2015-05-14T14:35:08-05:00 2014-06-30 COHNREZNICK LLP 500 EAST PRATT STREET SUITE 200 BALTIMORE MD 212023100 990 2013-07-01 030239902 VERMONT HOUSING FINANCE AGENCY % THOMAS CONNORS VERM 8026523436 164 ST PAUL STREET PO BOX 408 Suite BURLINGTON VT 05401 THOMAS R CONNORS CFO 8026523436 2015-04-30 true PHILIP H CORNBLATT CPA P00252478 8026523436 2013 2016-02-25 16:41:14Z TOM CONNORS 164 ST PAUL STREET BURLINGTON VT 05402 74122840 false X vhfa.org X 1974 VT To provide access to low cost, flexible, and innovative programs for individuals in need of affordable mortgage financing. 9 9 44 0 0 0 35481672 30999308 -3554348 4505466 0 0 31927324 35504774 0 0 0 0 2981179 3130126 0 0 0 33973267 28304433 36954446 31434559 -5027122 4070215 631175797 563863154 558113548 486730714 73062249 77132440 X THE AGENCY HAS ISSUED MORE THAN $3 BILLION IN BONDS TO FINANCE HOMEOWNERSHIP AND RENTAL OPPORTUNITIES FOR LOW- AND MODERATE-INCOME VERMONTERS. OVER ITS NEARLY-39-YEAR HISTORY, VHFA HAS PUT THAT MONEY TO USE HELPING APPROXIMATELY 27,000 VERMONT HOUSEHOLDS TO BUY A HOME AND FINANCING THE DEVELOPMENT OF APPROXIMATELY 8,400 AFFORDABLE RENTAL UNITS. LOANS PROVIDED TO HOME BUYERS AND DEVELOPERS TYPICALLY CARRY INTEREST RATES THAT ARE LOWER THAN THE RATES THAT WOULD BE CHARGED BY OTHER MORTGAGE FUNDERS. THIS LOWERS THE COST OF HOME OWNERSHIP AND OPERATING RENTAL PROPERTIES. THE FLEXIBILITY OF ITS FINANCING ENABLES VHFA TO COLLABORATE WITH COMMUNITY LAND TRUSTS ACROSS THE STATE ON MANY OF OUR LOANS TO LOW- AND MODERATE-INCOME HOME BUYERS. THIS PROMOTES LONG-TERM AFFORDABILITY OF A PORTION OF VERMONT'S HOUSING STOCK THROUGH LAND TRUST SHARED-EQUITY PROGRAMS. VHFA IS PRIMARY TOOL FOR FINANCING THE DEVELOPMENT OF MULTIFAMILY AFFORDABLE RENTAL HOUSING IS THE LOW-INCOME HOUSING TAX CREDIT PROGRAM. false false 26773930 26710504 Monies from the single family, multi-family, multi-purpose, and general operating program funds have been used by the Agency to purchase mortgage backed securities and finance mortgage loans on single and multi-family residential housing units for persons and families of low and moderate income within the state of Vermont. 4288804 4228804 The Agency participates in the following federal funding programs under the American Recovery and Reinvestment Act of 2009 (ARRA) and Federal Housing and Economic Recovery Act of 2008 (HERA): Federal Tax Credit Assistance Program (TCAP), Neighborhood Stabilization Program (NSP), Homeownership Acquisition and Rehabilitation Program (HARP), Homeownership Acquisition and Rehabilitation Program (HARP III), and Neighborhood Stabilization Program (NSP-3). 31062734 true false false false false false false false false false true false true false true true true false false false false false false false false false false false false true true false false true false false false false false false false false false false false false false false false false true 293 0 true 44 true false false false false false false false false false false false false false X 9 9 false false false false false false false true true false false false true true true true false true false false X THOMAS CONNORS 8026523436 164 ST PAUL STREET BURLINGTON VT 05402 Thomas N Pelletier TRUSTEE 1.0 X 0 0 0 Gustave Seelig TRUSTEE 1.0 X 0 0 0 Lamont Barnett TRUSTEE 1.0 X 1077 0 0 Thomas Candon TRUSTEE 1.0 X 0 0 0 Dagyne Canney TRUSTEE 1.0 X 916 0 0 Jennifer Hollar TRUSTEE 1.0 X 0 0 0 Bartlett Frisbee TRUSTEE 1.0 X 0 0 Elizabeth Pearce TRUSTEE 1.0 X 0 0 0 Lisa Mitiguy Randall TRUSTEE 1.0 X 0 0 0 Jeanne Morrissey TRUSTEE 1.0 X 0 0 0 Sarah Carpenter EXECUTIVE DIRECTOR/SECRETARY 50.0 X 140405 0 21781 Thomas R Connors CHIEF FINANCIAL OFFICER 50.0 X 111142 0 22038 DAVE ADAMS Chief of Program Operations 50.0 X 110174 28332 George Demas General CouNsel 50.0 X 104782 14824 Patricia Loller 50.0 X 101368 13119 569864 0 100094 5 false true false KUTAK ROCK LLP PO BOX 30057 OMAHA NE 681031157 LEGAL SERVICES 125759 PIPER JAFFRAY CO 800 NICOLLET MALL J13S24 MINNEAPOLIS MN 554027020 FINANCIAL ADVISING 138194 TD BANK NA PO BOX 5600 LEWISTON ME 04243 BANKING & FINANCING 160561 3 0 FEE INCOME - SINGLE FAMILY 523000 8884 8884 FEE INCOME - MULTI-FAMILY 523000 1022474 1022474 OTHER OPERATING INCOME 523000 45998 45998 INTEREST INCOME - MORTGAGES 523000 25633148 25633148 FEDERAL PROGRAMS 523000 4288804 4288804 30999308 1969454 1969454 0 0 0 0 0 41154078 38618066 2536012 2536012 2536012 0 0 0 0 35504774 30999308 4505466 0 0 0 0 160013 160013 0 0 2970113 2970113 0 0 0 0 0 77057 77057 67295 67295 0 0 0 96452 96452 103555 103555 51691 51691 0 0 110682 110682 0 0 0 0 0 103580 103580 0 FINANCING COSTS 20607313 20607313 FEDERAL GRANT EXPENSES 4288804 4288804 SERVICE FEE EXPENSE 496578 496578 PROPERTY DISPOSITION 1797710 1797710 503716 302741 200975 31434559 31062734 371825 0 67837625 46858974 0 0 0 0 420632 447825 0 0 0 0 378926934 334755341 0 0 0 0 3114891 2435932 755827 678959 0 0 23933984 16438657 139892055 150315247 0 0 19408740 14368151 631175797 563863154 870147 438070 0 0 345570 350006 525045816 461264608 0 0 0 0 25250764 17663739 0 0 6601251 7014291 558113548 486730714 X 6001000 4683440 67061249 72449000 0 0 73062249 77132440 631175797 563863154 4070215 -24 X false true X true true true X X false false false STATE OF VERMONT 036000264 06 true true true 4288804 1 4288804 50000 50000 1000834 487906 512928 2064057 1948026 116031 678959 MORTGAGE BACKED SECURITIES 150315247 F 150315247 0 ESCROWED CASH DEPOSITS 2995924 ACCRUED INTEREST PAYABLE 3997083 ARBITRADE PAYABLE 21284 7014291 X 35504774 35504774 35504774 31434559 31434559 31434559 PART X, LINE 2 The Agency is generally not subject to federal and Vermont income taxes under Section 115 of the Internal Revenue Code (IRC) and applicable state laws. The Agency qualifies as a tax-exempt organization under Section 501(c)(3) of the IRC. false false false false false false false false false Sarah Carpenter EXECUTIVE DIRECTOR/SECRETARY 140405 0 0 0 13068 0 8713 0 162186 0 0 A Vermont Housing Finance Agency 030239902 924195E63 2003-04-23 32270000 Purchase/Make Mortgage Loans false false false B Vermont Housing Finance Agency 030239902 924195K74 2004-04-23 31915530 Purchase/Make Mortgage Loans false false false C Vermont Housing Finance Agency 030239902 924195L65 2004-08-12 32133853 Purchase/Make Mortgage Loans false false false A 30115000 0 32270000 388336 0 0 0 0 0 0 33996015 0 true false true true B 24715000 0 31915530 318658 0 0 97516 48186 0 0 31451170 0 false false true true C 24430000 0 32133853 351978 0 0 0 0 0 0 31781875 0 false false true true A 0 B 0 C 0 A false false true true true true BNY Mellon 16.1 true false true Transamerica 31.6 true false true B false false true true true true BNY MELLON 23.6 true false true aig 31. true false true C false false true true true true BNY MELLON 23.8 true false true aig 30.7 true false true A true B true C true TOTAL PROCEEDS DIFFER FROM THE ISSUE PRICE. A Vermont Housing Finance Agency 030239902 924195U99 2005-04-28 72254792 Purchase/Make Mortgage Loans false false false B Vermont Housing Finance Agency 030239902 924195Y20 2005-10-26 59472328 Purchase/Make Mortgage Loans false false false C Vermont Housing Finance Agency 030239902 9241952L3 2006-04-19 72299480 Purchase/Make Mortgage Loans false false false D Vermont Housing Finance Agency 030239902 92418PAX5 2006-07-15 72412592 Purchase/Make Mortgage Loans false false false A 57900000 0 72254791 597987 0 0 0 0 0 0 72160028 0 true false true true B 37470000 0 59472328 1762579 0 0 0 0 0 0 57722349 0 true false true true C 60830000 0 72299480 511625 0 0 588065 47695 0 0 72410895 0 true false true true D 55780000 0 72412592 691445 0 0 588720 42397 0 0 72704664 0 false false true true A 0 B 0 C 0 D 0 A false false true true true true BNY MELLON 29.6 true false true Transamerica 30.6 false false true B false false true true true true BNY Mellon 29.1 true false true Transamerica 30.1 true false true C true false true true true true BNY Mellon 29.6 true false true AIG 30.5 true false true D true false true true true true BNY MELLON 30.3 true false true AIG 31.3 true false true A true B true C true D true A Vermont Housing Finance Agency 030239902 92418PBY2 2006-10-26 54574260 Purchase/Make Mortgage Loans false false false B Vermont Housing Finance Agency 030239902 92418PDA2 2007-03-08 42915852 Purchase/Make Mortgage Loans false false false C Vermont Housing Finance Agency 030239902 92418PBD2 2007-07-24 67337215 Purchase/Make Mortgage Loans false false false D Vermont Housing Finance Agency 030239902 924180DB4 2007-09-12 95170000 Purchase/Make Mortgage Loans false false false A 33480000 0 54574260 851611 0 0 503430 54700 0 0 53164519 0 true false true true B 24260000 0 42915852 1386635 0 0 451179 41441 0 0 41047944 0 true false true true C 46165000 0 67337215 1756792 0 0 655351 44603 0 0 65930472 0 true false true true D 68015000 0 95170000 1331650 0 0 427258 63440 0 0 94915816 0 true false true true A 0 B 0 C 0 D 0 A false false true true true true BNY MELLON 30.6 true false true AIG 31.6 true false true B false false true true false false 0 true Transamerica 31.2 true false true C false false true true true true BNY MELLON 29.8 true false true DEPFA - EARLY TERM 1.3 true false true D false false true true true true BNY MELLON 30.2 true false true DEPFA - EARLY TERM 1.2 true false true A true B true C true D true A Vermont Housing Finance Agency 030239902 924190EE7 2008-09-24 50000000 Purchase/Make Mortgage Loans false false false B Vermont Housing Finance Agency 030239902 92419OEL1 2012-05-02 75100080 Purchase/Make Mortgage Loans false false false C Vermont Housing Finance Agency 030239902 92419PAX4 2010-10-27 30182188 Purchase Certificates of Pools false false false D Vermont Housing Finance Agency 030239902 92419PBA3 2011-11-22 30399700 Purchase Certificates of Pools false false false A 35220000 0 50000000 407855 0 0 532421 0 0 0 49059724 0 false false true true B 22515000 0 76039680 5575220 0 0 735208 0 0 0 75282160 22312 true false true true C 6375000 0 30182188 0 0 0 146174 0 0 0 30036013 0 false false true true D 3700000 0 30399700 0 0 0 147881 0 0 0 30251819 0 false false true true A 0 B 0 C 0 D 0 A false false true true true true WELLS FARGO BANK 31.7 true false true CALYON 31.7 true false true B false true true false false false 0 true DEUTSCHE BANK 0.7 true false true C false true true false false false 0 true bayerische 1. true false true D false true true false false false 0 true NATIXIS 1. true false true A true B true C true D true A Vermont Housing Finance Agency 030239902 924194JF1 2003-02-27 5430000 Make Loans to Finance Projects false false false B Vermont Housing Finance Agency 030239902 924194MJ9 2005-05-06 4120000 Make Loans to Finance Projects false false false A 1675000 0 5430000 284744 0 0 74815 0 0 0 5070442 0 false false true true B 640000 0 4120000 264871 0 0 0 0 0 0 3903000 0 false false true true A 0 B 0 A false false true true false false 0 false 0 false true B false false true true false false 0 0 false true A true B true A Vermont Housing Finance Agency 030239902 924194PK3 2012-12-20 21140748 Make Loans to Finance Projects false false false B VERMONT HOUSING FINANCE AGENCY 030239902 924194PR8 2014-01-15 13500000 Make Loans to Finance Projects false false false C Vermont Housing Finance Agency 030239902 924194MM2 2007-01-25 2415000 Make Loans to Finance Projects false false false D Vermont Housing Finance Agency 030239902 924194MN0 2008-01-24 1595000 Make Loans to Finance Projects false false false A 165000 0 21140748 1610191 0 0 275748 0 0 0 20865000 0 true false true true B 0 0 13500000 1086567 0 0 175694 0 0 0 12009046 425996 true false false true C 210000 0 2415000 0 0 0 31891 12169 0 0 2370941 0 true false true true D 180000 0 1595000 0 0 0 31763 7523 0 0 1547912 7802 false false true true A 0 B 0 C 0 D 0 A false true true false false false 0 true BAYERISCHE & NATIXIS 26.7 true false true B false true true false false false 0 false 0 false true C false false true true true true KEYBANK 15. true false false 0 false true D false false true true true true KEYBANK 15. true false false 0 false true A true B true C true D true A Vermont Housing Finance Agency 030239902 92419PAZ9 2011-03-31 6710000 Make Loans to Finance Projects false false false B Vermont Housing Finance Agency 030239902 92419PCB0 2012-12-18 50000000 Purchase Certificates of Pools false false false C Vermont Housing Finance Agency 030239902 924194MS9 2011-12-15 20555000 Make Loans to Finance Projects false false false D Vermont Housing Finance Agency 030239902 924190FR7 2013-07-24 34431885 Purchase/Make Mortgage Loans false false false A 360000 0 6710000 246346 0 0 0 0 0 0 6494000 0 true false true true B 1070000 0 50000000 0 0 0 67559 0 0 0 49932441 0 false false true true C 795000 0 20555000 527633 0 0 55910 0 0 0 20105796 0 false false true true D 2090000 0 34431885 822529 0 0 431870 0 0 0 33991145 0 true false true true A 0 B 0 C 0 D 0 A false true true false false false 0 false 0 false true B false true true false false false 0 true NATIXIS 0.8 true false true C false true true false false false 0 false 0 false true D false true true false true true BNY Mellon 15.8 true false false 0 true true A true B true C true D true FORM 990, PART VI, SECTION B, LINE 12C As part of the Conflict of Interest policy, staff are required to report to their supervisor any possible instances where a conflict may arise and a decision is made as to whether a conflict exists. FORM 990, PART VI, SECTION B, LINE 15A The Executive Director's performance is discussed annually at a Board of Directors meeting and discussed with the Executive Director. Each year at budget time the HR Board Committee is given a total compensation analysis. Some years a comparison among the other housing agencies in the State occurs. Of recent years the Executiv Director has received the same salary increase percent as the Agency staff (provided performance warranted such increase for individual staff). FORM 990, PART VI, SECTION c, LINE 19 The organization's doucments are available to the general public during normal business hours.