Low-Income Housing Tax Credits & Sustainable Development in Vermont, 2017

Vermont’s 2017 Qualified Allocation Plan (QAP) requires all new applicants to follow VHFA’s Green Building and Design Standards.  Preference is given to projects that are built at LEED H or Green Communities standards.

Furthermore, Vermont’s 2017 QAP gives top tier priority to projects that are in a designated downtown, a village center or neighborhood development area, or projects that support downtowns or village centers by virtue of their location (i.e. that are within a reasonable walking distance from the towncore) will also qualify for this criterion. 

The developer will provide a Capital Needs Assessment for all projects and will ensure that the scope of work addresses all long-term capital needs of the project. For projects that are new construction (or are creating new housing units through an adaptive re-use of a building), or for projects that are “gut” rehabilitation (such that all major systems are either being replaced or are in good condition and are expected to have the same capital lifespan as if they were new) the CNA can be submitted later in the development process (but prior to issuance of the IRS Form 8609). For all other developments the CNA is required prior to issuance of the Reservation Certificate / Binding Rate Agreement or, if no such agreement is needed, prior to the Carryover Allocation. The purpose of this requirement is to provide, in a timely fashion, information to the owner and to VHFA regarding the scope of rehabilitation and the funding of the replacement reserves in the operating budget.

Contributed By: 
National Housing Trust

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