VCLF's mission is to strengthen Vermont by providing equitable access to capital for affordable housing, community facilities, and small business.

Housing & Community Facilities Loans

The Vermont Community Loan Fund provides loans to affordable housing developers and community service providers for housing and community facilities that serve Vermonters earning 80% of the median income or less. Projects include single and multifamily housing, mobile home parks, elder care facilities and community art centers. Our loans are frequently an essential part of a total financing package which includes grants and bank loans.

VCLF also offers small 0% loans to individuals to cover closing costs and downpayments when purchasing mobile homes in nonprofit parks; and loans to private landlords for the rehabilitation of rental properties.

proctorsvillegreen

Eligible to apply are nonprofit organizations, for-profit organizations and individuals that:

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

(Pictured above: Proctorsville Green, Cavendish, VT)

Loans may be used for:

Real estate acquisition
Construction
Rehabilitation
Bridge financing
Equipment purchase

Rates and terms:

Below-market rates, typically 7.0% depending on the project need and strength of proposal.
Terms range from several years up to 5 years, with extensions generally permitted for another 3 to 5 years.
Amortization schedule of up to 25 years.

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.

Fees:

Application fee of 0.5% of the loan amount or $350, whichever is greater. The application fee is credited toward the origination fee.
Origination fee of 1.5% of the loan amount.

To apply:
We encourage you to speak to a loan officer before submitting a loan application. You may download application forms here: Housing & Community Facilities Loan Application

For more information, please contact the Housing & Community Facilities Loan Assistant at (802) 223-1448, or by e-mail.