VHCB funds support the purchase and development of single-family homes by individuals, affordable housing developers, Habitat for Humanity Chapters, and Vocational Education programs.
We work with a statewide network of non-profit affordable housing organizations to provide homeownership grant funds that subsidize the cost of purchasing a home, increasing affordability, and guaranteeing permanent affordability of the home through a model known as Shared Equity Home Ownership. Depending on income level, need, and other factors, households can receive grants of up to $80,000, or 35% of the purchase price of a home.
How it Works
Under the shared equity model, the home buyer’s equity upon resale is limited to 25% of appreciated value, plus the value of the principal paid down and the value of any authorized capital improvements made by the homeowner. In return, the initial purchase price of the home is reduced by the amount of the grant. Subsequent purchasers can benefit from the limited appreciation and purchase a home for less than market value. The original grant stays with the home upon resale, recycling the subsidy to the next buyer. In addition to the grant, buyers must obtain mortgage loan financing and contribute their own cash resources (at least $1,500) towards the purchase price of the home.
Interested in purchasing a shared equity home?
Click below to visit our Homebuyer Resources.
Habitat for Humanity & Vocational
Education-Built Homes
VHCB makes grants for home building projects undertaken by Habitat for Humanity or Vocational Education programs around the state.
The 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. Applications are accepted on a rolling basis as long as funds are available.
To Apply:
Nonprofit applicants should review Guidelines on Habitat for Humanity or Vocational Education-Built Home Programs. Download the application (MicrosoftWord) or Adobe Acrobat (pdf) and the budget form (Excel file).
