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The Board is able to respond quickly in assisting municipalities and nonprofits in coping with the adverse impact of development on Vermont's affordable housing stock, its agricultural land, and its environmental quality. The decision-making process is set up to provide significant financial assistance rapidly when a need is identified. The Board meets and makes decisions on applications approximately seven times a year. Schedule of application deadlines and meeting dates.
Applications are usually reviewed and decisions made within six to eight weeks of submission. Special encouragement is given to dual goal projects that meet both the affordable housing and the conservation goals of the Fund, i.e., affordable housing developed in an historic building or conserved farmland with public access to a trail or river. The applicant is invited to attend the meeting at which the project is reviewed, and is informed of the Board's decision that same day.
All applicants are required to show long-term benefit to Vermonters through deed restrictions or other mechanisms that ensure the funds provided will have a lasting effect. Nonprofit housing providers, housing cooperatives, or municipalities that receive VHCB grants and loans must target Vermonters whose incomes are at or below median. Program beneficiaries range from tenants, potential home owners, and farmers, to all who enjoy Vermont's natural, recreational and historic properties. The Board has developed a number of funding programs, detailed below.
Who can apply?
Eligible Applicants for VHCB loans and grants are:
- nonprofit housing and conservation organizations with federal 501(c)(3) status
- Vermont municipalities
- certain state agencies
Application Deadlines and Board Meeting Dates
2008 - 2009
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The following meeting dates and application deadlines have been set for the coming year. Please note that funds for approved projects will not be available for at least 45 days after the meeting date. Submission of an application by the application deadline does not guarantee that the project can be considered at the subsequent board meeting. Project readiness, the number of applications submitted and the availability of funds will determine the board agenda. A site visit by VHCB staff is required prior to submission of a housing application.
| APPLICATION DEADLINE |
BOARD MEETING DATE |
March 3, 2008
Housing and Conservation
Applications Due |
May 9, 2008
Housing and Conservation
Applications Considered |
April 7, 2008
Housing and Conservation
Applications Due |
June 12, 2008
Housing and Conservation
Applications Considered |
June 27, 2008
Ag Preapplications Due |
August 25, 2008
Ag Advisory/Board Ag Committee |
July 28, 2008
Housing and Conservation
Applications Due |
September 26, 2008
Housing and Conservation
Applications Considered |
| November TBD -- Board Retreat -- Policy Issues |
October 6, 2008
Housing, Conservation and Organizational Development Applications Due |
December 9, 2008
Housing, Conservation and Organizational Development Applications Considered |
November 17, 2008
Housing and Conservation
Applications Due |
January 23, 2009
*Housing and Conservation
Applications Considered |
December 12, 2008
Ag Preapplications Due |
February 13, 2009
Ag Advisory Committee/Board Ag Committee |
January 12, 2009
Housing and Conservation
Applications Due |
March 13, 2009
*Housing and Conservation
Applications Considered |
March 16, 2009
Housing and Conservation
Applications Due |
May 15, 2009
*Housing and Conservation
Applications Considered |
April 13, 2009
Housing and Conservation
Applications Due |
June 18, 2009
Housing and Conservation
Applications Considered |
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*Applications submitted for the January, March and May meetings are subject to the availability of funding.
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Feasibility Funds
The Board provides feasibility awards to assist with predevelopment costs and feasibility analysis for individual projects. This program pays for appraisals, engineering and environmental studies, options, energy assessments and marketing analysis.
Conservation applicants may request up to $10,000 as a grant for a single project to cover feasibility related expenses. Housing applicants may request up to $10,000 as a grant for a single project to cover feasibility related expenses and up to $15,000 for scattered site projects containing more than two separate sites. Funds can only be used to compensate contracted services and may not be used to compensate applicants for staff time.
These awards are instrumental in helping grantees bring projects to the development stage. For a number of years, The Public Service Department has provided the Board with funds for energy efficiency analyses in proposed housing developments. Applications for feasibility funding are accepted as they are received. To apply, see the VHCB Policy for Feasibility Funds (html version) or Adobe Acrobat .pdf version.
Project-Related Capacity Funding
Project related capacity funds of up to $50,000 are awarded for pre-development expenses in excess of the amount available from VHCB’s Feasibility Fund and are limited to projects that have a higher than normal level of complexity or uncertainty. Examples include: an unusually large number of housing units, site challenges, the presence of multiple sites or multiple goals, unusual ownership structure or special population to be served, community economics or demographics that makes development of a project especially challenging.
Project-related capacity funding can cover costs of appraisals, preliminary architectural and engineering work, title search, historic preservation or hazardous materials analyses. In addition, project-related capacity funds could be used for work with residents/residents organizations in large projects in which residents will have some degree of control over project operations.
On a case by case basis the Board may also allow these funds to be used to cover staff costs of the applicant organization, especially if the organization would not have the ability to undertake the project if such expenses were not covered. Funds may be used to promote public dialogue about affordable housing or land conservation and/or to examine alternative land use scenarios through such means as site inventories and site plans as well as design charettes. At its discretion, the Board may also choose to make awards to cover expenses that are not outlined above. VHCB Policy for Project-Related Capacity Funding
Organizational Development Grants
The Board provides grants to nonprofits for some of the costs associated with developing affordable housing and conservation projects. This critical support ranges from up to $15,000 for new organizations to up to $37,500 for regional groups actively involved in developing VHCB projects. Twenty-two such awards were made to housing and conservation organizations in FY2001. VHCB Policy for Organizational Development Grants (PDF)
CONSERVATION PROGRAMS
Conservation funding is available to conserve agricultural lands, natural areas, public outdoor recreational lands, and historic properties. Land is protected through fee acquisition or by the purchase of conservation easements. Easements are recorded in the land records and travel with the land, ensuring that the State's investment will remain intact upon transfer of the property.
Applications for the Purchase of Conservation Easements on Farmland
The Board holds two competitions each year to evaluate farmland applications. Evaluation is a two-step process. Pre-applications are reviewed by an Agricultural Advisory Committee which includes farmers, representatives from Agricultural Extension Service, Farm Service Agency, Natural Resources Conservation Service, Farm Credit Service, the Department of Agriculture and members of the VHCB Board. This group recommends projects to be considered by the full VHCB Board and complete applications are developed for those projects. Evaluation is based upon soil quality, location, farm infrastructure, management, and other resources brought to the project. The value of the conservation easement is determined by an appraisal. There is a cap of $400,000 per application. VHCB Policy for Conservation of Agricultural Land
Applications for the Conservation of Natural Areas, Recreational Lands and Historic Properties
Conservation projects of statewide significance (as determined by the VHCB using input from the Natural Heritage Program, Department of Forests, Parks and Recreation, the Division for Historic Preservation and others) are eligible for VHCB Conservation Project funding. These projects are not required to provide local matching funds and are not limited to $150,000, as are the Local Conservation Projects (see below), although leverage in the form of in-kind services or donations of conservation easements is common. Conservation projects eligible for VHCB funding include acquisition of natural areas that provide habitat for rare or endangered species, acquisition of lands to provide public access to trails or water, greenways, or acquisition of important historic sites for public use. To apply, request an Application for Conservation Projects. These applications are considered five times a year. VHCB Policy for the Conserving Natural Areas; VHCB Policy for Conserving Public Recreational Lands
Local Conservation - Recreational or Agricultural Land, Natural Areas and Historic Properties
Under the VHCB Local Conservation Grant Program, grants of up to $150,000 plus associated costs are available for the purchase of recreational lands, natural areas, and for locally important farm projects. Applications to conserve and restore historic properties will generally not be recommended for more than $100,000 plus associated costs, unless other factors (see policy) apply.
Funding may be used for acquisition costs and for associated projects costs such as appraisals, options, or closing costs. Projects funded under this program might include: land acquisition to provide access to water for swimming or boating, biking and hiking trails, greenways, or conservation or expansion of town parks, forests and natural areas or acquisition of important historic sites for public use.
Funding is not available for the construction or rehabilitation of buildings or the construction of recreational facilities. To demonstrate local support for the projects, applicants must raise at least 33 percent of the total project costs from other sources. This match may include cash, in-kind services, and donations of land and easements that further the conservation goals of the project. All projects must demonstrate municipal support in the form of a letter of endorsement from the selectboard of the town where the project is located.
To apply, request an Application for Local Conservation Projects or an Application for Local Farmland Conservation. These applications are considered twice a year. VHCB Policy for Local Conservation Projects; List of VHCB Local Conservation Awards
HOUSING PROGRAMS
Housing Development
Funds are available to eligible applicants to develop perpetually affordable housing through the acquisition, rehabilitation or new construction of single-family homes, rental housing or cooperative housing, including single-family homes or duplexes, multi-unit apartment buildings, rental or ownership cooperatives, single room occupancy, shared elderly housing and mobile home parks. All housing is required to be affordable to households earning less than 100% of median income. The housing subsidy covenant is the legal document recorded in the land records that travels with the property, ensuring that the State's investment will remain intact. Many housing projects supported with VHCB funds are undertaken by a housing development organization working together with a social service agency to provide support services to residents.
In 2007 VHCB, the Vermont Housing Finance Agency, and the Vermont Community Development Program developed a new Common Application (below) to be used for all multifamily and single family housing developments. The Common Application should be used for all projects and may be submitted to each funding entity.
The funders anticipate meeting once every six months or once a year to make changes to the Common Application based on feedback we receive. Over time we hope to develop a web-based application.
Warning: the application is 100 pages in length, including instructions and forms. Heads up: the fill-in-the-blanks sections are located on pages 3-31. If the spreadsheet is being used, pages 9-14 can be ignored. If there is no homeownership component, pages 15-22 can be ignored as well. HOME is on pages 35-38. VHFA debt is on page 92. Housing Credits are on pages 83-89. VCDP Checklist is on page 41.
Download the Common Housing Application (Adobe pdf version)
Download the Common Housing Application (Microsoft Word version)
Download the Housing Application Budget Forms (Microsoft Excel File)
Home Ownership Programs
Vermont has a strong tradition of home ownership, but the purchase of a home by credit-worthy but lower-income families and individuals is often difficult. In many communities, high real estate values may make it impossible for families to purchase homes even if they work within the community. Through several ongoing programs and individual project awards, the Board, in cooperation with local community housing groups, has assisted nearly 700 moderate and lower-income Vermonters to become first-time home owners.
HOMELAND Program
Households with incomes below 85% of median are eligible to select and purchase their own homes from offerings in the private market under this program which provides purchase subsidies (generally 20% of the purchase price, up to $40,000) to home owners through local community land trusts or other nonprofit housing organizations. The nonprofit receives a development fee of $5,000, owns the land under the home and limits appreciation on the house, making the purchase price more affordable to subsequent buyers. The original subsidy is retained upon resale, assuring continued affordability.
In addition to the HOMELAND grant, buyers obtain mortgage loan financing and contribute their own cash resources (at least $1,000) towards the purchase price of the home. The Single-Family Assistance Program (see below) provides matching loans for down payment and closing cost assistance. Low-interest mortgage loan financing from the Vermont Housing Finance Agency or USDA Rural Development is often paired with HOMELAND grants to complete financing. VHCB HOMELAND Program
Single-Family Assistance Program
The Board provides up to $2,000 per household for down payment assistance loans for buyers of limited-equity homes. Home owners must demonstrate that their ability to purchase is dependent upon down payment assistance. They must also match the amount provided by VHCB and agree to repay the loan when they sell the home. This program often works in conjunction with VHCB's Homeland Program and the Vermont Housing Finance Agency's HOUSE (Home Ownership Using Shared Equity) Mortgage Program. VHCB Policy for the Single Family Assistance Program
Mobile Homes in Parks
For many low- and moderate-income households, owning a mobile home in a mobile home park is the most affordable route to home ownership. Used homes are often available for a low cost and creative financing options are available from dealers for larger new homes. In recognition of the importance of mobile home parks in Vermont's stock of affordable housing, the state designated the improvement and preservation of mobile home parks as a state housing priority in 1987. In many cases, nonprofit organizations have purchased parks at the request of park residents acting through the provisions of Vermont's mobile home park law, Act 252. VHCB Policy for the Funding Mobile Home Parks
Mobile Home Purchase Subsidy Program
Under this program administered by the Vermont Community Loan Fund,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.
Federal Housing Programs Administered by VHCB
VHCB administers funding for the federal HOME Program, and the Lead-Based Paint Hazard Reduction Program. Applications for Lead-Based Paint Hazard Reduction funds are reviewed as they are received.
HOME Program
The Board administers the federal HOME Program for the State of Vermont, through a contract with the Department of Housing and Community Affairs. These funds are used to serve low- and very low-income Vermonters in housing projects meeting the criteria of the state's Consolidated Plan for housing programs. The HOME funds help to cover project development costs, create greater affordability in the projects, and supplement VHCB funds. VHCB has awarded more than $44.8 million in HOME funds since the program began in 1992. The same application, application deadlines and Board meeting dates used for VHCB Housing Funds apply to applications for HOME Funds. Applicants should contact the VHCB office. Home Program Handbook
Lead-Based Paint Hazard Reduction Program
The focus of the program is to reduce hazards due to high levels of lead-based paint in older housing. Children under the age of six are most susceptible to lead poisoning, and many of the units treated in the program house young children. Program funds are available for housing owned by private landlords, nonprofit housing organizations, and home owners. Funds are also available for use in home-based day care centers. The program provides technical and financial assistance to eligible owners in the form of inspections, lab analysis, risk assessment, specification development, clearance testing, and grants and deferred loans to pay for the lead hazard reduction work. Since 1994, VHCB has administered $13.5 million in federal funds to reduce hazards in 1,600 homes and apartments statewide. For more information, see Lead-Based Paint Hazard Reduction Program
Housing Opportunities for Persons with AIDS (HOPWA)
The Board administers HOPWA grant funds from the U. S. Department of Housing and Urban Development to provide a range of housing and services to persons living with HIV/AIDS. HOPWA funds provide rental subsidies, meals delivery, emergency assistance and supportive services throughout the state. Funds have also been used to develop 16 housing units targeted for persons living with HIV/AIDS. VHCB administer the program in collaboration with the Vermont AIDS Council, the Vermont HIV/AIDS Care Consortium, the Department of Health, the Persons with AIDS Coalition, the Vermont Center for Independent Living and the AIDS service organizations. VHCB has administered more than $2.9 million in HOPWA funds.
HUD Special Purpose Grants
The Board administers HUD Special Purpose Grants awarded to specific housing projects in the state. These one-time federal grants assist communities in meeting their housing needs. Last year, HUD Special Purpose Grant funds were used to rehabilitate housing developments in St. Albans, Bratleboro and Essex Junction. VHCB has administered nearly $14.1 million in HUD Special Purpose Grants since 1987.
For more information or to receive copies of applications or policies, contact us by e-mail [info (at) vhcb.org], call 802-828-3250, or write: VHCB, 149 State Street, Montpelier, VT 05602.
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