CHIP - Application & Application Requirements

Yes, unless the municipality will be the entity developing the housing development site.

To pursue a housing infrastructure project, a municipality must:

• develop and adopt a housing development plan, 
• designate the housing development site on which housing development will occur, 
• provide voter notice of a proposed housing infrastructure agreement,
• execute a housing infrastructure agreement,
• hold an indebtedness vote if the municipality will incur debt,
• submit a CHIP Interest Form, and 
• apply to VEPC to use tax increment financing for the housing infrastructure project.

Municipalities must complete a CHIP Interest Form and submit it to VEPC staff for review prior to submitting a full application to VEPC.

There is no deadline to submit the interest form; however, municipalities should submit the form within a year of the CHIP project being "shovel ready".

See VEPC FAQs.

VEPC uses the State of Vermont Grant Electronic Application and Reporting System (GEARS) online portal for CHIP applications and reporting.

Yes. Municipalities can register for an account in GEARS - or use their existing account - to access and explore the CHIP application at any time. VEPC also published a CHIP Application Portal User Guide to help municipalities navigate GEARS and the CHIP application.

Yes.

Projects must satisfy the “But-For” Test, certain process requirements, and the housing development either dedicates at least 60 percent of its floor area to housing or meaningfully addresses the purpose of CHIP.

It depends. VEPC staff must determine that an application is complete and schedule a site visit. Once the site visit has occurred, VEPC has no more than 90 days to approve or disapprove a CHIP site.

Yes.

Generally, no. VEPC can approve multiple CHIP sites in a community.

As VEPC nears the maximum CHIP allocation for a year, it may elect to prioritize approval of CHIP sites in communities with no or fewer approved CHIP sites.

Yes.  VEPC may annually approve not more than $200,000,000.00 in aggregate lifetime education property tax increment retention.

If VEPC denies a municipality’s CHIP application, VEPC will provide the reason for the denial to the municipality. If resolvable, the municipality may file a new application for VEPC’s consideration.