Code of Vermont Rules › Agency 80 - ADMINISTRATIVE AND ADVISORY AGENCIES › Sub-Agency 140 - HOUSING FINANCE AGENCY › Chapter 001 - HOME IMPROVEMENT LOANS › Section 80 140 001 - HOME IMPROVEMENT LOANS

Current through June, 2024
Section I SCOPE
			 AND DEFINITIONS
A. Scope and Authority
These rules are made and published pursuant to Section
				621(12), Section 623(a)(2), and Section
				622(7)
				of title 10, Vermont Statutes Annotated, being the Vermont Housing Finance
				Agency Act of 1974, as amended ("the Act") and relate to providing home
				improvement loans to eligible borrowers for rehabilitation of existing
				residential housing.
B.
			 Purpose
The basic purpose of home improvement loans is to encourage
				and preserve an adequate supply of safe and decent housing at reasonable cost
				for occupancy by persons and families of low- and moderate-income.
C. Definitions
The following words and terms, unless the context clearly
				indicates a different meaning, shall have the following meaning;
1. "Eligible Lender" means any bank or
			 lending institution (including public agency or nonprofit organization) having
			 an office in Vermont, and having a minimum of two years experience originating
			 and servicing home improvement or home equity loans;
2. "Eligible Borrower" means persons and
			 families of low- and moderate-income so defined from time to time by VHFA for
			 purposes of its single-family programs, having due regard for changing economic
			 conditions and the criteria set forth in
			 10 V.S.A. Section
			 601(11);
3. "Eligible Property" means residential
			 housing located in Vermont which contains no more than four separate dwelling
			 units, that has been completed and occupied for at least 90 days prior to the
			 date of application for the home improvement loan, and is the principal
			 residence of the borrower;
4.
			 "Eligible Improvement" means permanent improvements, alterations, and repairs
			 that protect, preserve, and improve the livability, accessibility, or energy
			 efficiency of the property. In addition, costs and fees associated with
			 completing improvements, alterations and repairs and obtaining a home
			 improvement loan that are eligible for financing under HUD/FHA Title I
			 requirements, the Vermont Home Mortgage Guarantee Board, or other insurance
			 programs, may be included in the home improvement loan;
5. "Mortgage" means a mortgage deed, deed of
			 trust, or other instrument which shall constitute a lien on real property in
			 fee simple or on a leasehold having a remaining term, at the time such mortgage
			 is acquired, consistent with the Act;
6. "Real Property" means all lands, including
			 improvements and fixtures thereon, and property of any nature appurtenant
			 thereto, or used in connection therewith, and every estate, interest and right,
			 legal or equitable, therein including terms of years and liens by way of
			 judgment, mortgage or otherwise and the indebtedness secured by such
			 liens;
7. "Rehabilitation" means
			 the improvement and repair of residential housing and facilities incidental
			 thereto undertaken primarily to provide dwelling accommodations for occupancy
			 by persons and families in the State;
8. "Residential Housing" means single family
			 or multifamily residential housing comprised of not more than four units
			 designed and used primarily to provide principal dwelling accommodations,for
			 persons and families, including the land and the improvements are situated
			 on;
9. "VHFA" means the Vermont
			 Housing Finance Agency created by the Act.
D. Waivers
The provisions of these rules may be waived by the
				Commissioners upon their determination that the application of such rules, in
				specific cases, may result in undue hardship and that such waiver is not
				inconsistent with the Act.
E. Separability
If any word, phrase, sentence, paragraph, section or part of
				these rules is finally adjudged by a court of competent jurisdiction to be
				invalid, such judgment shall not affect, impair, or invalidate the remainder of
				the rules.