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.
· 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
Contact: Terry McKnight
Central Vermont Community Land Trust
107 No. Main Street Room 16
Barre, Vt. 05641
telephone: 476-4493 ext. 224
Contact: Chandra Pollard, extension 224
Champlain Housing Trust
179 S. Winooski Avenue
P. O. Box 523
Burlington, VT 05402
Contact: Emily Higgins
Lamoille Housing Partnership
PO Box 637
65 Portland Street
Morrisville, VT 05661
Contact: Peter Smyth
Rockingham Area Community Land Trust
24 Park St.
Springfield, VT 05156
telephone: 885-3220; 885-5607
Contact: Bruce Whitney
Windham Housing Trust
68 Birge St.
Brattleboro, VT 05301
Contact: Cathy Semans
Rutland County Community Land Trust
128 Merchants Row, Suite 606
Rutland, VT 05701
Contact: Elisabeth Kulas
Twin Pines Housing Trust
240 South Main Street, #4
White River Jct., Vt. 05001
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
179 So. Winooski Ave.
PO Box 523, Burlington VT 05402
telephone: (802) 660-0642
fax: (802) 660-0641
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
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
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
Contact: Harry Sanderson
Springfield HomeOwnership Center
Windsor and Windham Counties
24 Park Street
Springfield, Vermont 05156
telephone: (802) 885-1856
fax: (802) 885-5811
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
Contact: Mary Rajda