Loan programs |
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VHFA provides financing for development and preservation of affordable rental housing through a variety of loan programs, as well as allocation of Housing Credits. Newer additions to our Vermont Housing Ventures program include financing for single family housing.
Pre-development
loan programs
VHFA offers predevelopment financing for activities such as architectural design,
cost estimating, legal and consulting services, market studies, and appraisals.
These programs serve nonprofit and for-profit developers in creating multifamily
as well
as single family housing.
- Restricted to nonprofit developers
- Unrestricted
Rates and fees
There are no fees associated with Vermont Housing Ventures. The
interest rate is 3% — subject to change. Please confirm
rate with a VHFA development officer at the time of application. Interest
is accrued and payable with principal at the construction closing.
Homeownership
Construction Loan Program
Financing is available for site acquisition, infrastructure development, and
unit construction for owner-occupied single-family developments.
- Fact sheet
102 KB; PDF - Common application
- Homeownership development proforma
2.84 MB; XLS - Checklist for new condo and PRD project review
78 KB; PDF
Construction and
permanent loans
VHFA offers low interest construction and permanent mortgage financing for the
development and preservation of affordable rental housing. Specific requirements
regarding rent restrictions and qualifying household income may vary with the
funding source. However, all developments must serve at least 51% low- and moderate-income
households. Funds usually come from a number of sources including:
- Proceeds from the sale of tax-exempt or taxable bonds
- Federal Home Loan Bank non-member advances
- Pension fund mortgage pools
- VHFA reserves
Eligibility for multifamily financing programs
The housing sponsor must be organized on a limited profit or a nonprofit basis
and approved by VHFA as qualified to own, construct, acquire, rehabilitate,
operate, manage or maintain residential housing.
Eligible projects
Rental housing properties eligible for VHFA financing can include the following:
- Conventional living units
- Transitional housing
- Congregate homes for the elderly
- Mobile home parks
- Single Room Occupancy (SRO) units
- Special needs housing
- Emergency shelters
- Residential care facilities
- Cooperative housing
- Nursing homes
Standards
- Green Building and Design
Standards
352 KB; PDF
Monitoring
Important: VHFA multifamily permanent loans are subject to monitoring,
insurance, budget, and audit requirements.
Application and fees
In 2007 VHFA, Vermont Housing and Conservation Board, and Vermont Community Development Program unveiled the new Common Application (below) for developers of multifamily and single family housing projects.
This application should be used for all projects and may be submitted to each organization.
- Common application
- Multifamily rental proforma
206 KB; XLS - Permanent Record
Form 803
84 KB; PDF - Rates and fees
