Vermont Housing Finance Agency
- Assets
- $515.9m
- Revenue
- $30.6m
- Investments
- $10.7m
- Employees
- 42
- Location
- Burlington, VT
- Founding
- 08/2002
- Data as of
- 06/2021
- EIN
- 03-0239902
Organization Overview
Vermont Housing Finance Agency is located in Burlington, VT. The organization was established in 2002. According to its NTEE Classification (L12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Housing & Shelter and related organizations. As of 06/2021, Vermont Housing Finance Agency employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont Housing Finance Agency is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Vermont Housing Finance Agency generated $30.6m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $26.2m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FINANCE AND PROMOTE AFFORDABLE, SAFE AND DECENT HOUSING OPPORTUNITIES FOR LOW- AND MODERATE-INCOME VERMONTERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Maura Collins Officer | Officer | 50 | $154,945 |
Chris Flannery Officer | Officer | 50 | $143,477 |
George Demas General Counsel | 50 | $134,844 | |
Seth Leonard General Counsel | 50 | $111,247 | |
Jacklyn Santere Managing Director Of Homeownership | 50 | $108,563 | |
Name Not Listed Commissioner | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Piper Jaffray Co Financial Advising | 6/29/15 | $201,519 |
Dovenmuehle Mortgage Inc And Subdia Loan Servicing | 6/29/15 | $130,925 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $29,122,488 |
| Investment income | $514,090 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $932,942 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,569,520 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $354,645 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,613,394 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $87,948 |
| Fees for services: Accounting | $75,975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $134,554 |
| Office expenses | $25,269 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $72,907 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $77,256 |
| Insurance | $0 |
| All other expenses | $566,580 |
| Total functional expenses | $26,192,036 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $59,924,303 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,805 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $227,234,358 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $493,628 |
| Net Land, buildings, and equipment | $572,653 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,731,417 |
| Investments—program-related | $182,329,581 |
| Intangible assets | $0 |
| Other assets | $34,620,670 |
| Total assets | $515,924,415 |
| Accounts payable and accrued expenses | $813,354 |
| Grants payable | $0 |
| Deferred revenue | $4,077,108 |
| Tax-exempt bond liabilities | $327,229,608 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $62,279,702 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,966,703 |
| Total liabilities | $400,366,475 |
| Net assets without donor restrictions | $10,474,940 |
| Net assets with donor restrictions | $105,083,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $515,924,415 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vermont Housing Finance Agency Burlington, VT | $515,924,415 | $30,569,520 |
Massachusetts Housing Investment Corp Boston, MA | $51,753,115 | $18,783,706 |
Bluehub Loan Fund Inc Boston, MA | $271,825,520 | $22,754,955 |
The Housing Partnership Fund Inc Boston, MA | $55,046,443 | $7,425,102 |
Charles T Sitrin Network Of Homes & Services Inc New Hartford, NY | $5,734,568 | $2,565,351 |
St Andrews Housing Dev Fund Co Bronx, NY | $6,076,696 | $1,599,941 |
Concorse Gardens Housing Development Fund Company Inc New York, NY | $6,125,545 | $1,915,994 |
Our Lady Of Fatima Apartments Housing Dev Fund Company Inc Brooklyn, NY | $6,530,778 | $972,901 |
American Friends Of Belz Inc Brooklyn, NY | $1,617,806 | $1,168,906 |
S H Housing Development Fund Corp New York, NY | $3,549,105 | $166,911 |
384 Grand Street Housing Development Fund Company Inc New York, NY | $6,755,977 | $3,220,703 |
Cucs Initiatives Inc New York, NY | $10,594,061 | $803,277 |