Vermont Housing Conservation Board 2005 - Vermont Housing and ...

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