- Associated Press - Monday, June 8, 2015

BURLINGTON, Vt. (AP) - Vermont Gov. Peter Shumlin has signed legislation that includes a program offering assistance for first-time home buyers to cover closing costs and down payments.

Vermont Public Radio reports (http://bit.ly/1Gv54nX ) the program will be administered by the Vermont Housing Finance Agency. The homebuyer tax credit will be available to about 110 buyers each year for three years, and the program will begin in the fall.

Executive Director Sarah Carpenter says the agency doesn’t directly lend money to buyers; instead, it will work alongside participating credit unions and banks.

Low- and moderate-income Vermonters who make up to $100,000 qualify for the agency programs.

The down payment assistance money will be paid back as a zero-interest loan when the home is sold or refinanced.

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Information from: WVPS-FM, http://www.vpr.net

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