The BLP loan forgiveness period ends 5 years after the clearance date or once the original property owner sells the property.
The BLP grant forgiveness period ends 3 years after the clearance date or once the original property owner sells the property.
- Please see the 'How to Obtain Forgiveness' informational sheet below to learn how rental property and owner-occupied property owners can earn 100% grant and loan forgiveness in 3-5 years.
How to Obtain Forgiveness - Informational Sheet
Rental Properties
In order to receive full grant and loan forgiveness If you own a rental property, you will need to continue to rent to the original eligible household which was qualified by BLP. If there is tenant turnover, it is the property owner's responsibility to continue to rent to income-eligible households and to provide their income-qualification forms to the Burlington Lead Program when discharging the mortgage.
Please see BLP's 'How to Qualify' webpage for more information on how to collect your tenants' income-verification information. We advise that necessary forms are collected from tenants before or while they are in the process of signing the lease.
Please use the following form to track tenant turnover over the 5-year grant and loan forgiveness period, so when BLP is determining whether you have fulfilled all of the requirements to receive full grant and loan forgiveness, you will have all of the required information ready:
Tenant Turnover Tracking Sheet
Inspection, Repair and Cleaning (IRC) Practices
Both Owner-Occupied and Rental Property Owners are required to take an Inspection, Repair and Cleaning (IRC) training course within 6 months of the clearance date. If you do not, you will forfeit 20% of the grant or loan; whichever is greater. For more information on IRCs, the training course, or state regulations please see our Vermont Lead Law webpage.
