2024-05-01T13:42:37-05:00 2023-06-30 221478099 COHNREZNICK LLP 500 EAST PRATT STREET 4TH FLOOR BALTIMORE MD 21202 990 2022-07-01 030239902 VERMONT HOUSING FINANCE AGENCY VERM 8026523445 164 ST PAUL STREET BURLINGTON VT 05401 CHRIS FLANNERY CFO 8026523445 2024-04-29 1 CHRIS FLANNERY XXX-XX-XXXX 0 PHILIP H CORNBLATT CPA P00252478 4107834900 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CHRIS FLANNERY 164 ST PAUL STREET BURLINGTON VT 05401 105809078 0 X VHFA.ORG X 1974 VT TO FINANCE AND PROMOTE AFFORDABLE, SAFE AND DECENT HOUSING OPPORTUNITIES FOR LOW- AND MODERATE-INCOME VERMONTERS 9 9 46 0 0 0 0 0 37452030 52761373 1831293 3187591 0 0 39283323 55948964 0 0 0 0 4163589 4509246 0 0 0 29307191 43883919 33470780 48393165 5812543 7555799 493373180 515556034 389311235 411039983 104061945 104516051 X SEE SCHEDULE O 0 0 18487942 23833017 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. 29262172 28928356 THE AGENCY PARTICIPATES IN THE FOLLOWING FEDERAL FUNDING PROGRAMS UNDER THE AMERICAN RESCUE PLAN ACT (ARPA): HOMEOWNER ASSISTANCE PROGRAM (HAP), MISSING MIDDLE HOUSING, AND CAPITAL MAGNET FUND. 47750114 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 133 0 1 46 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 0 0 X CHRIS FLANNERY 8026523445 164 ST PAUL STREET BURLINGTON VT 05401 FRED BASER COMMISSIONER 1.00 X 0 0 0 LINDSAY KURRLE COMMISSIONER 1.00 X 0 0 0 THOMAS LEAVITT COMMISSIONER 1.00 X 0 0 0 JEANNE MORRISSEY COMMISSIONER 1.00 X 0 0 0 MICHAEL PIECIAK COMMISSIONER 1.00 X 0 0 0 GUSTAVE SEELIG COMMISSIONER 1.00 X 0 0 0 KATIE STUART-BUCKLEY COMMISSIONER 1.00 X 0 0 0 KEVIN GAFFNEY COMMISSIONER 1.00 X 0 0 0 MARIE MILORD-AJANMA COMMISSIONER 1.00 X 0 0 0 MAURA COLLINS OFFICER 50.00 X 160507 0 46395 CHRIS FLANNERY OFFICER 50.00 X 149710 0 22557 GEORGE DEMAS GENERAL COUNSEL 50.00 X 142638 0 20781 JACKLYN SANTERRE MANAGING DIRECTOR OF HOMEO 50.00 X 111755 0 31609 SETH LEONARD MANAGING DIRECTOR OF COMMUNITY DEVELOPMENT 50.00 X 112722 0 21369 677332 0 142711 5 0 1 0 0 FEDERAL PROGRAMS 523000 28928356 28928356 INTEREST INCOME - MORTGAGES 523000 16949154 16949154 OTHER OPERATING INCOME 523000 4752792 4752792 FEE INCOME - MULTI-FAMILY 523000 2129719 2129719 FEE INCOME - SINGLE FAMILY 523000 1352 1352 52761373 2326385 2326385 50721320 49860114 861206 861206 861206 55948964 52761373 0 3187591 405485 405485 4103761 4103761 95430 95430 72200 72200 127634 127634 34142 34142 92579 92579 73932 73932 54466 54466 FEDERAL GRANT EXPENSES 29262172 29262172 FINANCING COSTS 12896639 12896639 GENERAL AND ADMIN 443217 443217 SERVICE CONTRACTS 395340 395340 336168 336168 48393165 47750114 643051 0 52068218 56756002 87410 505828 236075268 234023411 341021 328830 3022141 2494851 554624 527290 21030646 21228637 150689666 170264416 32526327 31921620 493373180 515556034 612360 650563 6291467 7961829 295387392 307538868 80322828 88129764 6697188 6758959 389311235 411039983 X 11904945 13884051 92157000 90632000 104061945 104516051 493373180 515556034 7555799 -7104811 3118 0 X 0 1 X 1 1 1 X X 1 STATE OF VERMONT 036000264 6 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 X PART IV, SECTION D, LINE 3 THE ORGANIZATIONS OFFICERS AND DIRECTORS WERE EITHER ELECTED BY THE SUPPPORTED ORGANIZATIONS OR SERVING ON THE GOVERNING BODY OF A SUPPORTED ORGANIZATION. PART IV, SECTION E, LINE 1C VERMONT HOUSING FINANCE AGENCY (THE AGENCY) WAS CREATED AS A BODY POLITIC AND CORPORATE OF THE STATE OF VERMONT BY AN ACT OF THE GENERAL ASSEMBLY APPROVED ON APRIL 11, 1974 (THE ACT). THE PURPOSE OF THE AGENCY IS TO PROMOTE THE EXPANSION OF THE SUPPLY OF FUNDS AVAILABLE FOR MORTGAGES ON RESIDENTIAL HOUSING AND TO ENCOURAGE AN ADEQUATE SUPPLY OF SAFE AND DECENT HOUSING AT REASONABLE COSTS. THE AGENCY IS A COMPONENT UNIT OF THE STATE OF VERMONT AND THE STATE OF VERMONT APPOINTS A MAJORITY OF THE AGENCY'S BOARD OF COMMISSIONERS. 50000 50000 1000834 713094 287740 1971307 1781757 189550 527290 MORTGAGE BACKED SECURITIES 170264416 F 170264416 ACCRUED INT RECEIVABLE-MORTGAG 2086533 ACCRUED INT RECEIVABLE-INVESTM 279553 ACCRUED INT RECEIVABLE-MBS 584306 DEFERRED OUTFLOWS 28649946 FAIR VALUE OF SWAPS 321282 31921620 ESCROWED CASH DEPOSITS 4588080 ACCRUED INTEREST PAYABLE 2170879 6758959 X 48844153 -7104811 -7104811 55948964 0 55948964 48393165 0 48393165 0 48393165 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. X X 0 0 0 0 0 0 0 0 0 MAURA COLLINS OFFICER 160417 0 90 0 0 0 16195 0 30200 0 206902 0 0 0 CHRIS FLANNERY OFFICER 149452 0 258 0 0 0 13808 0 8749 0 172267 0 0 0 GEORGE DEMAS GENERAL COUNSEL 142243 0 395 0 0 0 13055 0 7726 0 163419 0 0 0 A VERMONT HOUSING FINANCE AGENCY 030239902 924190FR7 2013-07-24 34431885 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 B VERMONT HOUSING FINANCE AGENCY 030239902 924190GP0 2014-08-13 46954649 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 C VERMONT HOUSING FINANCE AGENCY 030239902 924190HV6 2015-04-28 34976213 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 D VERMONT HOUSING FINANCE AGENCY 030239902 924190HZ7 2015-09-16 26555915 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 A 31975000 34431885 111396 431870 33991145 1 0 1 1 B 34870000 46954649 302936 485027 46469622 1 0 1 1 C 25885000 34976213 447262 410659 34118292 1 0 1 1 D 21335000 26555915 120717 347275 26087923 1 0 1 1 A 0 0 1 1 1 1 BNY MELLON 15.800000000000 1 0 0 0 1 B 0 0 1 1 0 0 1 BAYERISCHE 1.100000000000 1 0 1 C 0 0 1 1 0 0 1 BAYERISCHE 1.200000000000 1 0 1 D 0 0 1 1 0 0 1 BAYERISCHE 0.800000000000 1 0 1 A 1 B 1 C 1 D 1 A VERMONT HOUSING FINANCE AGENCY 030239902 924190KG5 2016-02-25 30358907 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 B VERMONT HOUSING FINANCE AGENCY 030239902 924190KZ3 2016-08-24 31096506 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 C VERMONT HOUSING FINANCE AGENCY 030239902 924190MD0 2017-04-12 27895230 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 D VERMONT HOUSING FINANCE AGENCY 030239902 924190NA5 2017-10-31 32340880 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 A 19895000 30358907 203150 380805 29774953 1 0 1 1 B 19345000 31096506 138485 374571 30583450 1 0 1 1 C 15795000 27895230 194477 355034 27345720 1 0 1 1 D 23640000 32340880 443152 391863 31949017 1 0 1 1 A 0 0 1 1 0 0 1 BAYERISCHE 1.000000000000 1 0 1 B 0 0 1 1 0 0 1 NATIXIS 1.300000000000 1 0 1 C 0 0 1 1 0 0 1 BAYERISCHE 1.200000000000 1 0 1 D 0 0 1 1 0 0 1 BAYERISCHE 1.500000000000 1 0 1 A 1 B 1 C 1 D 1 A VERMONT HOUSING FINANCE AGENCY 030239902 924190QC8 2018-06-20 35712239 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 B VERMONT HOUSING FINANCE AGENCY 030239902 924190QT1 2018-11-08 37867375 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 C VERMONT HOUSING FINANCE AGENCY 030239902 924190SH5 2019-07-16 25082702 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 D VERMONT HOUSING FINANCE AGENCY 030239902 924190TR2 2020-03-26 25316295 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 A 23985000 35712239 143349 420286 35291953 1 0 1 1 B 16505000 37867375 349290 466204 37108582 1 0 1 1 C 7000000 25082702 234003 24848699 0 0 1 1 D 4565000 25316295 325339 24990957 0 0 1 1 A 0 1 1 0 0 0 1 SUMITOMO 1.300000000000 1 0 1 B 0 1 1 0 0 0 1 TORONTO-DOMINION 1.000000000000 1 0 1 C 0 1 1 0 1 1 BNY MELLON 24.300000000000 1 0 1 TORONTO-DOMINION 1.300000000000 1 0 1 D 0 1 1 0 0 0 0 0 1 A 1 B 1 C 1 D 1 A VERMONT HOUSING FINANCE AGENCY 030239902 924190UH2 2021-12-16 24103800 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 B VERMONT HOUSING FINANCE AGENCY 030239902 924194PK3 2012-12-20 21140748 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 C VERMONT HOUSING FINANCE AGENCY 030239902 924194PR8 2014-01-15 13500000 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 D VERMONT HOUSING FINANCE AGENCY 030239902 924194QD8 2019-12-04 9270000 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 A 865000 24103800 122891 314452 23666457 1 0 1 1 B 8655000 21140748 1777045 275748 20865000 1 0 1 1 C 9085000 13500000 580467 175694 12743839 1 0 1 1 D 9270000 544924 138796 8599851 1 1 1 1 A 0 1 1 0 0 0 0 0 1 B 0 0 1 1 0 0 1 BAYERISCHE&NATIXIS 2.700000000000 1 0 1 C 0 0 1 1 0 0 0 0 1 D 0 1 1 0 0 0 0 0 1 A 1 B 1 C 1 D 1 A VERMONT HOUSING FINANCE AGENCY 030239902 924194RU9 2021-04-08 10490000 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 B VERMONT HOUSING FINANCE AGENCY 030239902 924194SX2 2022-01-12 12150000 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 C VERMONT HOUSING FINANCE AGENCY 030239902 924194MS9 2011-12-15 20555000 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 D VERMONT HOUSING FINANCE AGENCY 030239902 000000000 2021-03-01 1800000 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 A 195000 10490000 514373 9990000 0 0 1 1 B 285000 12150000 642618 181859 11347500 0 0 1 1 C 7375000 20555000 574009 55910 20105796 0 0 1 1 D 96541 1800000 1800000 1 0 1 1 A 0 1 1 0 0 0 0 0 1 B 0 1 1 0 0 0 0 0 1 C 0 0 1 1 0 0 0 0 1 D 0 1 1 0 0 0 0 0 1 A 1 B 1 C 1 D 1 A VERMONT HOUSING FINANCE AGENCY 030239902 000000000 2021-11-01 6054163 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 B VERMONT HOUSING FINANCE AGENCY 030239902 000000000 2021-04-22 1755600 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 C VERMONT HOUSING FINANCE AGENCY 030239902 000000000 2021-06-29 900000 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 D VERMONT HOUSING FINANCE AGENCY 030239902 924190VN8 2022-08-18 23718080 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 A 242197 6054163 6054163 1 0 1 1 B 92431 1775600 1755600 0 1 1 1 C 43661 900000 900000 1 0 1 1 D 23718080 96519 324106 23023705 276863 1 0 0 1 A 0 1 1 0 0 0 0 0 1 B 0 1 1 0 0 0 0 0 1 C 0 1 1 0 0 0 0 0 1 D 0 1 1 0 0 0 0 0 1 A 1 B 1 C 1 D 1 A VERMONT HOUSING FINANCE AGENCY 030239902 924190WL1 2023-02-23 20602654 PURCHASE/MAKE MORTGAGE LOANS 0 1 0 A 20602654 257706 10406897 9938051 0 0 0 1 A 0 1 1 0 0 0 0 0 1 A 1 PART 1, LINE 1 THE AGENCY HAS ISSUED MORE THAN $4.0 BILLION IN BONDS AND NOTES TO FINANCE HOMEOWNERSHIP AND RENTAL OPPORTUNITIES FOR LOW- AND MODERATE-INCOME VERMONTERS. OVER ITS MORE THAN 45-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 THE PRIMARY TOOL FOR FINANCING THE DEVELOPMENT OF MULTIFAMILY AFFORDABLE RENTAL HOUSING IS THE LOW-INCOME HOUSING TAX CREDIT PROGRAM. VHFA HAS WORKED CLOSELY WITH A DIVERSE ARRAY OF AGENCY REPRESENTATIVES, ELECTED OFFICIALS, AND MEMBERS OF THE GENERAL PUBLIC. VHFA STAFF SERVE IN LEADERSHIP ROLES ON BOTH OF VERMONT'S HOMELESSNESS CONTINUUMS OF CARE AND SERVE ON TEAMS WORKING TO ADDRESS HOMELESSNESS AND HOUSING FOR PEOPLE WITH DISABILITIES. IN ADDITION, VHFA DESIGNED AND MAINTAINS WEBSITES FOR TWO PARTNER AGENCIES WHOSE MEMBERS SERVE LOW INCOME AND SPECIAL NEEDS VERMONT RENTERS. VHFA HAS SEVERAL STAFF FULLY DEDICATED TO HEIGHTENING GENERAL AWARENESS OF HOUSING NEEDS FOR LOW- AND MODERATE-INCOME VERMONTERS, INCLUDING PREPARING HOUSING NEEDS ASSESSMENTS OF COUNTIES AND COMMUNITIES AND PROVIDING FREQUENT TESTIMONY BEFORE VERMONT LEGISLATIVE COMMITTEES. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION DOES NOT PROVIDE A COPY TO THE GOVERNING BODY PRIOR TO FILING. 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 EXECUTIVE 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.