2014-05-08T12:16:25-05:00 2013-06-30 COHNREZNICK LLP 500 EAST PRATT STREET SUITE 200 BALTIMORE MD 212023100 990 2012-07-01 030239902 VERMONT HOUSING FINANCE AGENCY % THOMAS CONNORS VERM 8026523436 164 ST PAUL STREET PO BOX 408 Suite BURLINGTON VT 05401 THOMAS R CONNORS 8026523436 2014-05-02 true PHILIP H CORNBLATT CPA 4107834900 2012 2015-11-30 17:44:51Z TOM CONNORS 164 ST PAUL STREET BURLINGTON VT 05402 51250734 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 48 0 0 0 40114514 35481672 6109871 -3554348 0 0 46224385 31927324 0 0 0 0 2863113 2981179 0 0 0 41964645 33973267 44827758 36954446 1396627 -5027122 752823757 631175797 666154377 558113548 86669380 73062249 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-38-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 30607324 29446297 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. 6043326 6035375 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). 36650650 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 false true 307 0 true 48 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 false true true false true false false X THOMAS CONNORS 8026523436 164 ST PAUL STREET BURLINGTON VT 05402 Thomas N Pelletier 1.0 X 0 0 Gustave Seelig 1.0 X 0 0 Lamont Barnett 1.0 X 1444 0 Thomas Candon 1.0 X Dagyne Canney 1.0 X 1166 0 Jennifer Hollar 1.0 X 0 0 Bartlett Frisbee 1.0 X 888 0 Elizabeth Pearce 1.0 X 0 0 Lisa Mitiguy Randall 1.0 X 0 0 Sarah Carpenter 50.0 X 139144 0 19342 David Adams 50.0 X 113825 0 23248 Thomas R Connors 50.0 X 111371 0 23004 367838 0 65594 3 false true false THE BANK OF NY MELLON PO Box 19445A NEWARK NJ 07195 trustee SERVICES 125005 KUTAK ROCK LLP PO BOX 30057 OMAHA NE 681031157 LEGAL SERVICES 101911 PIPER JAFFRAY CO 800 NICOLLET MALL J13S24 MINNEAPOLIS MN 554027020 FINANCIAL ADVISING 139604 BLX Group LLC Dept 34461 PO Box 39000 SAN FRANSISCO CA 94139 Consulting 175600 4 0 FEE INCOME - SINGLE FAMILY 523000 21556 21556 FEE INCOME - MULTI-FAMILY 523000 770181 770181 OTHER OPERATING INCOME 523000 78084 78084 INTEREST INCOME - MORTGAGES 523000 28576476 28576476 FEDERAL PROGRAMS 523000 6035375 6035375 35481672 2711959 2711959 0 0 0 0 0 13057103 19323410 -6266307 -6266307 0 0 0 0 31927324 35481672 2711959 0 0 0 0 158486 158486 0 2822693 2822693 0 0 0 0 113919 113919 58298 58298 0 0 0 202182 202182 59199 59199 47378 47378 0 0 108975 108975 0 0 0 0 0 118528 118528 0 FINANCING COSTS 23717686 23717686 0 0 FEDERAL GRANT EXPENSES 6043326 6043326 0 0 SERVICE FEE EXPENSE 541695 541695 0 0 PROPERTY DISPOSITION 2459471 2459471 0 0 502610 316311 186299 36954446 36650650 303796 0 150558107 67837625 0 0 0 0 2270395 420632 0 0 0 0 437661998 378926934 0 0 0 0 3088179 2332352 809592 755827 0 0 24703925 23933984 104773106 139892055 0 0 32046634 19408740 752823757 631175797 1883276 870147 0 0 629913 345570 627686556 525045816 0 0 0 0 25105502 25250764 0 0 10849130 6601251 666154377 558113548 X 4559000 6001000 82110380 67061249 0 0 86669380 73062249 752823757 631175797 -5027122 -8580009 X false true X true true true X X false false false STATE OF VERMONT 036000264 06 true true true 6035375 1 6035375 50000 50000 1000834 462886 537948 2037345 1869466 167879 755827 MORTGAGE BACKED SECURITIES 139892055 F 139892055 0 ESCROWED CASH DEPOSITS 2094803 ACCRUED INTEREST PAYABLE 4506448 6601251 X 31927324 31927324 31927324 36954446 36954446 36954446 FIN 48 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 139144 0 19342 158486 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 D Vermont Housing Finance Agency 030239902 924195R93 2004-11-30 47666852 Purchase/Make Mortgage Loans false false false A 24495000 0 32270000 388336 0 0 0 0 0 0 33996015 0 true false true true B 21900000 0 31915530 783068 0 0 97516 48186 0 0 30992306 0 false false true true C 21915000 0 32133853 774544 0 0 0 0 0 0 31288163 77611 false false true true D 30055000 0 47666852 1206180 0 0 0 0 0 0 48171852 0 true false true true A 0 B 0 C 0 D 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 D false false true true true true BNY MELLON 24.5 true false true Assured Guaranty 30.9 true false true A true B true C true D true TOTAL PROCEEDS DIFFER FROM THE ISSUE PRICE. 0 Interest Earnings are included in gross proceeds of the issue. 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 54235000 0 72254792 1162498 0 0 0 0 0 0 1552139 52165 true false true true B 33250000 0 59472328 1762579 0 0 0 0 0 0 57722349 0 true false true true C 56245000 0 72299480 1289307 0 0 588065 47695 0 0 71570887 72707 true false true true D 49950000 0 72412592 1584181 0 0 588720 42397 0 0 71734765 85082 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 29230000 0 54574260 1656355 0 0 503430 54700 0 0 52372486 0 true false true true B 19410000 0 42915852 1386635 0 0 451179 41441 0 0 40978022 69921 true false true true C 42090000 0 67337215 2571506 0 0 655351 44603 0 0 65048108 67650 true false true true D 61035000 0 95170000 1987409 0 0 427258 63440 0 0 94116666 143390 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 MELON 29.8 true false true DEPFA - EARLY TERMN 1.3 true false true D false false true true true true BNY MELLON 30.2 true false true DEPFA - EARLY TERMNA 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 29550000 0 50000000 1072834 0 0 532421 0 0 0 48311468 83281 false false true true B 13435000 0 76039680 5834113 0 0 735208 0 0 0 75239873 64599 true false true true C 2750000 0 30182188 0 0 0 146174 0 0 0 30036013 0 false false true true D 1135000 0 30399700 0 0 0 147881 0 0 0 30224855 26963 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 924194JX2 2003-11-13 10955000 Make Loans to Finance Projects false false false C Vermont Housing Finance Agency 030239902 924194KX0 2004-06-24 14090000 Make Loans to Finance Projects false false false D Vermont Housing Finance Agency 030239902 924194MJ9 2005-05-06 4120000 Make Loans to Finance Projects false false false A 1595000 0 5430000 284744 0 0 74815 0 0 0 5070442 0 false false true true B 1665000 0 10955000 697438 0 0 0 0 0 0 10955000 0 true false true true C 2145000 0 14090000 1004845 0 0 213776 0 0 0 13285389 0 false false true true D 550000 0 4120000 264871 0 0 0 0 0 0 3903000 0 false false true true A 0 B 0 C 0 D 0 A false false true true false false 0 false 0 false true B false false true true false false 0 false 0 false true C false false true true false false 0 true AIG 42.2 true false true D false false true true false false 0 false 0 false true A true B true C true D 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 924194MM2 2007-01-25 2415000 Make Loans to Finance Projects false false false C Vermont Housing Finance Agency 030239902 924194MN0 2008-01-24 1595000 Make Loans to Finance Projects false false false D Vermont Housing Finance Agency 030239902 92419PAZ9 2011-03-31 6710000 Make Loans to Finance Projects false false false A 0 0 21140748 1617452 0 0 275748 0 0 0 20865000 0 true false true true B 170000 0 2415000 0 0 0 31891 12169 0 0 2370941 0 true false true true C 150000 0 1595000 0 0 0 31763 7523 0 0 1547912 7802 false false true true D 240000 0 6710000 246346 0 0 0 0 0 0 6494000 0 true 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 false true true true true KeyBank 15. true false false 0 false true C false false true true true true KeyBank 15. true false false 0 false true D false true true false false false 0 false 0 false true A true B true C true D true A Vermont Housing Finance Agency 030239902 92419PCB0 2012-12-18 50000000 Purchase Certificates of Pools false false false B Vermont Housing Finance Agency 030239902 924194MS9 2011-12-15 20555000 Make Loans to Finance Projects false false false A 0 0 50000000 0 0 0 67559 0 0 0 43881101 6051340 false false false true B 410000 0 20555000 527632 0 0 55910 0 0 0 19427664 678132 false false false true A 0 B 0 A false true true false false false 0 true Natixis 0.8 true false true B false true true false false false 0 false 0 false true A true B true CONFLICTS OF INTEREST 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. DETERMINATION OF COMPENSATION 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). Documents FORM 990, PART VI, SECTION c, LINE 19 The organization's doucments are available to the general public during normal business hours.