Vermont Housing & Conservation Board
	HOMELAND Program Basics
	The HOMELAND Program is a VHCB-supported homeownership program operated by 10 Vermont nonprofit housing organizations. To purchase a home through this program, contact one of the 10 organizations listed below.
Updated January 2008 HOMELAND Program Basics How the Program Works ·  VHCB-supported homeownership program operated by 10 Vermont nonprofit housing organizations. ·  Applicants to the program are pre-qualified to purchase a home within a given price range based on their income. Participants must have a household income below 100% of the applicable county median income, adjusted for household size. Most often, participants identify a home from offerings on the private market and are encouraged to negotiate the best deal they can. ·  Completion of a VHCB-approved homeownership education course is required to purchase a home through this program. The 8-hour program is offered at six NeighborWorks HomeOwnership Centers in Burlington, St. Albans, Lyndonville, Barre, West Rutland, and Springfield (contact information below). ·  Individual awards are made by VHCB staff after a review of a summary of the transaction and supporting documentation. Purchase subsidy amounts are generally 20% of the purchase price, up to $40,000. ·  Requests for approval of individual purchase subsidy grants shall comply with VHCB’s guidelines for the buyer cash investment (requiring no less than $1500 cash investment). · Rehab funds (up to $7,500 per home for existing restricted homes) and closing cost assistance, known as Single Family Assistance Program (up to $4,000), are also available. · Nonprofit sponsors receive a $5,000 development fee at the time the purchase is completed. Documentation Required · The request to VHCB to reserve an individual award must include: a short cover letter summarizing the transaction, a VHCB Worksheet, and the P&S Agreement. We require five weeks of lead time from request to closing.   · Funds will not be released until all support documentation has been submitted for VHCB review and approval: a 3rd party inspection report, an appraisal, and other information as required. · VHCB requires a copy of the buyer’s title opinion for review prior to closing. Our interest is secured by a Housing Subsidy Covenant and a Mortgage Deed.  The check and final documents are mailed to the nonprofit organization’s attorney prior to closing. Other Key Issues Because of the perpetual restrictions, the sponsor must assess if the property is appropriate for its portfolio. VHCB requires that sponsor staff visit and approve homes that are proposed for purchase prior to purchase of the home by homebuyer. We strongly encourage consideration of resale factors at the time of the original transaction. Questions?  Call Ariane Kissam at 828-2965 HOMELAND Program Participating Housing Nonprofits Addison County Community Trust PO Box 256 Middlebury, VT 05753 telephone: 388-9080 fax: 388-0606 e-mail Contact: Terry McKnight Central Vermont Community Land Trust 107 No. Main Street Room 16 Barre, Vt. 05641 telephone: 476-4493 ext. 224 fax: 479-0120 e-mail Contact: Chandra Pollard, extension 224 Champlain Housing Trust 179 S. Winooski Avenue P. O. Box 523 Burlington, VT 05402 telephone: 862-6244 fax: 862-5054 e-mail Contact: Emily Higgins Lamoille Housing Partnership PO Box 637 65 Portland Street Morrisville, VT  05661 telephone: 888-5714 fax: 888-7304 e-mail: petersmyth@pshift.com Contact: Peter Smyth Rockingham Area Community Land Trust 24 Park St. Springfield, VT 05156 telephone: 885-3220; 885-5607 fax: 885-5811 e-mail Contact: Bruce Whitney Windham Housing Trust 68 Birge St. Brattleboro, VT 05301 telephone: 254-4604 fax: 254-4656 e-mail Contact: Cathy Semans Rutland County Community Land Trust 128 Merchants Row, Suite 606 Rutland, VT 05701 telephone: 775-3139 fax: 775-0434 e-mail Contact: Elisabeth Kulas Twin Pines Housing Trust 240 South Main Street, #4 White River Jct., Vt. 05001 telephone: l291-7000 fax: 291-7273 e-mail Contact: Helen Hong NeighborWorks HomeOwnership Centers Completion of a VHCB-approved homeownership education course is required to purchase a home through the HOMELAND program. The 8-hour program is offered at six NeighborWorks HomeOwnership Centers. Contact information below. Burlington HomeOwnership Center Chittenden County 179 So. Winooski Ave. PO Box 523, Burlington VT 05402 telephone: (802) 660-0642 fax: (802) 660-0641 e-mail Contact: Alice Stokes Franklin/Grand Isle HomeOwnership Center Franklin and Grand Isle Counties 48 Lower Newton Street, Suite 2 St. Albans, VT 05478 telephone: (802) 527-2361 fax: (802) 527-2373 e-mail Contact: Barbara Geries Lyndonville HomeOwnership Center Orleans, Caledonia and Essex Counties 101 Main Street PO Box 259, Lyndonville VT 05851 telephone: (802) 626-1175 fax: (802) 626-1184 e-mail Contact: George Mathias Barre HomeOwnership Center Lamoille, Washington and Orange Counties 107 N. Main Street, Suite 14, Barre, VT 05641 telephone: (802) 476-4493 ext. 212 fax: (802) 479-0120 e-mail Contact: Harry Sanderson Springfield HomeOwnership Center Windsor and Windham Counties 24 Park Street Springfield, Vermont 05156 telephone: (802) 885-1856 fax: (802) 885-5811 e-mail Contact: Tina Johndrow West Rutland HomeOwnership Center Addison, Rutland and Bennington Counties 71 Marble Street PO Box 541, W. Rutland VT 05777 telephone: (802) 438-2303 fax: (802) 438-5338 e-mail Contact: Mary Rajda