2017 ANNUAL REPORT. Affordable Homes for a Sustainable Vermont.
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1 2017 ANNUAL REPORT
2 136,000+ OF ALL VERMONT HOMES HAVE BEEN FINANCED THROUGH SINCE ,000 HOMES Vermont Households assisted by VHFA 15% Renters Owners 2
3 VHFA financed $76 million in home mortgages in Average Vermont down payment and closing costs $14,000 The average income of a VHFA homebuyer: $66,000 The average price of a home purchased using VHFA: $168,000 The average age of a VHFA homebuyer: 32 years old $12,000 $10,000 Save $5560 $8,000 $6,000 $4, With VHFA Without VHFA 4
4 OTHER FUNDERS Banks Federal Finance Board Bank Federal Home Loan Bank HOME Investment Partnership Program The average income of a VHFA renter: $17,000 The average rent for a VHFA renter: $487/mo The average age of a VHFA renter: 56 years old Housing Assistance Council Housing Vermont Local non-profit housing developers Municipal housing trust funds Other equity investors Private foundations U.S. Department of Housing & Urban Development VHFA tax credits and loans provided $75 million for rental housing in U.S. Rural Housing Service Utility and energy companies Vermont Community Development Program Vermont Community Loan Fund Vermont Energy Investment Corporation Vermont Housing & Conservation Board 5 6
5 Affordable Apartments Financed in 2017 H = Prior year funding 2017 = 2017 Project Homes Short-term / construction loan Type of VHFA Funding Permanent loan 0% loan Allocated housing credits Bond housing credits State housing credits APPLEGATE Bennington H BRADLEY HOUSE (Senior) Brattleboro BRIARS White River Jct BRIGHT STREET Burlington BRIDGE AND MAIN White River Jct COLONIAL VILLAGE (Senior) Bradford FALCON MANOR (Senior) Williston H GOVERNOR PROUTY APTS (Senior) Newport GREAT RIVER TERRACE Brattleboro HERITAGE COURT APTS (Senior) Poultney MCAULEY SQUARE (Senior) Burlington H H MONUMENT VIEW APTS Bennington PARKVIEW Newport PINES - PHASE I,II,III (Senior) So. Burlington H RUTLAND REHAB 2017 Rutland H H SUGARWOOD APARTMENTS Middlebury WALDEN MOUNTAIN (Senior) Danville WINCHESTER PLACE Colchester
6 Sam Falzone 9 10
7 FINANCE Tom Connors Michelle Baird Lisa Clark Brittany Garland Matthew Harder Darren Keniston Tom Kimball Robert Purcell Chief Financial Officer Manager of Bond Financing & Investments Assistant Director of Finance Staff Accountant Financial Analyst/Compliance Specialist Mortgage Loan Analyst Controller Financial Analyst/Investment Specialist HOMEOWNERSHIP Jacklyn Santerre Kathy Cawley Diane Edson Pat LaFond Heather Kvasnak Jennifer Martin Joshua Mead Carolynn Mossey Director of Homeownership Underwriter Administrative Assistant, Loan Servicing Loan Servicing/Reporting Agent Manager of Business Development Operations Coordinator Underwriter Loan Servicing Specialist Polly Thibault Loan Servicing Manager EXECUTIVE DIRECTOR MULTIFAMILY MANAGEMENT Sarah Carpenter ADMINISTRATION Robin Castine Director of Asset Management & Compliance Multifamily Operations Analyst Maura Collins Leslie Black-Plumeau Kathy Curley Erin Philbrick Steve Gronlund Lori Gilding Ann-Marie Plank Andrea Tieso Will White Madison Noyes DEVELOPMENT Director of Policy and Administration Human Resources Manager Social Media Intern Research and Communications Coordinator Office Manager Graphic Design Intern INFORMATION SYSTEMS Joe Brouard Sara Everest Chris MacAskill Web Developer SQL Server Report Writer and Analyst Network Administrator PROGRAM OPERATIONS David Adams Chief of Program Operations Victoria Johnson Administrative Assistant General Counsel Multifamily Management Officer Joe Erdelyi Multifamily Management Officer Multifamily Management Officer Josh Slade Housing Development Underwriter FINANCIAL AND LEGAL PARTNERS AUDITOR BOND COUNSEL UNDERWRITERS FINANCIAL ADVISOR CohnReznick LLP Kutak Rock LLP Raymond James Morgan Stanley Piper Jaffray & Co. TRUSTEES LEGAL George Demas Multifamily Management Officer Director of Development Rick Jean Information Systems Manager 11 Kimberly Roy Brenda Howley Legal Coordinator Bank of New York Mellon Trust Company Wells Fargo Bank NA Wilmington Trust 12
8 IORTA assistance provided to homebuyers in FY2017 Addison ($5,000) Bennington ($10,000) Caledonia ($5,000) Chittenden ($10,000) Essex ($5,000) Franklin ($33,000) Rutland ($10,000) Washington ($10,000) IORTA is funded with the interest earned on earnest money and real estate contract deposits. Real estate brokers are required to put most of these deposits into pooled interest-bearing trust or escrow accounts and financial institutions are required to remit the interest made to VHFA for use in its homeownership program. In FY2017, VHFA received $35, in IORTA funds and provided 22 Vermont home buyers with down payment assistance using the funds. The timing of IORTA fund distribution to borrowers depends on the timing of home purchases. Windsor ($1,500) Orleans ($1,500) Keeping Housing Safe and Affordable, apartments monitored statewide properties physically inspected each year 14
9 SUMMARY OF NET POSITION (All amounts are in thousands of dollars) STATEMENT OF REVENUES, EXPENSE, AND CHANGES IN NET POSITION (All amounts are in thousands of dollars) ASSETS Cash and cash equivalents 50,953 Accrued interest receivable: 2,969 Other receivables and prepaid expenses Investments ,264 Mortgage loans receivable, net 265,783 Mortgage backed securities 178,462 Capital assets 688 Real estate owned 939 Due from other funds 175 TOTAL ASSETS 515,655 1,583 LIABILITIES Notes payable 41,686 Accrued interest payable 2,992 Other payables 412 Funds held on behalf of mortgagors 2,868 Bonds payable 378,775 Fair value of derivative instrument - interest rate swaps 748 Due to other funds ,239 NET POSITION 15 1,583 Other liabilities TOTAL LIABLITIES 87,999 Interest income 21,630 Fee interest 1,178 Sales of state tax credits 594 Gain on sales of loans and securities 478 Gain on bond redemptions, net 595 Other revenue 253 TOTAL OPERATING REVENUES 24,728 OPERATING EXPENSES Financing costs 15,297 Mortgage service and contract administration fees DEFFERRED OUTFLOWS OF RESOURCES Interest rate swaps OPERATING REVENUES Salaries and benefits 296 2,454 Operating expenses 920 Professional fees 279 Trustee and assignee fees 126 Provision for losses on loans and real estate owned TOTAL OPERATING EXPENSES OPERATING INCOME (886) 19,486 5,242 NONOPERATING REVENUE (EXPENSES) Net appreciation in fair value of investments (7,077) Other nonoperating revenue 1,000 Federal program revenue 2,691 Federal program and administration expenses TOTAL NONOPERATING REVENUE (EXPENSES) INCREASE (DECREASE) IN NET POSITION (2,691) (6,077) (835) NET POSITION AT BEGINNING OF THE YEAR 88,834 NET POSITION AT END OF THE YEAR 87,999 16
10
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