HFI has been operating border to border in Vermont for more than 25 years. The role which HFI performs within the state’s housing industry and its positive impact on the lives of hundreds families and individuals of very low to moderate income is significant and must be sustained if these households are not to be put at risk of homelessness or excessive economic hardship. Funding comes through a variety of public and private sources.
Skyrocketing and uncertain costs of consumer and commercial goods, combined with a myriad of other rising costs such as land values and permits, are placing a heavy burden on housing providers statewide, especially those non-profit developers striving to keep housing affordable. For example, the high cost of fuel not only directly burdens HFI properties but indirectly adds costs to materials, contracts, and project management. This and other factors add to the burdensome load on the shoulders of the low income population, further exacerbating the problem. Therefore, HFI must adhere to the programming goals and requirements in order to successfully fulfill our mission.
• Because of HFI’s mission to expand the supply of affordable housing and the increased competition for fewer resources, HFI will have to compete in some circumstance and form partnerships in others to initiate new projects. In addition, HFI will need to pursue new and innovative methods of financing that may not be presently found in traditional housing development financing models.
• HFI will diligently evaluate virtually all development and acquisition opportunities regarding affordable housing in Vermont that are brought to our attention.
• HFI is available to provide technical assistance or to partner with other housing organizations whose size or relative youth limit their capacity to develop properties.
• HFI will continue to initiate activities to increase the visibility of its efforts to citizens and policy makers.
• HFI does periodically review the methods and procedures required to achieve both long term and short term goals due to the current economic environment, etc.
• HFI pursues partnership opportunities with for-profit and non-profit developers when such relationships further develop opportunities consistent with HFI’s goals.
• When HFI determines that a specific development is highly meritorious, it must vigorously pursue the project.
• HFI will pursue opportunities to expand its housing portfolio with the caveat that the project be financially stable within the first two years of operation and will not negatively affect the status of the entire portfolio.
• HFI must consistently generate adequate development fees to cover the cost of both its successful development activities and those due diligence activities that never lead to acquisition or groundbreaking.
• If HFI is to continue its role as “salvager” of troubled or distressed properties or mobile home parks, it must actively seek funds to cover the cost of the due diligence process. HFI should not risk its own funds in the rescue or acquisition of high-risk property when feasibility is questionable from the onset.
• HFI will vigorously pursue all appropriate sources of funding consistent with its project goals.
• Rent increases will be implemented when needed to assure the continued stability of the portfolio and provide adequate resources for both operations and debt service.
• HFI will continue to advocate for program and policy changes at both the federal and state level in support of its programs.