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 as well as any associated application supplement, below, as instructed:
