We believe 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.
We provide financing for projects that build or rehabilitate homes for lower-income Vermonters or other vulnerable 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.
We provide financing for projects that build or rehabilitate homes for lower-income Vermonters or other vulnerable 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.
How To Apply
Please email admin@vclf.org or call Makayla LaPerle, Loan Administrator, at 802-224-9141.
BASIC ELIGIBILITY
Vermont nonprofits, 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
- Predevelopment
- Land Banking
- Bridge financing
RATES AND TERMS
- Current rates start at 6% for senior debt or 6.75% for subordinated debt, and vary according to project focus & duration, potential for social impact and strength of your 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 40 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% 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 $2 million.
HOW TO APPLY
We encourage you to speak with us before submitting a loan application. Please email admin@vclf.org or call Makayla LaPerle, Loan Administrator, at 802-224-9141.
BASIC ELIGIBILITY
Vermont nonprofits, 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
- Predevelopment
- Land Banking
- Bridge financing
RATES AND TERMS
- Current rates start at 6% for senior debt or 6.75% for subordinated debt, and vary according to project focus & duration, potential for social impact and strength of your 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 40 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% 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 $2 million.
HOW TO APPLY
We encourage you to speak with us before submitting a loan application. Please email admin@vclf.org or call Makayla LaPerle, Loan Administrator, at 802-224-9141.
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