Housing Revenue Bond Initiative
Thirty-five million dollars in bonding will be used for the development and improvement of ownership and rental housing for very low to middle-income households under a newly established program. Awards will be based on community needs and the availability of resources for leverage. Priority will be given to projects in areas designated for growth and those with a high degree of readiness to proceed. Projects must serve households at or below 120% of area median income. In addition:
- At least 25% of the housing will be targeted to very low-income Vermonters (households at or below 50% area median income);
- At least 25% of the housing will be targeted to middle-income Vermonters (households at or between 80 and 120% of area median income).
The Vermont Housing and Conservation Board will undertake the program in collaboration with the Vermont Department of Housing and Community Development and the Vermont Housing Finance Agency. VHFA will issue the bonds and VHCB will grant and loan the proceeds for housing projects statewide.
Eligible projects are the construction and rehabilitation of multi-family rental and single family housing with an emphasis on creating new homes and bringing substandard properties back into use. Applications will be considered and awards made over the next three years. All bond funds will be committed to projects by July 1, 2020. Applications will be accepted beginning in the fall of 2017.
Project Types include new construction, rehabilitation of existing homes, multi-family apartments, Single family homeownership, and revitalization of blighted or historic properties in community centers. Public-private development and ownership partnerships are encouraged.
The program target is to create and improve 550-650 units of housing. VHCB is seeking proposals that will help secure an additional $70-100 million from public and private sources for housing development in Vermont. For more information, contact VHCB Housing Director Martin Hahn at 802-828- 3259 or at firstname.lastname@example.org.