The program allows low income homebuyers to purchase a high-performance modular or manufactured home in a manufactured home community (MHC), having a 30 to 33-year mortgage at three percent. Very low income homebuyers may apply for an interest subsidy as low as one percent, as MHProNews understands from vtdigger.
Ted Brady, USDA Rural Development Vermont and New Hampshire State Director, said, “The energy cost savings of new manufactured and modular homes, combined with USDA’s long-term, low-rate, no-down-payment mortgages, offer existing and potential manufactured housing park residents new financing opportunities.”
Brady added that residents seeking a mortgage to purchase a new home and site it in an MHC often face short-term, high-interest mortgages.
Miller purchased a Vermont-made Net Zero Energy Capable modular home from Vermod, and sited it in the Locust Hill Mobile Home Park in Putney, owned by WWHT. He also had assistance in buying the home from Champlain Housing Trust, the Vermont Housing and Conservation Board, Efficiency Vermont and USDA Rural Development.
Since 1987, the Windham and Windsor Housing Trust has provided stewardship for, has advocated for and invested in permanent affordable housing for the counties of southeast Vermont.
Currently, Windham and Windsor provide 707 apartments in Windham and Windsor Counties, and coach new home buyers on home-buying and homeownership. The trust also provides direct loans f or repairs and upgrades. ##
(Image credit: Vermod Modular Homes, Wilder, Vermont)
