STATE LIHTC RESEARCH

Vermont
QAP scoring guide.

Vermont Housing Finance Agency (VHFA) · 2024-2025 (effective 10/1/2023) — still in effect as of Aug 2026 QAP

Browse all states ↗

● Verified guideChecked Sep 13, 2026View source QAP ↗

THE POINT TABLE

Competitive scoring

16 categories

null — not stated in the QAP, and no VHFA-published scoring summary or recent-award scoring data was located in the documents reviewed.

Select a category to read its scoring criteria.

Site Designations

4 pts

4 checkmarks for location in a Downtown/Village Center, within 0.5-mile walking distance supporting one, or in an associated Neighborhood Development Area/Growth Center; 3 checkmarks for New Town Centers, unassociated Growth Centers, or related Neighborhood Development Areas; 2 checkmarks for Dense Infill Sites.

Project Tenancy

4 pts

4 checkmarks for general-occupancy projects (any market-appropriate unit-size mix); 1-3 checkmarks for age-specific/senior projects based on service-package robustness — 3 for Service-Enriched Housing equivalent to the SASH model or better, 1-3 for other service plans as staff-evaluated.

Eviction Prevention

2 pts

2 checkmarks if the project includes a service plan with a Resident Service Coordinator and/or housing-retention programming, AND the sponsor demonstrates a history of housing formerly-homeless/at-risk households with capacity for eviction-prevention services.

Housing with Services for the Homeless

4 pts

4 checkmarks for dedicating at least 25% of Housing Credit units as Housing with Services for the Homeless or At-Risk of Homelessness, at the project or within the sponsor's existing portfolio (or via an approved deconcentration plan).

Deeper Affordability

3 pts

Maximum 3 checkmarks total for setting rents below the minimum required credit election, scored on two AMI tiers: at/below 30% AMI (2 checkmarks for 20-24.99% of units, 3 checkmarks for 25%+) and at/below 50% AMI (2 checkmarks for 30-39.99% of units, 3 checkmarks for 40%+).

Income Diversity

2 pts

2 checkmarks for economic integration: projects of 20+ units with at least 20% of units unrestricted (or restricted above 60% AMI, excluded from eligible basis), or projects under 20 units with at least 2 unrestricted units; market and affordable units must be proportionately distributed.

Permanent Debt

2 pts

Up to 2 checkmarks for using amortizing permanent debt: 2 checkmarks if it funds at least 18% of TDC (Chittenden County) or 3.5% of TDC (elsewhere); 1 checkmark if it funds at least 9% of TDC (Chittenden County) or 1.75% of TDC (elsewhere).

Access to Public Transportation

2 pts

2 checkmarks for location within 0.5 miles of local fixed transit routes; 1 checkmark for location within 0.5 miles of commuter/regional limited transportation; 1 checkmark for service by Demand Response/specialized transportation.

Property Remediation

2 pts

2 checkmarks for remediating a contaminated/blighted building or site; 1 checkmark for vacant-lot infill (only one remediation sub-category may be claimed per project).

Federally Subsidized and At-Risk

2 pts

2 checkmarks for existing projects that meet the QAP's definition of Federally Subsidized and At-Risk.

Historic Rehabilitation Tax Credit

1 pts

1 checkmark for utilizing the federal Historic Rehabilitation Tax Credit under IRC Section 47(a)(2).

Passive House or Net Zero

1 pts

1 checkmark for construction to Passive House standards (certification required) or Net Zero guidelines.

Highly Ready-To-Proceed

1 pts

1 checkmark for projects deemed 'Highly Ready-to-Proceed' to construction.

Eventual Tenant Ownership

1 pts

1 checkmark for projects structured for eventual tenant ownership.

Underserved Areas

1 pts

1 checkmark for location in a town with market need/demand but no affordable housing of the proposed type, including projects primarily housing workers in historically underserved industries (arts, farm work, forest products, etc.).

Community Development Experience and Unique Characteristics of a Sponsor

1 pts

Up to 1 checkmark for a sponsor's demonstrated history/current project achieving broad community development outcomes: redevelopment of historically neglected/complex properties; portfolio reinvestment/recapitalization with perpetual affordability; creation of additional affordable units; and a documented approach to addressing racial inequities (BIPOC-owned/-led development partners prioritized).

Scoring source

VT 2024-25 QAP, Section 4 "Evaluation Criteria" — §4.1 "Bond Credits" (p.18) and §4.2 "Ceiling Credits" (pp.18-21), which lists the 16 checkmark categories. Threshold Requirements are in Section 3 (pp.11-17). Source: Signed VHFA 2024-25 Vermont Qualified Allocation Plan PDF (vhfa.org).

MODEL ASSUMPTIONS

Underwriting parameters

VHFA Underwriting Standards (Revised October 2024; Effective January 2025) — "Debt Coverage Ratio (DCR) & Expense Coverage Ratio" (p.6), "Income/Expense Trending and Vacancy Assumptions" (p.7), "Reserve Requirements and Distributions" (p.9). Cross-referenced with VT 2024-25 QAP, Section 3.16 "Project Fees" (pp.15-17, developer fee) and Section 3.11 "Meeting Proven Market Need" (p.14, 5% market vacancy threshold for new construction). Source PDFs: vhfa.org/sites/default/files/developers/2025-VHFA-Underwriting-Standards-2410.pdf and the QAP itself.

OPERATING ASSUMPTIONS

Utility allowance

Preferred method: not specified

VHFA "Compliance Guide for the Administration of the Low-Income Housing Tax Credit Program" (Sept. 2019, updated 2022), Section III(D)(8) "Utility Allowances," p. 25 (citing Treas. Reg. §1.42-10, 73 Fed. Reg. 44251, July 29, 2008). The QAP itself (both the signed 2024-25 QAP and the 2026-27 draft) contains no separate UA methodology section — it only requires the utility allowance schedule be reported annually via the compliance system (2024-25 QAP §6.3).

YOUR NEXT STEPS

Development guides for Vermont

PHASE 1Site sourcing and screening PHASE 2Site control and due diligence PHASE 3Entitlement pathway election PHASE 4Program election (9% vs. 4% vs. hybrid)PHASE 5Rents, income limits, and the operating pro forma PHASE 6Cost, construction type, and the labor package PHASE 7Capital stack and soft money PHASE 8Application assembly and submission PHASE 9Post-award readiness clock PHASE 10Construction monitoring, cost certification, and getting to Form 8609 PHASE 11Compliance, Year 15, and Vermont's perpetual-or-30-year extended-use split

Use the LIHTC feasibility checklist →