputy Executive Director Deb Flannery.

Name

Vermont Housing Finance Agency

Legal name

Vermont Housing Finance Agency

Website

https://vhfa.org

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Vermont Housing Finance Agency (VHFA) is Vermont's designated state housing finance agency, administering affordable mortgage programs (MOVE, MOVE MCC, Advantage), down payment assistance, homebuyer education, and Low-Income Housing Tax Credit allocation for low- and moderate-income homebuyers and affordable rental developers across Vermont.

Ownership category

akta.pro rank

Product category

State Housing Finance and Affordable Mortgage Lending

NAICS

Mortgage and Nonmortgage Loan Brokers (522310)

SIC

Loan Brokers (6163)

akta.pro primary industry

Affordable Housing / Down Payment Assistance (DPA) Mortgage Origination (FSALAAAM)

akta.pro secondary industries

Purchase Mortgage Origination (Homebuyer Focused) (FSALAAAD), Wholesale Mortgage Lending (Broker Channel) (FSALACAA)

Keywords

• Affordable housing finance
• Mortgage lending programs
• Low-income housing tax credits
• Down payment assistance
• State housing agency

Headquarters

HQ city

Burlington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Mortgage Financing Programs: VHFA provides mortgage loans and financing programs for homebuyers, generating revenue through loan origination and servicing activities. Programs include MOVE, MOVE MCC, and Advantage with various interest rate options.
2. Housing Tax Credits: VHFA administers Low-Income Housing Tax Credit (LIHTC) programs, allocating tax credits to developers for affordable housing projects.
3. Federal Funding & Grants: VHFA receives federal funding such as Capital Magnet Fund awards to support affordable housing development and preservation.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

VHFA is Vermont's state housing finance agency that provides below-market mortgage loan programs (MOVE, MOVE MCC, Advantage) to first-time and low-to-moderate-income homebuyers through a network of 20+ participating lenders, administers Low-Income Housing Tax Credits and the HIVE Fund for affordable rental housing developers, and offers down payment assistance, homebuyer education, and weatherization programs to expand affordable housing supply across Vermont.

Product overview

Vermont Housing Finance Agency (VHFA) operates as a state housing finance agency offering a coordinated suite of mortgage lending and affordable housing development programs. The core product portfolio centers on the MOVE and MOVE MCC mortgage programs for first-time homebuyers, supplemented by the Advantage program for higher-income borrowers, and the First-Generation Homebuyer Grant for those without prior homeownership history. VHFA also provides homebuyer education through partnerships with Fannie Mae Homeview and Vermont NeighborWorks. On the development side, VHFA administers housing tax credits (LIHTC), the HIVE Fund for flexible development financing, and participates in the state's 10% in Vermont investment program. The agency connects homebuyers with a network of participating lenders and supports rental housing development through developer loan programs.

Differentiator

Problem solved

Functional benefit

Products and services

• MOVE Program Primary mortgage program offering below-market fixed interest rates for first-time homebuyers purchasing in Vermont, available through FHA, RD, VA, Fannie Mae, and Freddie Mac channels.
• MOVE MCC (Mortgage Credit Certificate) Program providing mortgage credit certificates that allow eligible homebuyers to claim a portion of their annual mortgage interest as a federal tax credit, lowering their effective borrowing cost.
• Advantage Program Conventional loan program with higher income and loan limits than the standard MOVE program, for homebuyers who exceed MOVE eligibility thresholds but still need affordable financing.
• First-Generation Homebuyer Grant Program Grant program providing financial assistance to Vermont residents who have never owned a home and whose parents did not own a home, addressing intergenerational barriers to homeownership.
• Homebuyer Education Required homebuyer education program delivered through approved providers including Fannie Mae Homeview (free online) and Vermont NeighborWorks (in-person and online counseling), covering the home buying process, financial preparation, and mortgage basics.
• Down Payment Assistance Financial assistance programs to help homebuyers cover down payment and closing costs when purchasing a home in Vermont through VHFA loan programs.
• HIVE Fund (Housing Investments for Vermont) Flexible financing fund established in 2020 to support affordable housing development and preservation in Vermont, providing gap loans and other financing tools to complement LIHTC allocations. Has raised over $20 million.
• Low-Income Housing Tax Credits (LIHTC)

Quantifiable outcome

• Rental housing investments grew from $52M in 2024 to $77M in 2025 (48% increase), with additional 19% growth projected for 2026
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Vermont Housing & Conservation BoardcoreStrategic or Co-development PartnerVHFA works with the Vermont Housing & Conservation Board on housing and conservation initiatives. Gustave Seelig serves as ex-officio board member representing VHCB on VHFA's Board of Commissioners.
• Vermont Department of Housing and Community DevelopmentcoreStrategic or Co-development PartnerVHFA prepares the Statewide Housing Needs Assessment for the Vermont Department of Housing and Community Development. Lindsay Kurrle, Secretary of ACCD, serves as ex-officio member on VHFA's Board.
• Vermont Treasurer's OfficecoreStrategic or Co-development PartnerVHFA receives investment allocations through the state's 10% in Vermont program administered by the Treasurer's Office. Vermont State Treasurer Michael Pieciak serves as Vice-Chair of VHFA's Board.
• Fannie MaecoreTechnology or IntegrationVHFA offers Fannie Mae Homeview as an approved online homebuyer education provider for homebuyers using VHFA programs. Fannie Mae Homeview provides free online homebuyer education covering the home buying process, financial preparation, and mortgage basics.
• Vermont NeighborWorkscoreStrategic or Co-development PartnerVHFA partners with Vermont NeighborWorks as an approved in-person and online homebuyer education provider. Vermont NeighborWorks provides financial counseling, access to affordable loans and down payment assistance, and connections to local real estate professionals.
• Let's Build HomesminorStrategic or Co-development PartnerVHFA Executive Director Maura Collins serves on the Executive Committee of Let's Build Homes, a multi-agency coalition working to address housing needs in Vermont.

Scale indicators12 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Rhode Island Housing: Rhode Island's state housing finance agency offering mortgage lending, rental development financing, and LIHTC administration. Directly comparable agency from which VHFA's new Deputy ED Deb Flannery was recruited.
• Maine State Housing Authority (MaineHousing): Maine's state housing finance agency providing first-time homebuyer mortgages, down payment assistance, and affordable rental development programs. Same statutory authority and program structure as VHFA in a neighboring rural New England market.
• Connecticut Housing Finance Authority (CHFA): Connecticut's state housing finance agency providing mortgage financing, down payment assistance, and rental housing development financing. Directly comparable in mission, scale, and program structure to VHFA.
• New Hampshire Housing Finance Authority: New Hampshire's state housing finance agency offering mortgage programs, down payment assistance, and affordable housing financing. Adjacent New England state HFA with nearly identical operating model to VHFA.
• New York State Homes and Community Renewal (NYSHCR): New York's state housing finance and development agency administering mortgage programs, LIHTC, and affordable housing development. Comparable in core function but operates at much larger scale in a different market.
• Massachusetts Housing Finance Agency (MassHousing): Massachusetts' state housing finance agency operating similar mortgage lending, LIHTC allocation, and affordable housing development programs. Most comparable state HFA peer given similar New England regulatory structure, statutory authority, and program mix.

Others

• National Council of State Housing Agencies (NCSHA): Industry association representing state housing finance agencies nationwide. VHFA's Executive Director serves as Treasurer/Secretary of NCSHA, making it the peer organization that convenes and advocates for agencies like VHFA.

Broad incumbents

• Freddie Mac: Federal GSE providing secondary mortgage market support and affordable housing programs. VHFA's MOVE program accepts Freddie Mac conforming loans, making it a key program infrastructure counterparty.
• Fannie Mae: Federal government-sponsored enterprise providing secondary mortgage market liquidity and conforming loan programs. VHFA already partners with Fannie Mae (Homeview education, conforming loan delivery) and operates within Fannie Mae's broader ecosystem.
• Federal Home Loan Bank of Boston: Federal Home Loan Bank providing housing and community development grants and programs to New England members. VHFA's Executive Director sits on its Advisory Council, and FHLB Boston funds support affordable housing across the same geography VHFA serves.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UC33yL2Jem_sG6EqeKpP5RuA
• Facebookfacebook.com/vermonthousingfinanceagency
• LinkedInlinkedin.com/company/vermont-housing-finance-agency
• Instagraminstagram.com/vthousingfinanceagency
• Xx.com/vhfa

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors2 records

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M&A

Investments

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Frequently asked questions about Vermont Housing Finance Agency