VHCB funds the acquisition, rehabilitation and construction of affordable housing by nonprofit housing organizations. Affordable housing projects eligible for funding include rental housing, rental and ownership coops, mobile home parks, single family homes, shared elderly housing, single room occupancy housing, and group homes. VHCB funds help to leverage federal and private funds to develop housing to serve lower income households and individuals with special needs. Private bank loans and Low Income Housing and Historic Preservation Tax Credit equity are common financing tools in VHCB-funded projects. Federal rental subsidies are present in many VHCB projects, and many housing projects involve housing development organizations working together with social service agencies to provide housing with support services for residents. Certain projects address special needs, such as housing for battered women, housing for the deaf, housing for physically, developmentally, or mentally disabled persons, and housing for artists.
LOAN AND GRANT PROGRAM
All housing funded must serve households earning less than 100% of median income as defined by HUD income guidelines. The majority of the units funded by VHCB serve households with incomes between 30% and 80% of median income. The affordability of the housing is secured with legal instruments (housing subsidy covenants) filed in the land records that travel with the property upon resale to ensure perpetual affordability. Housing applications are considered four times annually.
Feasibility Funds
Housing and conservation projects in the early stages of development are eligible for Feasibility Grants of up to $10,000 to cover the costs of appraisals, energy assessments, marketing studies, options, engineering and environmental studies, or other predevelopment costs. To apply: Request information on VHCB feasibility grants. Feasibility requests are considered on an ongoing basis by VHCB staff.
Application for Affordable Housing Development
To apply, request an Application for Affordable Housing Development. Site visits by VHCB staff are required prior to submission of the application. Housing applications are considered 3-4 times a year, depending on the availability of funds. A schedule of application deadlines and board meeting dates is posted at Application Process.
Homeland
Grant funds administered by nonprofits subsidize the cost of single family homes, increasing affordability and guaranteeing perpetual affordability upon resale. Appreciation is limited by an agreement between the nonprofit and the homeowner. In return, the purchase price of the home is reduced significantly. To apply: Contact a participating nonprofit housing organization and ask for details on the HOMELAND program and the Single Family Assistance Program.
Single Family Assistance Program
Participating nonprofit housing organizations administer VHCB funds to home buyers with grants of up to $2000 to assist with downpayment and closing costs. To apply: Contact the local nonprofit housing organization and ask for details on the HOMELAND program. list Participating housing organizations
Habitat for Humanity and Vocational Education-Built Homes
VHCB makes grants for home building projects undertaken by Habitat for Humanity or Vocational Education programs around the state. The 29 projects funded to date have helped either to pay for land or to lower the costs of construction. The resulting savings have been passed on to first-time home buyers. To apply: Nonprofit applicants should request Guidelines on Habitat for Humanity or Vocational Education-Built Homes. Applications are reviewed by VHCB staff on an ongoing basis. Statewide Habitat for Humanity Chapters
Purchase Subsidy Program
VHCB funds are awarded to assist low-income households to purchase mobile homes in nonprofit-owned mobile home parks. Funds are provided for down payment assistance and to prevent foreclosure. This program enables upgrading and replacement of deteriorated homes. The program is administered by the Vermont Community Loan Fund (802-223-1448; Vermont Community Loan Fund)
For Further Information -- For a copy of VHCB applications, policies, application deadlines and board meeting dates, please call 802-828-3250.
Housing Development Consistent with the VHCB Mission
The renovation of historic buildings helps to reinforce Vermont’s traditional settlement pattern, keeping economic activity in the small village centers and downtown areas, further supporting the mission of the Housing and Conservation Board to "maintain for the benefit of future generations the essential characteristics of the Vermont countryside." The Board has supported the preservation of stately older homes no longer feasible for single family ownership, historic public buildings converted to housing, and outstanding historic structures preserved for public educational uses. The Board has also funded the adaptive reuse of buildings such as vacant schools or commercial buildings converted into affordable housing. Because VHCB’s mission encompasses historic preservation, grantees are encouraged or required to undertake rehabilitation consistent with the Secretary of the Interior's Standards for Rehabilitation. VHCB sponsors trainings and provides technical assistance to educate Vermont's affordable housing community regarding rehabilitation techniques and materials consistent with these historic preservation standards.
Housing Articles
HOUSING LINKS
E-mail us, or call 802-828-3250, or write: VHCB, 149 State Street, Montpelier, VT 05602
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