VHFA underwrites developments to be sure they are properly built, completed within budgeted constraints and the stated time frame and meet affordability covenants. Underwriting looks beyond compliance with program rules and target marketing. It includes an in-depth review of underlying project assumptions, demand for the project, acquisition and rehab/construction costs, as well as long-term financial viability.
VHFA's underwriting standards are intended to balance credit risk to maintain a high bond rating with providing the flexibility needed by a wide variety of projects. These standards also meet the needs of bond investors, to help make capital investment in Vermont attractive.
- Appraisal guidelines for affordable multifamily housing properties
- Capital needs assessments
- Housing Tax Credit Year 15 policy - incl. Qualified Contract Process
- Market study guidelines
- Operating Expense Guidelines
- Replacement reserve surplus cash distributions
- Underwriting guidelines
- VHCB/VHFA Building Design Standards
- Energy efficiency
- Qualified allocation plan (summarizes other elements such as special needs and universal design)
- Universal Design Policy and Checklist