2013-05-14T10:49:28-05:00 2012-06-30 COHNREZNICK LLP 500 EAST PRATT STREET SUITE 200 BALTIMORE MD 212023100 990 2011-07-01 030239902 VERMONT HOUSING FINANCE AGENCY % THOMAS CONNORS VERM 8026523436 164 ST PAUL STREET PO BOX 408 BURLINGTON VT 05401 THOMAS CONNORS 2013-05-10 true PHILIP H CORNBLATT CPA 4107834900 2011 2016-02-24 21:20:13Z X TOM CONNORS 164 ST PAUL STREET BURLINGTON VT 05402 51057866 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 53 0 0 0 50445177 40114514 4403207 6109871 318613 0 55166997 46224385 0 0 0 0 3153176 2863113 0 0 0 51679415 41964645 54832591 44827758 334406 1396627 812649609 752823757 727376864 666154377 85272745 86669380 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-37-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 36685989 32351638 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. 7762876 7762876 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). 44448865 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 333 0 true 53 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 VT X THOMAS CONNORS 8026523436 164 ST PAUL STREET BURLINGTON VT 05402 Thomas N Pelletier 1.0 X 0 0 0 Gustave Seelig 1.0 X Lamont Barnett 1.0 X Thomas Candon 1.0 X Dagyne Canney 1.0 X 1188 Jennifer Hollar 1.0 X Bartlett Frisbee 1.0 X 622 Elizabeth Pearce 1.0 X Lisa Mitiguy Randall 1.0 X Sarah Carpenter 50.0 X 133649 19876 David Adams 50.0 X 107326 27863 Thomas R Connors 50.0 X 109771 26251 352556 0 73990 3 false true false THE BANK OF NY MELLON 500 GRANT STREET SUITE 475 PITTSBURGH PA 15258 trustee SERVICES 236959 KUTAK ROCK LLP PO BOX 30057 OMAHA NE 681031157 LEGAL SERVICES 201518 PIPER JAFFRAY CO 800 NICOLLET MALL J13S24 MINNEAPOLIS MN 554027020 FINANCIAL ADVISING 190462 MOODY'S INVESTORS SERVICE PO BOX 102597 ATLANTA GA 303680597 BOND RATING 113900 4 0 FEE INCOME - SINGLE FAMILY 523000 20195 20195 FEE INCOME - MULTI-FAMILY 523000 683082 683082 OTHER OPERATING INCOME 523000 81256 81256 INTEREST INCOME - MORTGAGES 523000 31567105 31567105 FEDERAL PROGRAMS 523000 7762876 7762876 40114514 2249207 2249207 0 0 8694145 4833481 3860664 3860664 3860664 0 0 0 0 46224385 40114514 6109871 0 0 0 0 153525 153525 0 2709588 2709588 0 0 0 0 140338 140338 0 0 50600 50600 0 0 0 0 37305 37305 47177 47177 0 0 110815 110815 0 0 0 0 0 112224 112224 0 FINANCING COSTS 29732708 29732708 FEDERAL GRANT EXPENSES 7762875 7762875 SERVICE FEE EXPENSE 662797 662797 TRUSTEE FEES 181234 181234 3126572 2835584 290988 44827758 44448865 378893 0 179292801 150558107 0 0 0 0 4765380 2270395 0 0 0 0 466265100 437661998 0 0 0 0 3023416 2213824 1564897 809592 0 0 26624757 24703925 70877082 104773106 0 0 63259592 32046634 812649609 752823757 3791714 1883276 0 0 393162 629913 687691157 627686556 0 0 0 0 28110074 25105502 0 0 7390757 10849130 727376864 666154377 X 2571000 4559000 82701745 82110380 0 0 85272745 86669380 812649609 752823757 X 1396627 8 X false true true X true true X X false false false STATE OF VERMONT 036000264 06 true true true 7762876 1 7762876 50000 50000 1000834 437865 562969 1972582 1775959 196623 809592 MORTGAGE BACKED SECURITIES 104773106 F 104773106 0 ESCROWED CASH DEPOSITS 5872477 ACCRUED INTEREST PAYABLE 4976653 10849130 46224385 44827758 1396627 1396627 46224385 46224385 46224385 44827758 44827758 44827758 FIN 48 PART X, LINE 2 The Agency is generally exempt from federal and Vermont income taxes under Section 115 of the Internal Revenue Code and applicable state laws. false false false false false false false false false Sarah Carpenter 133649 12215 7661 153525 Vermont Housing Finance Agency 030239902 924195E63 2003-04-23 32270000 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 924195K74 2004-04-23 31915530 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 924195L65 2004-08-12 32133853 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 924195R93 2004-11-30 47666852 Purchase/Make Mortgage Loans false false false 28825000 0 32544733 388186 0 0 387607 32453 0 0 31568573 171400 true false true true 19060000 0 32211117 783068 0 0 393383 48186 0 0 30991917 109 false false true true 19420000 0 32375308 774725 0 0 440434 53107 0 0 31036080 77606 false false true true 25780000 0 48118433 1162649 0 0 551078 56736 0 0 46356909 0 true false true true 0 0 0 0 false true true BNY Mellon 16.1 true false false 0 false true false true true BNY Mellon 23.6 true false true AIG 31. true false true false true true BNY Mellon 23.8 true false true AIG 30.7 true false true false true true BNY Mellon 24.5 true false true Assured Guaranty 30.9 true false true TOTAL PROCEEDS DIFFER FROM THE ISSUE PRICE. 0 Interest Earnings are included in gross proceeds of the issue. Vermont Housing Finance Agency 030239902 924195U99 2005-04-28 72254792 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 924195Y20 2005-10-26 59472328 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 9241952L3 2006-04-19 72299480 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 92418PAX5 2006-07-15 72412592 Purchase/Make Mortgage Loans false false false 20880000 0 74547312 1287713 0 0 551474 54912 0 0 72609838 52162 true false true true 26630000 0 60949348 1582729 0 0 617121 68990 0 0 58693108 0 true false true true 21750000 0 74475430 16654025 0 0 588065 47695 0 0 57123324 72702 true false true true 24880000 0 74612209 1389342 0 0 588720 42397 0 0 72520721 85082 false false true true 0 0 0 0 false true true BNY Mellon 29.6 true false true TRANSAMERICA 30.6 false false true false true true BNY MELLON 29.1 true false true Transamerica 30.1 true false true true true true BNY MELLON 29.6 true false true AIG 30.5 true false true true true true BNY MELLON 30.3 true false true AIG 31.3 true false true TOTAL PROCEEDS DIFFER FROM THE ISSUE PRICE. 0 Interest Earnings are included in gross proceeds of the issue. Vermont Housing Finance Agency 030239902 92418PBY2 2006-10-26 54574260 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 92418PDA2 2007-03-08 42915852 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 92418PBD2 2007-07-24 67337215 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 924180DB4 2007-09-12 95170200 Purchase/Make Mortgage Loans false false false 21065000 0 55444380 1209951 0 0 503430 54700 0 0 52963342 725667 true false true true 13950000 0 43822166 1761325 0 0 451179 41441 0 0 41509535 70032 true false true true 31340000 0 68188767 2581002 0 0 655351 44603 0 0 64849659 67650 true false true true 24510000 0 98188604 1994123 0 0 645100 63440 0 0 95300668 191990 true false true true 0 0 0 0 false true true BNY MELLON 30.6 true false true AIG 31.6 true false true false false false 0 true TRANSAMERICA 31.2 true false true false true true BNY MELLON 29.8 true false true DEPFA-terminated 1.3 true false true false true true BNY MELLON 30.2 true false true DEPFA-terminated 1.2 true false true TOTAL PROCEEDS DIFFER FROM THE ISSUE PRICE. 0 Interest Earnings are included in gross proceeds of the issue. Vermont Housing Finance Agency 030239902 924190EE7 2008-09-24 50000000 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 92419OEL1 2012-05-02 75100080 Purchase/Make Mortgage Loans false false false Vermont Housing Finance Agency 030239902 92419PAX4 2010-10-27 30182188 Purchase Certificates of Pools false false false Vermont Housing Finance Agency 030239902 92419PBA3 2011-11-22 30399700 Purchase Certificates of Pools false false false 25990000 0 50840589 1076931 0 0 532421 0 0 0 49156928 78410 false false true true 0 0 75112288 5813455 0 0 729934 0 0 0 53699860 14885182 true false false true 565000 0 30208426 0 0 0 259826 0 0 0 29922523 26077 false false true true 0 0 30415190 0 0 0 249946 0 0 0 30114356 50888 false false true true 0 0 0 0 false true true Wells Fargo Bank 31.7 true false true DEPFA-terminated 0.2 true false true false false false 0 true Deutsche Bank 0.7 true false true false false false 0 true Bayerische 1. true false true false false false 0 true NATIXIS 1. true false true TOTAL PROCEEDS DIFFER FROM THE ISSUE PRICE. 0 Interest Earnings are included in gross proceeds of the issue. Vermont Housing Finance Agency 030239902 924194JF1 2003-02-27 5430000 Make Loans to Finance Projects false false false Vermont Housing Finance Agency 030239902 924194JX2 2003-11-13 10955000 Make Loans to Finance Projects false false false Vermont Housing Finance Agency 030239902 924194KX0 2004-06-24 14090000 Make Loans to Finance Projects false false false Vermont Housing Finance Agency 030239902 924194MJ9 2005-05-06 4120000 Make Loans to Finance Projects false false false 1525000 0 5436357 284725 0 0 74815 0 0 0 5076625 193 false false true true 1440000 0 10994498 697391 0 0 299385 0 0 0 9980930 16792 true false true true 1855000 0 14288086 985997 0 0 213776 0 0 0 13069853 18460 false false true true 460000 0 44148690 264853 0 0 65663 0 0 0 3739084 79091 false false true true 0 0 0 0 false false false 0 false 0 false true false false false 0 false 0 false true false false false 0 true AIG 42.2 true false true false false false 0 false 0 false true TOTAL PROCEEDS DIFFER FROM THE ISSUE PRICE. 0 Interest Earnings are included in gross proceeds of the issue. Vermont Housing Finance Agency 030239902 924194MM2 2007-01-25 2415000 Make Loans to Finance Projects false false false Vermont Housing Finance Agency 030239902 924194MN0 2008-01-24 1595000 Make Loans to Finance Projects false false false Vermont Housing Finance Agency 030239902 92419PAZ9 2011-03-31 6710000 Make Loans to Finance Projects false false false Vermont Housing Finance Agency 030239902 92419MS90 2011-12-15 20555000 Make Loans to Finance Projects false false false 135000 0 2423852 0 0 0 85502 20911 0 0 2312694 4744 true false true true 120000 0 1596079 0 0 0 36684 13495 0 0 1545901 0 false false true true 120000 0 6710000 246329 0 0 50155 0 0 0 6351180 62336 true false true true 75000 0 20555000 527597 0 0 132411 0 0 0 15653786 4241206 false false false true 0 0 0 0 false true true KEY BANK 15. true false false 0 false true false true true KEY BANK 15. true false false 0 false true false false false 0 false 0 false true false false false 0 false 0 false true TOTAL PROCEEDS DIFFER FROM THE ISSUE PRICE. 0 Interest Earnings are included in gross proceeds of the issue. 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 is evaluated annually by the HR Committee Chair of the Board of Commissioners and usually the Chair of the Board. 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 Executive Director has received the same salary increase percent as the Agency staff (provided performance warranted such increase for individual staff). RECONCILIATION OF NET ASSETS PART XI, LINE 5 DUE TO ROUNDING - $8