The Rental Revolving Loan Fund (RRLF) 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 earning between 65%-150% of the Area Median Income (AMI). 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 on March 1, 2024, after holding funding forums around the state in fall 2023, and making draft program materials available for public feedback in November 2023. The schedule for RRLF is as follows:
- March 1, 2024: Applications open
- April 29, 2024: Applications close
- June 27, 2024: Anticipated award decision
VHFA anticipates a large number of applicants, and expects to be able to award all currently available funding in one round at the June meeting of the VHFA Board of Commissioners.
Applicants may submit applications at any point before the deadline of April 29. Submitting an application before the deadline may allow for more discussion with VHFA's Development Department, but there will not be a priority for applications that are submitted early, and VHFA will review all applications together.
Developers applying for RRLF may also apply for LIAC, and layer these sources when projects meet the goals and objectives of both programs. See RRLF FAQ below for additional information.
For more information about RRLF please see the program materials below. Please note that the Guidelines, Application, and Pro Forma have been updated from the draft materials that were posted previously, and please be sure to consult the most recent materials.
Office hours:
Join VHFA's Development Department on Fridays from 10:00-11:00am, starting Friday, March 15, for virtual office hours to discuss any questions about RRLF applications.
- Zoom link: https://us02web.zoom.us/j/83165400403
- Office hours is a drop-in opportunity for smaller-scale developers working on projects or generally exploring financing opportunities, including the Rental Revolving Loan Fund, LIAC/10% in Vermont, or other programs targeting smaller-scale and emerging developers. There will be no structured agenda -- all questions/topics are welcome. If staffing allows, VHFA will support one-on-one breakouts for project-specific questions.
Program materials:
- RRLF Guidelines (updated April 23, 2024 - to clarify employer outreach requirements)
- RRLF Application (updated April 23, 2024 - to clarify information about application fee, and add a question about employer outreach)
- RRLF Pro Forma/Budget (updated April 25, 2024 - to correct cumulative replacement reserve calculation)
- RRLF Employer Survey (updated March 28, 2024 - formatting only)
- RRLF FAQ (published March 1, 2024)
- Affordability thresholds matrix (used to determine RRLF rent levels)
- Coming soon: Additional RRLF compliance information, and template RRLF Option and Use Agreement
For more information:
- Recording of public meeting about the RRLF draft guidelines that VHFA held on Nov. 20, 2023
- Slides from public meeting (PDF) about RRLF draft guidelines that VHFA held on Nov. 20, 2023
- 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)
- VHFA's Local Investment Advisory Committee (LIAC) Partnership
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