Vermont Housing Improvement Program (VHIP) 2.0
The Vermont Housing Improvement Program (VHIP) 2.0 provides grants and 0% interest loans up to $50,000 per unit to property owners to create affordable rental units. The program is flexible and allows for several ways to bring rental units online including rehabbing units with code violations, converting non-residential structures to residential units, and building new structures with up to 5 rental units. Apartments and homes funded with VHIP 2.0 must be available as long-term rentals at an affordable rate, and the property owner must provide a 20% match of grant funds.
Manufactured Home Improvement and Repair Program (MHIR)
Through 3 programs, MHIR offers assistance to manufactured home communities (commonly known as mobile home parks) and current and prospective manufactured home owners. 1) Community Infill Awards are available to park owners to assist with small-scale capital needs to infill vacant lots and cover associated expenses up to $20,000. 2) Manufactured Home Repair Awards offers funding to cover the costs of repairing existing homes to prevent displacement. 3) Manufactured Home Foundation awards can help prospective and current home owners to pay for a foundation and related expenses in preparation for siting a home on a vacant lot, up to $15,000.
Vermont Community Development Program
The Vermont Community Development Program (VCDP) assists communities on a competitive basis by providing financial and technical assistance to identify and address local needs in the areas of housing, economic development, public facilities, and public services.
Charitable Housing Tax Credit
The Charitable Housing Investment Tax Credit (HITC) is an opportunity to support affordable housing in Vermont and reduce your Vermont taxes.
Downtown & Village Tax Credits
Have a downtown or village center commercial building that needs help? Need an elevator or sprinkler system installed to use the upper floors? Tax credits may be the answer.
Downtown Sales Tax Reallocation
Municipalities and the project developer may jointly apply to reallocate sales taxes generated by a project located within a designated downtown district. Examples of projects include parking garages, pocket parks, and other municipal improvements that enhance the qualified project.
Neighborhood Development Area Designation
The Neighborhood Development Area Designation program provides special permits and tax incentives for communities and developers that commit to building mixed-income housing within or adjacent to designated downtowns, village centers, new town centers, and growth centers.