Other developer resources

The New Markets Tax Credit (NMTC) Program permits tax payers to receive a credit against federal income taxes for making qualified equity investments in designated Community Development Entities. Virtually all of the qualified equity investment must in turn be used by the Community Development Entities to provide investments in low-income communities, including but not limited to affordable housing.

Vermont Rural Ventures received $30 million in New Markets Tax Credits to develop affordable housing and stimulate economic growth in Vermont. Read more about Vermont's NMTC funding.

Vermont Housing Finance Agency does not administer nor allocate NMTCs. For information, please visit the U.S. Department of Treasury's website on NMTCs.

The Guaranteed Rural Rental Housing Program (GRRHP) allows developers of affordable housing to get a loan guarantee for the debt used to finance the project. USDA Rural Development (RD) can guarantee:

  • Up to 90% of the loan amount for for-profit entities; and
  • Up to 97% of the debt for non-profit entities

In addition, in some instances RD can provide an "interest credit" that will buy down the interest rate on the loan, down to the Applicable Federal Rate. This can have the effect of lowering the developer's annual operating cost by lowering the debt service payments. The developer can, in turn:

  • Borrow more debt;
  • Lower rents;
  • Achieve deeper income targeting; or
  • Pay for enhancements, such as funding social services

Rents cannot exceed 30% of 115% of the Area Median Gross Income at initial occupancy, and units must be initially occupied by households that do not exceed this limit. Any rural area with a population of up to 20,000 is eligible. RD has prepared a fact sheet for the GRRHP.

Vermont Housing Finance Agency does not administer nor allocate GRRHP.  If a developer is interested in this program they should contact RD by calling 802.828.6015 or through the RD Web site.  The developer can then meet with VHFA or another lender and work jointly on an application for GRRHP funds, which is completed by the lender and submitted to RD.

The assisted living development & operations toolkit is made available by Vista Senior Living Inc., thanks to a generous grant from the Robert Wood Johnson Foundation to the Vermont Department of Disabilities, Aging & Independent Living and VHFA.  It includes three financial and operations tools that may be helpful for developers and operators of assisted living.

Developed for use in determining the financial viability of proposed assisted living residences in Vermont. The model allows for the analysis of multi-use projects, including: assisted living, independent senior housing, congregate, skilled nursing care, adult day care, and/or leased commercial space.

Provides step-by-step instructions for using the feasibility model. The guide also includes guidelines for determining private-pay rates and estimating the operating costs for proposed assisted living residences.

Provides guidelines and comparative data for operating projections developed for Vermont-based assisted living residences.