As Vermont’s housing finance agency, VHFA has been accepted into HUD’s 2014 physical-inspection pilot program. This pilot is designed to better align rental housing policies among the federal agencies that administer the country’s largest affordable housing programs: Treasury (housing tax credits and bonds) HUD (HOME grants, Section 8 and FHA insurance), and the USDA Rural Development Service.
Sixteen VHFA properties are eligible for the 2014 pilot. In addition to satisfying VHFA’s tax credit monitoring obligations, HUD’s Real Estate Assessment Center (REAC) inspections will now meet the physical inspection requirements of any HUD rental assistance, HOME funding, USDA 515 and FHA insurance program funding in these properties where applicable. This will help all agencies that are required to complete physical inspections as part of their compliance monitoring role.
HUD’s REAC inspections of pilot program properties will be paid for and completed by HUD using third party contractors. These inspectors are now in the process of scheduling inspections with project owners. VHFA will download inspection results from the REAC website and distribute them to the funding agencies that are involved with each project in the pilot.
For more information, contact Sam Falzone, VHFA’s Director of Multifamily Programs.
Pilot projects
Abenaki Acres, Swanton
Alburgh Family Housing, Alburg
Allen Apts., Winooski
Cherry Street Housing, Hardwick
Cummings Street Family Housing, Montpelier
Highgate Apts., Barre
Huckle Hill Senior Housing, Vernon
Linden Terrace, Rutland
Peterson Place, Burlington
Pine Manor, Alburg
Randolph House, Randolph
River Bend Apts., Enosburg Falls
School Street Apts., Plainfield
South Square Apts., Burlington
West River Valley Senior Housing, Townshend
Wharf Lane, Burlington
Photo: Linden Terrace in Rutland, one of the 16 projects participating in the 2014 pilot program.