The Rental Revolving Loan Fund (RRLF) provides low-interest loans to developers of middle-income rental housing.
About the Rental Revolving Loan Fund (RRLF)
The Rental Revolving Loan Fund was created as part of Vermont's Housing Made for Everyone (HOME) Act, which was signed into law on June 5, 2023. The Act created RRLF to incentivize the creation and preservation of rental housing for middle-income households. The program provides developers and builders with a subordinate loan for up to 35% of the development cost per rental unit for middle-income households.
VHFA opened applications for RRLF in March 2024, after a public process that included hosting forums around the state and asking for public feedback on draft program materials. VHFA received strong interest in the program, with applications totaling more than twice the available funds.
In June 2024, the VHFA Board of Commissioners awarded all currently available RRLF funds. The awards will fund the development of 265 rental homes in nine communities across Vermont. Future rounds of RRLF will be dependent on additional funds becoming available for this program through Legislative appropriations or other sources.
In fall 2024, VHFA announced a special, second round of RRLF with Technical Assistance (TA) included. This round was spurred by the high level of interest in RRLF from small-scale and emerging developers, and in underserved Vermont communities. RRLF with TA is funded by philanthropic investments, VHFA’s partnership with the Vermont State Treasurer’s Local Investment Advisory Committee (LIAC), and VHFA funds. RRLF with TA was previously called the Community Housing Accelerator program, but has now been simplified as RRLF with TA. VHFA opened applications for RRLF with TA in November 2024, closed applications in January 2025, and made initial awards for the Technical Assistance portion of funding in March 2025. Future rounds of RRLF with TA will be dependent on additional funds becoming available.
Program materials:
- RRLF Guidelines (updated November 8, 2024)
- RRLF Application (updated November 8, 2024)
- RRLF Pro Forma/Budget (updated October 8, 2025)
- Affordability thresholds matrix (used to determine RRLF rent levels)
- RRLF Use Agreement (updated July 31, 2024)
- RRLF Compliance (updated June 2025)
Program materials - RRLF with TA only:
- CHA Technical Assistance Program (published November 8, 2024)
For more information:
- Press release: VHFA Awards $10 Million in First Year of New Rental Revolving Loan Fund
- Text of the Housing Made for Everyone (HOME) Act (PDF), with information about RRLF beginning on p.57
- Housing development funding forums that VHFA held in fall 2023 (including recorded presentation)
Other resources:
- Vermont Department of Housing and Community Development's "Homes for All Toolkit," with information and resources for small-scale home builders and developers