Using NSP To Create Housing, Jobs In Vermont

Vermont first-time homebuyers Meghan and Joseph Swan with their children in front of their newly renovated St. Alban's home. Their home was renovated with HUD Neighborhood Stabilization Funds.

May 2012 marks the completion of three years of Vermont's Housing Acquisition & Rehabilitation Program (HARP) - a program that has helped renovate 55 homes including an historic St. Albans colonial purchased by first-time homebuyers, Meghan and Joseph Swan. The purchase culminated their quest to buy a home for their active family of five, made possible with help from VHFA, Vermont Agency of Commerce and Community Development (ACCD) and Champlain Housing Trust (CHT).

The HARP program is funded through $9.9 million in Housing and Economic Recovery Act funds from the U.S. Department of Housing & Urban Development (HUD). The funds are part of the larger Neighborhood Stabilization Program (NSP) administered by ACCD and HUD.

Under the HARP program, VHFA works with Champlain Housing Trust and four other HomeOwnership Centers throughout Vermont to acquire, rehabilitate and re-market foreclosed homes. The 4-bedroom home purchased by the Swan family needed extensive renovations after foreclosure including a new roof, weatherization, new kitchen cabinets and countertops, refinishing wood floors, new bath and kitchen flooring and chimney repair. The home also received a new furnace and appliances.

Since June 2009, VHFA has restored 35 homes and sold them to income-eligible Vermonters.

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