Earlier this summer the Vermont Housing Finance Agency (VHFA) Board of Commissioners awarded just under $10 million from Vermont's newly launched Rental Revolving Loan Fund (RRLF). These awards will fund development of 265 apartments in nine Vermont communities across the state. 

The RRLF was created as part of Vermont's Housing Opportunities 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 earning between 65%-150% of the Area Median Income (AMI).  A middle-income two-person Vermont household making 100% AMI is currently defined as having annual income of $82,000-$95,000 depending on location. 

A consortium of Vermont housing and community development partners are assessing the Vermont landscape for off-site construction (including panelized construction), modular, and manufactured home initiatives.  As local and state policy makers take steps to meet housing needs, the potential of advanced construction approaches continues to draw significant interest. Advocates point to benefits in terms of cost savings, labor, volume, climate and design and building standardization.

VHFA is pleased to announce Community National Bank has joined as a participating lender, and is now offering VHFA programs and benefits to eligible homebuyers. Community National Bank brings a wealth of mortgage lending expertise and has been rooted in Vermont since 1851.