Vermont Housing Conservation Board 2005 - Vermont Housing and ...
Vermont Housing Conservation Board 2005 - Vermont Housing and ...
Vermont Housing Conservation Board 2005 - Vermont Housing and ...
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in the marketplace, <strong>and</strong> for homes<br />
built by Habitat for Humanity, high<br />
school vocational building trades programs,<br />
<strong>and</strong> incarcerated women. In<br />
addition to grants that provide equity<br />
<strong>and</strong> thereby lower the household’s<br />
mortgage amount, VHCB loans help<br />
pay for closing costs.<br />
Strategic Investments in Downtowns<br />
<strong>and</strong> Village Centers<br />
VHCB made awards that will help to<br />
rebuild after disastrous fires, bring new<br />
life to vacant buildings, <strong>and</strong> renovate<br />
dilapidated structures in key downtown<br />
or village center locations. In the<br />
wake of fires that struck downtown<br />
Enosburg <strong>and</strong> Brattleboro, VHCB<br />
committed funds to rebuild, combining<br />
first floor commercial with upstairs<br />
residential space designed in keeping<br />
with the historic character of those<br />
town centers. Vacant buildings in the<br />
heart of Richford <strong>and</strong> Whitingham<br />
will be brought back to life through<br />
the creation of new apartments while<br />
key buildings on South Main Street<br />
in Bradford will undergo thorough<br />
renovation. Senior apartments were<br />
funded in the village centers of Glover<br />
<strong>and</strong> Waitsfield, adding to the vitality<br />
of those communities <strong>and</strong> securing<br />
rental assistance for very low-income<br />
<strong>Vermont</strong> elders.<br />
VHCB <strong>Housing</strong> Programs<br />
Under the following programs, the <strong>Board</strong> funds the acquisition,<br />
rehabilitation <strong>and</strong> construction of affordable housing by nonprofit<br />
housing organizations. Private developers are eligible to apply for federal<br />
HOME funds to increase the affordability of rental housing. All housing<br />
funded must serve households earning less than 100% of median income as<br />
defined by HUD. The majority of the units funded by VHCB serve households<br />
with incomes between 30% <strong>and</strong> 80% of median income. Private l<strong>and</strong>lords<br />
<strong>and</strong> homeowners can apply for Lead-Paint Hazard Abatement funds.<br />
Feasibility Funds Grants of up to $15,000 pay for predevelopment<br />
costs such as appraisals, engineering <strong>and</strong> environmental studies, energy audits,<br />
options, preliminary architectural <strong>and</strong> title work <strong>and</strong> marketing analysis.<br />
Multi-Family Rental <strong>Housing</strong> The <strong>Board</strong> funds acquisition <strong>and</strong><br />
rehabilitation or new construction of rental housing <strong>and</strong> rental <strong>and</strong> ownership<br />
cooperatives in multi-unit buildings.<br />
Service-Supported <strong>Housing</strong> <strong>Housing</strong> development organizations<br />
work with social service agencies to provide housing with support services<br />
for residents. Projects address special needs such as housing for elders, for<br />
battered women, or for physically, developmentally, or mentally disabled<br />
persons.<br />
Homeownership Programs<br />
• Homel<strong>and</strong> Grant funds subsidize the cost of single family homes,<br />
duplexes <strong>and</strong> condominiums, increasing affordability <strong>and</strong> guaranteeing<br />
perpetual affordability upon resale. Appreciation is limited by an<br />
agreement between the nonprofit <strong>and</strong> the homeowner. In return, the<br />
purchase price of the home is reduced significantly.<br />
• Single Family Assistance Program Participating nonprofit<br />
housing organizations administer grants of up to $2000 to assist<br />
homebuyers with downpayment <strong>and</strong> closing costs.<br />
• Habitat for Humanity & Vocational Education Grants help<br />
pay for l<strong>and</strong> or lower the costs of construction. The resulting savings are<br />
passed on to first-time home buyers.<br />
• Mobile Home Parks VHCB funds assist with the purchase <strong>and</strong><br />
upgrading of mobile home parks by nonprofit housing organizations.<br />
• Purchase Subsidy Program VHCB funds assist low-income<br />
households to purchase mobile homes in nonprofit-owned mobile<br />
home parks. Funds are provided for down payment assistance, to<br />
prevent foreclosure, or to upgrade or replace deteriorated homes.<br />
Transitional <strong>Housing</strong> Fund assists organizations working to develop<br />
housing for <strong>Vermont</strong>'s homeless <strong>and</strong> marginally housed population.<br />
<strong>Housing</strong> for Persons Living with HIV/AIDS Federal funds from<br />
the U.S. Department of <strong>Housing</strong> <strong>and</strong> Urban Development subsidize housing<br />
<strong>and</strong> meals for persons living with these diseases.<br />
Lead Paint Hazard Abatement Funds provide homeowners, l<strong>and</strong>lords<br />
<strong>and</strong> nonprofit organizations funds <strong>and</strong> services to reduce lead hazards.<br />
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