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HomeMy WebLinkAboutSP-22-025 - Supplemental - 1660 Williston Road (5) Page 1 of 3 Vermont Housing & Conservation Board Ho Hum Conversion ♦ South Burlington, Vermont Champlain Housing Trust, Inc. 2021-082-002 This award is subject to the following restrictions and conditions: Affordability and Conveyance Restrictions: Developer shall execute a VHCB Housing Subsidy Covenant of perpetual duration that restricts Twenty (20) units, which will be prepared by VHCB general counsel and will contain restrictions substantially as follows: VHCB: During the course of the pandemic and the subsequent period of economic recovery, the 20 units funded with this award are to be designated for those who are homeless or at risk of homelessness due to a disruption to their previous housing situation as a result of the COVID 19 public health emergency, and/or those who are referred through the local system of coordinated entry. After that period, Twenty (20) units will be restricted as follows: Developer shall lease Twenty (20) units to persons whose household income, at their date of initial occupancy, is less than or equal to 80% of area median income. The annualized rent charged for each such unit shall not exceed 30% of 70% of area median income for a household consisting of one and one-half persons per bedroom. Developer shall target and make every reasonable effort to lease 6 (Six) of these 20 units to persons whose household income, at their date of initial occupancy, is at or below 50% of area median income. Initially, the annualized rent charged for these units shall not exceed 30% of 50% of area median income for a household consisting of one and one half persons per bedroom. Developer shall make every reasonable effort to lease any Two (2) of the 6 units to persons whose household income, at their date of initial occupancy, is less than or equal to 30% of area median income, OR, to persons with special needs. Developer shall make every reasonable effort to maintain the initial level of affordability on said units. In addition, Developer shall make every reasonable effort to ensure that the annualized rents for all units are "affordable" to the occupying households, as described further in section 7 of the VHCB Housing Subsidy Covenant. Any conveyance of the property shall require the prior written consent of VHCB, which consent shall not be unreasonably withheld if the proposed transferee is an eligible applicant to receive funds from VHCB. VHCB Special Conditions: 1. This award may be funded in whole or part with federal ARPA-SFR funds, and/or FY2022 State appropriation to the VHCB. Disbursement of project funds cannot occur until the Page 2 of 3 State of Vermont has released these funds to VHCB. Awards of ARPA-SFR are contingent upon the execution of a grant agreement between the State of Vermont and VHCB. Housing ARPA-SFR Special Conditions: 1. This award may be funded in whole or part with federal ARPA-SFR funds. Awards of ARPA-SFR are contingent upon the execution of a grant agreement between the State of Vermont and VHCB. Disbursement of ARPA-SFR funds cannot occur until the State of Vermont/AOA has released these funds to VHCB. 2. This award may be funded in whole or part with FY2022 State appropriation to the VHCB. Disbursement of project funds from the FY2022 State appropriation cannot occur until the State of Vermont/AOA has released these funds to VHCB. 3. Federal and State requirements and guidance related to this award, which may contain a combination of funding sources, are evolving. In the event that VHCB staff learn of additional requirements, or changes to existing requirements affecting the funding sources, Developer agrees to provide information as requested to document the project’s compliance. 4. During the course of the pandemic and the subsequent period of economic recovery, the 20 units funded with this award are to be designated for those who are homeless or at risk of homelessness due to a disruption to their previous housing situation as a result of the COVID 19 public health emergency, and/or those who are referred through the local system of coordinated entry. After that period, if changes to the affordability and homeless targeting restrictions are required, the Developer may request revisions to the Affordability Restrictions set forth in the VHCB Housing Subsidy Covenant for VHCB’s consideration. 5. Developer shall report on incurred expenses, and other relevant information in a form and at a frequency to be prescribed by VHCB. Upon VHCB’s request, Developer shall submit any other information necessary to document compliance with ARPA-SFR requirements, as well as, compliance with other federal and state laws and regulations. 6. Prior to closing, and where applicable, Developer will provide: a. A full appraisal, or, subject to VHCB staff approval, a partial appraisal, demonstrating the reasonableness of acquisition costs. b. For projects with ARPA – only funding, a Phase I environmental site assessment, acceptable to VHCB staff. Projects with other funding sources are subject to the environmental provisions of those sources. c. Section 106 historic review, unless exempted. d. A relocation plan and budget acceptable to VHCB staff. e. A final bid or quote for project scope of work acceptable to VHCB staff. f. Evidence of commitment of rental subsidy, support services, and commitment of all other funding sources, or documentation of progress satisfactory to VHCB staff. Page 3 of 3 7. All documents and records related to this award must be retained for a period of at least 5 years from the date of final disbursement of funds. 8. VHCB reserves the right to change the source of the funds provided, not the amount, and will notify Developer. 9. Prior to closing, Developer will provide VHCB staff with an executed State Fiscal Recovery Fund Program Assurances Form. This award is also subject to Standard VHCB Conditions for ARPA-SFR Projects or Standard VHCB Conditions for Rental Housing Projects.