New England Federal Credit Union (NEFCU) announced today the launch of a three-year, $6 million campaign to address the affordable housing crisis in Vermont.
“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.”
The NEFCU initiative will include three separate programs. One, in partnership with the Vermont Housing Finance Agency (VHFA), will devote $3 million to affordable homeownership and multi-family rental projects. The second, with Champlain Housing Trust (CHT), will commit $3 million to advance BIPOC homeownership. The third will be NEFCU’s own Home Ownership Made Easier (HOME) program to help first-time homebuyers struggling with affordability.
"NEFCU’s cornerstone investment will be matched by public resources to support the development of hundreds of affordable homes statewide,” noted VHFA’s Executive Director, Maura Collins. “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.”
“Vermont’s affordable housing crisis impacts historically disadvantaged populations even more grievously,” said CHT’s Chief Executive Officer, Michael Monte. “NEFCU’s contribution will support Vermont’s most significant effort to date targeting the BIPOC community.”
New England Federal Credit Union (NEFCU), headquartered in Williston, Vermont is a member-owned financial institution serving communities in twelve counties of Vermont: Addison, Bennington, Caledonia, Chittenden, Franklin, Grand Isle, Lamoille, Orange, Rutland, Washington, Windham, and Windsor; and four counties in New Hampshire: Cheshire, Grafton, Merrimack, and Sullivan. For more information about membership requirements and benefits, visit nefcu.com.