Maura Collins is the executive director of the Vermont Housing Finance Agency (VHFA). A veteran of the agency, she stepped into the top post more than a year ago. Here, Collins discusses her path in affordable housing, what she’s been working on, and the latest moves at VHFA.
What was your first job in affordable housing, and what did it teach you?
My first job was for the Technical Assistance Collaborative (TAC) in Boston. With an undergraduate degree in journalism, I was hired fresh out of college to edit TAC’s reports. In doing so, I learned about several major housing programs as well as the barriers faced by people without homes or those with disabilities. I would have questions about why things worked the way they did, and my boss, Ann O’Hara, would take the time to sit with me and patiently explain to me the basics of housing and homeless policy. Ann taught me housing, but more importantly I learned the inherent worth and dignity of all people, and the importance of a home.
What was a pivotal moment in your career?
It sounds counterintuitive, but working less drove me to focus even more on affordable housing. I cut back to three days per week when I had my first child, and, while VHFA could have kept me on the virtual sidelines as a result of my choice, I was instead able to work part time and still advance my career through new opportunities and projects. I may have worked less, but every time I accomplished a goal I would be given new responsibilities, which exposed me to more of the agency’s work. I know I was a more efficient, hardworking, and loyal employee because of VHFA’s trust in me.
What’s a recent move that VHFA has made that other states or HFAs can learn from?
In 2015, we convinced the state Legislature to expand the existing state tax credit program (modeled off the federal credit) to allow our agency to batch-sell credits to fund a 0% second mortgage down payment assistance program for our home buyers. The flexible structure of the credits is unique and allows us to earn more on these five-year state credits than we see on the 10-year federal credits. The state is lowering the cost of housing and helping to keep and support young professionals in Vermont, which is critical to our state’s future.
Share with us an interesting fact or statistic about housing in Vermont.
For the past 20 years, incomes have been increasing at about 2% a year, but rents have been rising at 4% annually. Homeownership prices went up by 6.5% last year alone. We may be a small, rural state, but the supply pressures are the same as we see on the coasts. Our housing supply is not keeping up with demand, which is driving up costs.
What’s been a big or unique change to your qualified allocation plan (QAP) in the past year?
We update our QAP every other year so that developers don’t face policy swings each year, and we aim to give more than a year’s notice before making any big changes. So our last QAP update was focused on improving the document’s readability and organization, as well as making sure we had removed any potential barriers to creating 4% tax credit deals. We will be starting to update our 2022 QAP this summer and will likely be looking at the big topics: developer fees, cost-control strategies, energy standards, and more.
What do you do better than you did a year ago?
Prioritize my time. Last year was my first as the executive director, and it was important to me to be everywhere for everything. I have worked at VHFA for 17 years, but I wanted to get out to all of our partners statewide and reintroduce myself in my new role at the agency. That meant a lot of time on the road and in face-to-face meetings. With that groundwork laid, I think I am more strategic now with my time and projects. We are working on an upcoming strategic plan that will help form the framework of VHFA’s key priorities.
If you could give a tour of an affordable housing development to anyone, who would it be and why?
I’d love to show the neighbors of a development what it looks like inside a building when it’s full of tenants. Shiny new buildings on ribbon-cutting day are one thing, but I’d like to walk the halls and listen to the sounds of birthdays being celebrated and grandchildren visiting. It would be great to peek in while homework is being done to show neighbors how much richer and more vibrant their community is now that there are more people supporting their downtown and living in a walkable community. I can’t tell you how many times I hear nervous neighbors spout fears of change when housing is first proposed but then become vocal supporters once they meet their neighbors.
What superpower would you like to have?
To be in two places at once. I have three young children, and so while I loved my 12 years of working part time I will admit that it can be hard to be away from home for work. Thankfully I have a supportive partner who works from home now, and technology can make sure I don’t miss much.
What’s next for Maura Collins?
What’s next? I don’t know; I just got here! Having worked at VHFA for over 17 years, I am pleasantly surprised that my excitement for what I know VHFA can accomplish has only grown. I’ve been the executive director for just over a year, and I’m proud of the team we have and our laser focus on our mission. Right now we seem unstoppable.
