The Vermont Community Loan Fund believes that a safe, affordable home is the cornerstone of any family's ability to become economically stable, achieve self-sufficiency and build wealth for the future.

VCLF provides financing for projects that build or rehabilitate homes of lower-income Vermonters or other vulanerable populations.  Ranging in size from one home to 100, our projects include single- and multi-family homes.  Whenever possible, we partner with traditional lenders, philanthropic organizations and other community resources to make the deal happen.

VCLF also offers small 0% loans to individuals to cover closing costs and down-payments when purchasing mobile homes in nonprofit parks.

Basic Eligibility

VT-based nonprofit organizations, for-profit organizations and individuals who:

• Create or preserve affordable housing
• Benefit Vermonters earning less than 80% of the median income
• Are unable to obtain credit at reasonable rates and terms

Acceptable Uses

• Real estate acquisition
• Construction
• Rehabilitation
• Bridge financing

Rates and Terms

• The average current rate is between 6 and 7%.  However, rates do vary according to project need and strength of proposal.
• Terms range from a few months up to 5 years, with extensions generally permitted for another 3 to 5 years.  Amortization may be scheduled for up to 25 years.
• There is an application fee of 0.5% of the total loan amount or $350, whichever is greater.  There is an origination fee of 1.5% of the total loan amount due at closing; the application fee is credited towards this closing fee.

Collateral

Collateral is required on financed assets. Additional collateral may also be required.

Maximum Loan Amount

The current maximum loan amount will not exceed $1 million.

How to Apply

We encourage you to speak to a loan officer before submitting a loan application. 

Please contact Barbara Petrie, Loan Coordinator for Housing and Community Facilities Programs, at (802) 223-4425, or by email for more information.

You may download application forms here:

• Housing & Community Facilities Loan Application