WILLISTON, Vt.–New England Federal Credit Union (NEFCU) said it has launched a three-year, $6 million campaign to address the affordable housing crisis in Vermont.
The NEFCU initiative includes three separate programs.
- A partnership with the Vermont Housing Finance Agency (VHFA), which devotes $3 million to affordable homeownership and multi-family rental projects.
- A partnership with Champlain Housing Trust (CHT), which commits $3 million to advance BIPOC homeownership.
- NEFCU’s own Home Ownership Made Easier (HOME) program to help first-time homebuyers struggling with affordability.
“The housing shortage in Vermont, already a crisis, has been made even worse by recent events,” noted NEFCU President and CEO John J. Dwyer, Jr. “Major, immediate action is needed. In line with our ongoing mission of community support, we are beginning a comprehensive campaign that will provide multiple solutions to this complex challenge.”
Added VHFA Executive Director Maura Collins, "NEFCU’s cornerstone investment will be matched by public resources to support the development of hundreds of affordable homes statewide. As Vermont continues its economic recovery, it is inspiring to see the leadership role NEFCU is playing to ensure we build more vibrant and affordable communities.”
The $1.9-billion NEFCU has more than 95,000 members.