VHIP 2.0 launched in the spring of this year with $3,750,000 available for projects across Windham and Windsor Counties. From April 15- May 31st, we received 55 applications representing 96 units and $4,650,000 in requested funds. VHIP (Vermont Housing Improvement Program) is a statewide program which works with private property owners to create or rehab rental housing stock across Vermont. These homes, including accessory dwellings units (ADUs) and multifamily rentals will be leased at an affordable rate for at least 5-10 years depending on the funding structure. Windham & Windsor housing Trust administers this program in Windham and Windsor Counties and has seen incredible response in the past iterations of the program.
In the application pool under review currently, we had 33 rehabs, 41 conversions – commercial to residential (interesting trend in how much former office and retail space is being converted to housing), 12 new construction, 4 whole building type of repair (roof, heating system, other structural needs, 1 or more units is encumbered with restrictions depending on size of grant, and 15 ADUs. The task now is to identify the projects competitive enough to receive funding.
“Applications are being scored based on feasibility, geographic distribution of funds, shovel readiness and past performance.” Bruce Whitney, Director of Homeownership shares. “At this point, our program coordinator is in contact with applicants and visiting sites across our region to evaluate these criteria. It’s clear that more would like to participate in the program. At this time we do understand there will be more funds available. When final information is available from the Department of Housing and Community Development we can determine when we can reopen applications.”
“We are glad to have this program in our toolbox,” Elizabeth Bridgewater shares, “The housing crisis is so entrenched that having every tool available is necessary. This program works particularly well for the smaller communities that do not have public infrastructure, where traditional development is not feasible. Every affordable home counts and we’re grateful for private property owners who are enthusiastic to add to the housing stock.”
