COMMON APPLICATION

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Instructions

 

This is the consolidated application for the  Vermont Housing Finance Agency, the Vermont Community Development Program, and the Vermont Housing & Conservation Board (including the HOME Program). Use it to apply to one or all of the programs administered by these agencies. This application has been separated into sections, starting with the ‘Common Application’ form, which consolidates the informational requirements common to the agencies. Following that are informational ‘Program Overviews’ and ‘Application Supplements’ that collect data for each specific agency’s program. Complete these sections only as necessary.

 

Completing the Application


1)      ALL APPLICANTS must fill out the “Common Application” and submit the Common Application “Required Attachments” that follow.

 

2)      Applicants must also complete the “Application Supplements” and “Required Attachments” for each agency to which they are applying for funds. 


The VHCB Supplement is included if the VHCB box is checked at the beginning of this application on page 2.  


The VHFA Supplement link is: VHFA Supplement.  


The VCDP Supplement link is: VCDP Supplement


Submitting the Application:

 

Please be sure to complete all applicable sections within this electronic application.  If you wish to save the application prior to completion and/or submission, click on the 'Save my progress and resume later' box found on the top of each page.  If you have any questions, the agencies responsible are listed below.


VHFA:                                                                                   VHCB:          

Vermont Housing Finance Agency                                        Vermont Housing and Conservation Board
164 St. Paul St.                                                                       58 East Street
Burlington VT 05401-4634                                                    Montpelier, VT 05602
(802) 652-6432                                                                       (802) 828-3250

                                                                                                  

VCDP:

Agency of Commerce and Community Development

Department of Housing and Community Affairs

National Life Office Building, 6th Floor

Drawer 20

Montpelier, VT 05620-0501

(802) 828-3211

Page 2

Project Address
Yes No
Sponsor/Developer
Project Information (Check all appropriate)
For VCDP Applicants

Page 3

Project Type(s) (e.g., multi-family rental, mobile home park, special needs, SRO, homeownership)
Note: 'Preservation' means preserving existing affordable housing stock (i.e., housing already counted on the State of Vermont's Directory of Affordable Rental Housing (DoARH); it does not refer to projects performing historic preservation.  'Net' New Units refers to the creation / addition of new rental housing to this stock.

Page 4

Proposed Funding (List All Sources & Specify Payment Terms for Each Source):
Funding Sources



$ Amount     

Terms Years,
Deferred
/
Amortizing 
 




Rate        



Grant/Loan       


Anticipated
Approval



Approved
VHCB (Trust Fund)                                      
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
VHCB (Revenue Bond)
Lead Paint Reduction
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
HOME
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
VHFA-Permanent Debt
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
VCDP
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
Tax Credit Equity
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
FHLB - AHP
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
Rural Development
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
Existing Deferred Debt
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
Other Amortizing Debt
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
Proceeds from Home Sales
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
TOTAL SOURCES                     $
Other Funding Sources
Enter as a whole number WITHOUT any commas
Enter Yrs - D/A for Deferred or Amortized - for example - 15-A for 15 yrs. Amortized - 15-D for 15 yrs. Deferred
Construction Financing Needed
At the end of this application you will be required to provide a pro forma development budget as an Excel Spreadsheet (capital budget and operating budget) in a VHFA / VHCB format.  A template (Multifamily Rental Proforma) is available at VHFA/VHCB Spreadsheet.  In the attached budget itemize any funding sources which have been aggregated immediately above, e.g., Tax Credit Equity, Deferred Debt, Other Amortizing Debt.

Page 5

NARRATIVE SUMMARY SHEET
for VCDP, VHCB, HOME, and VHFA
Please provide a brief summary of the project.  Limit your description to one page whenever possible.  Name the entity(ies) that will be involved and describe their role in the project.  State when the project will begin and when the project will be completed.  Summarize the important goals of the project.  Describe how the goals of the Consolidated Plan priorities will be met.  See the Consolidated Plan.  Describe any other important project attributes.
Include a description of the type of housing, any special populations to be served, the number of buildings and the number of units.  If the project involves the acquisition and/or rehabilitation of existing structures, please indicate by building the year of original construction and the year of most recent significant capital improvement.  If this is a service-supported housing development, please describe the services to be provide and the entity that will provide them.
If you are applying for VHCB Housing Revenue Bond funding, please describe how the project qualifies for that funding.  Address how the project will provide net new units or other priorities identified by VHCB.  Indicate if and to what extent the project can provide units meeting the special income targets of the Housing Revenue Bond funding.

Page 6

DEVELOPMENT TEAM INFORMATION
for VCDP, VHCB, HOME, and VHFA
Architect
Real Estate Attorney
Development Consultant
General Contractor / Construction Manager
Property Manager
Other
Other Vendors/Professionals (i.e., tax attorney, engineers, home buyer education/selection entity, service provider, etc.; if known at this time, include the names of the partnership and general partners).
At the end of this application you will be required to attach resumes and describe any affordable housing experience for the development team members listed above who have not, in the last two years, worked on any developments funded by these agencies.  For a homeownership application, describe the organization's experience with developing for-sale homes, stewarding homeownership units, and educating potential home buyers.

Page 7

Page 8

BUILDING, APARTMENT AND UTILITY INFORMATION
for VDCP, VHCB, HOME, and VHFA
Appliances/Equipment included with Unit


Utilities                          
Utility Type
(Gas, Oil
Electric, other)                      


Utilities paid by:        

Utility Allowance for each BR size
(only for utilities paid by tenants)
0-BR
1-BR
2-BR
3-BR
4-BR
Heating
Hot Water
Cooking
Lighting
Water
Sewer
Trash
Total Utility Allowance per unit
Adequacy of Utility Systems (Existing Developments Only):
Are the following utility systems currently available and adequate for the project for the duration of the loan?
(For new construction, check "N/A")
Adequacy of Energy Specifications

Page 9

Site Control
Please complete for each property:
Site Control
NOTE: If certain Federal funds are to be used, an Environmental Review must be done prior to any choice-limiting actions (including the execution of a Purchase and Sale Contract).
Site Information
(For VCDP and HOME applicants only: If yes, also see the Environmental Review Guide "8 Step Process for Flood Plain Management" on the HUD website HUD's Flood Plain Management or contact the DHCD Environmental Officer.

Page 10

PERMITS INFORMATION
for VCDP, VHCB, HOME, and VHFA
Attach a complete Project Review Sheet from the Department of Environmental Conservation (DEC).  Download the most current form from the following address: Project Review Sheet.  A list of contact information for the regional DEC offices can be found at www.nrb.state.vt.us/lup/commission_members.htm

Page 11

TARGET POPULATION MARKET, AND REGIONAL DATA
for VCDP, VHCB, HOME, and VHFA
Please describe the target population, the need for the project, the urgency of that need, and how the need was determined.  Please cite specific demographic data and submit any market studies and/or waiting list information.
  1. If applying for Housing Credits, please refer to VHFA's Market Study Standards at Market Study Standards. For all other applications, a full market study is required if new units are being added. See the VHFA link for market study standards.  Exceptions may be permitted for projects housing special needs populations. Check with the staff of the agency to whom you are applying. 
  2. If applying for VCDP or HOME funds, please refer to the Regional Housing Needs Chart from the Consolidated Plan Housing Needs Assessment: http://accd.vermont.gov/strong_communities/housing/planning/needs_assessment
  3. If applying for VHCB Housing Revenue Bond funding, make sure that the project's market study and marketing plan address the special income targets of that funding to the extent they are included in your proposal.
Note: For all homeownership applications a market study is required.
Services
What services will the project provide (e.g., parking, laundry, storage, snow removal, air conditioning, electric surcharge, health/recreation club membership)?  Please indicate in the following the specific service to be provided, whether it is optional or included, and if optional, what the monthly cost is (if services are required, they must be included in gross rent and cannot be charged for separately).  For projects that meet the special needs definition as stated in the Allocation Plan, please instead submit a service plan (with cost information) with your application.
Type of Service                                                                                       
 Optional?
      monthly cost per unit

Page 12

TIMETABLE
for VCDP, VHCB, HOME, and VHFA
What is the timetable anticipated for development of the project?  Please fill out the following:

Timetable
Timetable Events /  Descriptions                                                                                                    
   Month / Year

Page 13

MUNICIPAL AND COMMUNITY SUPPORT
for VCDP, VHCB, HOME, and VHFA

Page 14

Project Characteristics
Please indicate which of the following characteristics the project demonstrates based on the definitions provided.  Provide documentation as needed.
Project is within 0.5 miles of a stop for public transportation, that operates at regular times on fixed routes and are used by the general public.
The Project is located in Designated Downtowns, Village Centers, Growth Centers, Vermont Neighborhoods and New Town Centers that are also area-wide low and moderate income benefit communities with facade, streetscape and other infrastructure improvements.
The site is not already in a designated downtown or village center.  These are intended to provide convenient neighborhood and city-wide oriented goods and services and employment opportunities within walking or biking distance of many of the city's or town's residential areas.
The Project is designed and built to a level of energy efficiency that meets or exceeds the levels required to qualify for the Energy Star label.  LEED-H: A standard of construction promoted and maintained by the US Green Building Council to encourage green building practices.  LEED-H (also know as LEED for Homes) is an abbreviation for Leadership in Energy and Environmental Design - Homes.
A development currently occupied by low-income households that, within the next five years, faces either a: 1) a loss of deep rental assistance or other operating subsidy; or 2) prepayment of its mortgage or other action by its owner that would terminate federal low income use restrictions.
The Project has other non-federal funding sources for leveraging the HOME funds to ensure the overall HOME Program meets the 25% Match Requirement.  Projects must demonstrate leverage of resources and cost-effectiveness, including density bonuses, building weatherization, energy efficiency, and fuel switching available from private and public programs, and lead paint hazard abatement.  Historically, a majority of the Vermont Housing and Conservation Board (VHCB) State appropriation for housing is matched to the HOME Program funds.
The Project receives new HAP contract from PRAC, RD Rental Assistance, or comparable Federal or State assistance.
The Project serves families currently living in public housing or are on public housing (State or local) waiting lists.

The Project is the creation of 1.) new rental housing through new construction or adaptive reuse in a town or city with a vacancy rate of 3.5% or less, as evidenced by a regional market study, OR 2.) the rehabilitation of an existing residential building.

The Project contains blight.  Blight is a condition that exists when a significant portion of a building or site is uninhabitable or unusable due to neglect, condemnation, or damage from fire or other natural disaster.  This definition may be met by: a project in which there is one building which is in a blighted condition (whether it’s a project having only 1 building, or if there is at least 1 building within a multi-building scattered site project); or a project which involves the clean-up of a brownfield; or a project which may involve the demolition of unused non-housing structures which may be in a blighted condition or a condition of disrepair which has an adverse effect on the surrounding community, in order to develop a site into affordable housing.

The project is using a set of design practices that are intended to make space usable by many people, to the greatest extent possible, at little or no extra cost.  Some universal design features include: entrances which do not involve steps; wide doorways; and light switches located at a height easily reached by all residents (including children, the elderly, and disabled).

Page 15

ENVIRONMENTAL SITE REVIEW CHECKLIST
In completing this checklist, at a minimum, you should visit the property, check the town records, and talk to neighbors and the property owner.   If you answer "yes" to one or more of questions #1-16, you should contract with an environmental engineering firm for a Level I and/or II environmental assessment. A Phase I Environmental Site Assessment may be submitted in lieu of this checklist.  
Project Address
5.     Does the property show any of the following signs?
12.    SITE HISTORY: Has the property or adjacent property ever been used for any of the following "high risk" activities?
High Risk Activities
                                                            Site
Adjacent Site
                                                          Site  
Adjacent Site

Page 16

VHCB / HOME APPLICATION SUPPLEMENT
Please answer all the following questions as completely as possible.
Review the VHCB policies for affordable housing at VHCB Housing Policies
8.  VHCB requires applicants to make the following contacts in writing to inform appropriate parties of the project: 1) regional planning commission; 2) appropriate municipal officials; 3) VT Division for Historic Preservation (unless you are applying for HOME or Lead Paint funding in which case VHCB will contact its historic preservation consultant).  Please make these contacts sufficiently in advance to allow for a timely response.  Please submit copies of any comments received.

Page 17

Instructions for Required Attachments


Use this link for the checklist of required attachments for the Common Application: Checklist


Use this link for the checklist of required attachments for the VHCB/HOME Application Supplement: Checklist


Each checklist provides instructions for a required document naming system.


Attachments to your application should be submitted through the VHCB Guest Share Server.  Contact Ron Rupp at (802) 828-2912 or rrupp@vhcb.org to obtain a username and password if you do not already have this information.

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