New Program in Vermont Aims to Enhance Rental Housing
The Rental Housing Improvement Program (RHIP) is a pioneering low-interest loan initiative designed specifically for landlords in the Town of Brattleboro. This program is crafted to assist landlords in making essential repairs or improvements to their rental properties, thereby enhancing the overall quality of rental housing in the area.
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Eligibility Criteria for Properties: RHIP is open to a wide range of rental properties in Brattleboro, subject to certain conditions:
- A majority of the tenants (at least 51%) must have a total household income that does not exceed the “low-income” limit, as determined annually by the federal Department of Housing and Urban Development. For properties with two to four tenants, the requirement is 50%.
- All tenants must have written rental agreements that comply with Vermont law.
- The property must adhere to Brattleboro’s zoning requirements and either meet or be in the process of meeting building, fire, and health codes through the use of the loan.
- Property owners must have a minimum of 20% equity in the property that is set for improvement.
- Owners must be current with all property taxes in Brattleboro or have an arrangement in place.
Eligible Types of Work: The program covers a variety of repairs and improvements, including:
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- Compliance with applicable codes.
- Creation or rehabilitation of rental units in single- or multi-family buildings.
- Structural repairs.
- Upgrades to electrical, plumbing, or heating systems.
- Weatherization projects.
- Accessibility modifications.
- Lead paint or asbestos abatement.
It is important to note that routine maintenance is not covered under this program.
Loan Terms:
- Loan amounts can range from $3,000 to $25,000.
- The repayment period can extend up to 10 years.
- The interest rate is set at 50% of the Prime interest rate, with a minimum rate of 3%.
- Loans are secured through promissory notes and mortgage deeds.
Affordability Requirement: Borrowers are obligated to maintain rent and utility costs at levels affordable to low- or moderate-income tenants for a period of five years or for the duration of the loan, whichever is longer.
Application Process:
- Completion of a preliminary application form.
- Review of project eligibility by the Loan Coordinator.
- Submission of a full application and processing fee, including detailed financial information about the building and owner.
- A site visit to evaluate the proposed work and budget.
- Review and recommendation by the Loan Review Committee.
- Final loan decision made by the Selectboard.
For More Information: Interested landlords seeking to improve their rental properties in Brattleboro can begin the application process or request more information by contacting the Town of Brattleboro’s Grants Manager at 802-251-8122 for a preliminary application form.
This program represents a significant step towards improving the standard of rental housing in Brattleboro, offering landlords a feasible way to upgrade their properties and contribute positively to the community’s housing landscape.
