Housing Trust Fund Formula Grant Award Summary

The Department of Housing and Urban Development (HUD), through its Assistant Secretary for Community Planning and Development, awarded $3.13 million to the Vermont Housing and Conservation Board under the Housing Trust Fund (CFDA 14.275) formula grant program on September 25, 2025. This award, with a completion date of September 25, 2032, funds the production, preservation, and rehabilitation of affordable rental housing for extremely low-income and very low-income households in Vermont. The Vermont Housing and Conservation Board must allocate at least 80 percent of the awarded funds ($2.51 million minimum) toward rental housing activities, with the remaining funds available for homeownership assistance and reasonable administrative and planning costs.

Under this award, the Vermont Housing and Conservation Board will use the Housing Trust Fund resources to provide grants, equity investments, and loans to acquire, newly construct, or rehabilitate affordable rental housing units targeting households with incomes at or below 30 percent of area median income or the federal poverty line, whichever is greater. Up to 30 percent of the grant funds may support operational costs for rental housing acquired or developed with these funds. The grantee must comply with HUD requirements including submission of annual Housing Trust Fund allocation plans and commitment of all funds to projects within 24 months, with full expenditure required within five years of the award date.