- HOME-ARP Reference Guide
- HOME-ARP VHCB Maximum Subsidy Guidelines
- HOME-ARP Qualifying Populations
- Vermont HOME-ARP Allocation Plan – Approved by HUD 9/22/2022
- HUD Notice CPD-021-10 (Sept. 13, 2021)
- General information about applying for VHCB, ARPA-SFR, HOME, HOME-ARP, and National Housing Trust Funds, the housing application and required checklists
Federal Funding Programs
National Housing Trust Fund
The National Housing Trust Fund (HTF) is a federal affordable housing production program that complements existing Federal, State, and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low- and very low-income households, including homeless families and individuals.
VHCB administers National Housing Trust Funds for the State of Vermont. The HTF regulations are modeled on the HOME Program, but there are several key differences, including deeper income targeting, lower rent requirements, and a longer minimum affordability period.
For more detailed information, see the National Housing Trust Fund Program Handbook and our housing resources.
HOME
VHCB administers the federal HOME Investment Partnership Program for the State of Vermont. Developments with HOME funds serve low- and very low-income Vermonters, increasing affordability in rental housing developments.
For detailed information on the HOME Program, see the HOME Program Handbook and our housing resources.
HOME-ARP
In early 2021 the American Rescue Plan Act became law and included substantial funding through the existing HOME Investment Partnership Program (HOME Program) to address homelessness. Funding is available for the development of HOME-ARP rental units to serve individuals and households experiencing homelessness or at-risk of homelessness. More information about how to apply for these funds is available on our Housing Applications page.
For detailed information on the HOME-ARP Program, see our housing resources.
State Funding Programs
ARPA-SFR
VHCB is administering funding from the federal American Rescue Plan Act State Fiscal Recovery Fund (ARPA-SFR) for Investments in Housing, Conservation, Working Lands Businesses, and Rural Economic Development. In addition, $9.8 million in ARPA funding from HUD through the federal HOME Program is targeted to housing those experiencing homelessness during the pandemic.
VHCB is awarding these funds to accelerate the production and rehabilitation of housing by non-profit and private housing developers, to conserve farmland, natural areas, forestland, and recreational lands, for VHCB’s Vermont Farm & Forest Viability Program to assist working lands enterprises, and to assist communities with grant writing services through the Rural Economic Development Initiative.
VHCB invites applications for ARPA-SFR funds for housing development. Please see the schedule of VHCB Board meeting dates and application deadlines here.
Homeownership
VHCB’s Homeownership Programs provide purchase subsidies to make homeownership more affordable for Vermonters. VHCB funds support the purchase and development of single-family homes by individuals, affordable housing developers, Habitat for Humanity Chapters, and Vocational Education programs.
Homeownership grant funds provided by the Vermont Housing & Conservation Board subsidize the cost of purchasing a home, increasing affordability, and guaranteeing permanent affordability of the home through a model known as Shared Equity Homeownership. 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.
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.
For more information about Homeownership, see our housing resources.
Housing for All Bond Initiative
The Housing for All Revenue Bond is a source of funding for the development of affordable housing that was established in 2017. The Vermont Housing & Conservation Board is administering proceeds from the $37 million bond to fund rental housing and homeownership opportunities for 850 low- and moderate-income Vermont households. The bond funds are matched with state, federal, and private sources, leveraging more than $5 for every one dollar of bond funds, resulting in $198 million in additional resources for housing development.
Spending on affordable housing yields multiple benefits across the economy. The $37 million housing bond also acts as a stimulus package, generating millions of dollars of economic activity through the creation of jobs and the purchase of goods. The revenue bond was issued by the Vermont Housing Finance Agency. It will be paid by $2.5 million in annual revenue from the property transfer tax over 20 years, through 2039. The bold, new initiative represents the largest state investment in housing in more than a decade. It was first proposed by Governor Phil Scott in his January 2017 budget address, gained strong support in the legislature, and was signed into law in late June of that year.
At least 25% of housing funded with the Housing for All Bond will be targeted to households with incomes at or below 50% of median income; another 25% will be targeted to moderate-income Vermonters earning 80-120% of median income. The balance of the funds will be awarded to projects based on community needs, applications received and the availability of resources for leverage. Applications may be submitted for new construction, rehabilitation of existing homes, multi-family apartments, single-family homeownership, and revitalization of blighted or historic properties in community centers, with an emphasis on creating new homes and bringing substandard properties back into use. Public-private development and ownership partnerships are encouraged.
For more information about the Housing for All Bond Initiative, see our housing resources.
Manufactured Home Replacement & Infill Initiative
This funding source is focused on the creation of mobile home rentals that meet the housing needs of those experiencing homelessness, especially those who are exiting hotels and motels.
In accordance with Act 81 of 2023 (H.171), enacted during the 2023 veto session, VHCB is awarding funds “to provide support and enhance the capacity, availability, and utilization of manufactured homes in cooperatively owned, nonprofit, and privately owned manufactured home parks with vacant and available lots” as directed by the Vermont State Legislature.
Manufactured Home Purchase Subsidy Program
VHCB funds are awarded to assist low-income households to upgrade or replace deteriorated homes in VHCB-assisted mobile home parks, to provide down payment assistance and to prevent foreclosure. The program is administered by the Champlain Housing Trust Manufactured Housing Down Payment Loan Program (802 527-2361 x101).
Funding Applications
General Requirements
Most housing funded must serve households earning less than 100% of median income as defined by HUD income guidelines. Most of the homes funded by VHCB serve households with incomes between 30% and 80% of median income. The Housing Revenue Bond can fund housing serving households with incomes from 80-120% of median income. The affordability of the housing is secured with legal instruments (housing subsidy covenants) filed in the land records that remain with the property upon resale to ensure permanent affordability.
Feasibility Funding
The Board provides feasibility awards to assist with pre-development costs and feasibility analysis for individual projects. Feasibility funds typically cover the costs of appraisals, energy assessments, marketing studies, options, engineering and environmental studies, or other pre-development costs.
Eligibility for Funding Programs
- VHCB funds: Non-profit housing development organizations, municipalities, and state agencies are eligible to apply for VHCB funds.
- Homeownership Programs: Home buyers must have a household income below 120% of the applicable county median income, adjusted for household size for the shared equity program through our affordable housing partners, or 70% of median income for Habitat for Humanity homes. Successful completion of a home purchase education program at one of five NeighborWorks HomeOwnership Centers (located in Burlington, St. Albans, Springfield, West Rutland, Brattleboro, Lyndonville and Barre) is a requirement for each buyer receiving VHCB funds. For information about how to apply, please see our resources for homebuyers.
- HOME Program: Both private and non-profit developers are eligible to apply for federal HOME Program funding for rental housing developments.
- American Rescue Plan Act State Recovery Funding (ARPA-SFR) and VHCB Supplemental Housing funds: Non-profit and Private Housing Developers, municipalities and cooperative housing organizations are eligible to apply for the federal AR PA-SFR funding. Non-profits, municipalities and cooperative housing organizations are eligible to apply for supplemental state funding.
- National Housing Trust Funds: Nonprofit housing development organizations, public housing agencies, private developers of affordable housing, and municipalities are eligible to apply for National Housing Trust Funds.
- HOME-ARP: Nonprofit housing development organizations, public housing agencies, private developers of affordable housing, and municipalities are eligible to apply for HOME-ARP.
- Healthy & Lead-Safe Homes Program: For-profit and non-profit landlords as well as homeowners are eligible to apply for Healthy & Lead-Safe Homes Program funds.
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. Please call VHCB staff to discuss your project before completing the application.
Housing Application
Schedule Of Application Deadlines & Board Meeting Dates
To apply for funding through VHCB, please review the following links and complete the application (link above, in yellow) as well as any associated application supplement, below, as instructed:
