Vermont Housing Finance Agency (VHFA) administers the Housing Tax Credit program in Vermont. As administrator, VHFA allocates credits to development projects in accordance with the state’s Qualified Allocation Plan (QAP) which is approved and signed by the Governor of the State of Vermont. The advisory Joint Committee on Tax Credits reviews and adopts allocation policies and reviews VHFA's performance.
Current Qualified Allocation Plan
The current QAP was approved by the VHFA Board of Commissioners in February 2023, and by the Governor in May 2023.
Questions about the current QAP can be submitted via email to Development staff, or by mail: VHFA, Attn: Community Development, 164 Saint Paul Street, Burlington VT 05402.
Draft QAP
As administrator, VHFA proposes periodic updates to the eligibility and prioritization criteria contained in the QAP. On March 24, 2026, VHFA released the latest Draft QAP (PDF) containing updates to increase the impact of housing credits toward meeting the needs of low and moderate income Vermonters. The draft QAP does this by emphasizing cost effective proposals for projects that are ready to proceed to construction upon receipt of an award and expanding the types of projects that can compete for funding while retaining core policy priorities from prior QAPs.
2026 Timeline
- March 24: Third QAP draft released and period of public comment opens.
- April 6: Public Hearing held at VHFA and remotely via Zoom. Watch 4/06 recorded hearing on YouTube.
- April 24: Deadline for public comment submissions (4:30 pm).
- May 18: Joint Committee on Tax Credits (JCTC) meet to consider QAP.
- June 23: VHFA Board considers QAP (if recommended by JCTC).
- June 24: VHFA sends QAP to Governor (if recommended by VHFA Board).
Submit Comments - Public Comment Period Ends on Friday, April 24.
VHFA values your feedback. Interested parties are encouraged to review the drafted QAP (PDF) and submit their feedback by April 24.
Submit Comments:
- Email: [email protected]
- Mail: VHFA, 164 Saint Paul Street, Burlington, VT. 05402. Include "QAP Public Comment" in the subject line.
Clarifying Questions and Responses
During the public hearing, VHFA was asked to provide clarifying information about the QAP public engagement process and several other aspects of the draft QAP.
Public Engagement Process: The draft QAP posted by VHFA was the culmination of an effort that began in June of 2024 and included extensive engagement activities. From June to August of 2024, VHFA hosted a series of eight (8) engagement sessions across the state to gather community input on the housing needs and priorities of Vermonters. This was the foundation for drafting the next QAP. Since then, VHFA has posted three (3) draft QAP updates and with separate comment periods where extensive input was provided.
In early 2026, VHFA hired the national tax credit consulting firm, Novogradac, to prepare a full rewrite of the QAP taking into account all of the feedback the Agency received through this engagement process. Once the current comment period is closed, VHFA will prepare an updated version of the draft QAP for presentation to the Joint Committee on Tax Credits (JCTC) at its meeting on May 18th. This is a public meeting and QAP materials will be publicly available on vhfa.org one week prior to the May 18th JCTC meeting. If recommended by the JCTC, the QAP will advance to the VHFA Board of Commissioners for consideration. The final QAP must be signed by the Governor to become effective.
Pre-application: VHFA welcomes early conversations about future development opportunities and regularly meets with prospective applicants to discuss emerging proposals. VHFA was pleased to hear that commenters value the pre-application process which formalizes a discussion prior to the full application submission deadline and intends to continue this practice. Staff expect to outline this process through procedural guidance posted on VHFA’s website at the time of any application round.
State Designation Program: The draft QAP continues to use the state Designation Program to align housing credits with other public investments fostering downtown development.
Basis Boost and 10% Non-Profit Set-Aside: The latest draft QAP inadvertently omitted these provisions which will be included in the final draft.
Archived Qualified Allocation Plans (PDFs)