Housing partners seeking to improve opportunities for lower income Vermonters described this week why federal tax reform bills would make reaching this goal much harder and hurt Vermont communities. Learn more from these WPTZ and CCTV stories.
Housing policy
VAHC: House and Senate Tax Bills Will Decimate Affordable Housing In Vermont
The Vermont Affordable Housing Coalition (VAHC), a state leader in housing policy, research and advocacy, issued the following statement last week on the tax bill recently passed by the U.S. House of Representatives and under consideration in the Senate:
At a time when Vermont already has a shortage of 10,866 affordable homes for extremely low income renters and the 5th highest affordability gap for renters in the country, the pending tax proposals would eliminate tax credits and financing tools that have helped create thousands of affordable apartments in our state and made homeownership more affordable for thousands of Vermonters.
Vermonters weigh federal tax reform proposals
When the Senate and House released their initial tax reform proposals last week in Washington, Vermont's Congressional delegation went to work to protect valuable resources that are part of the tax code, such as private activity bonds and housing tax credits. Tax programs are responsible for most affordable housing developed in Vermont in the past 30 years.
House Tax Bill ‘Would Have Devastating Impact on Affordable Housing in New England’
From the Vermont Affordable Housing Coalition -
Legislature passes largest affordable housing bond in state history
With the passing of the State budget and enactment of a bond that could produce $35 million, Vermont is making its largest single commitment ever of state dollars for affordable housing. VHFA will issue the revenue bond and the Vermont Housing and Conservation Board (VHCB) will administer the funds statewide to expand Vermont’s stock of permanently affordable housing.
The Governor will sign the budget bill containing the bond on Wednesday, June 28th at 11:00 a.m. in the Ceremonial Office at the Vermont State House in Montpelier.
Governor signs bill to promote economic development
Governor Phil Scott signed S. 135 last week, a bill to encourage economic growth and affordable housing. Although the law was signed on June 8, 2017, portions of the bill are effective on date of enactment of the FY 2018-2019 budget. Vermont State Treasurer Beth Pearce (pictured), also on VHFA's Board of Commissioners, was one of the bill signing speakers.
Among other things, the bill makes development in state-designated centers faster and more affordable by increasing the downtown tax credits by $200,000, exempting housing projects from Act 250 review and enabling six new Tax Increment Financing (TIF) districts.
Resources for finding out about homelessness in Vermont improved
The Vermont Council on Homelessness has a new website providing information about the state's initiatives to help end homelessness. The responsibilities of the Council include development, monitoring and periodic revision of Vermont’s Plan to End Homelessness. The Council also makes annual recommendations to the Governor and Administration regarding resource, policy, and regulatory changes necessary to reduce and end homelessness in Vermont.
Vermont Affordable Housing Coalition asks housing bond supporters to contact representatives
The Vermont Senate has passed a bill (S.100) to enact a $35 million housing bond to spur the construction and rehabilitation of affordable housing across the State. The bill is now in the House with just a few days to go until adjournment. Recommended in Governor Scott's budget proposal, the housing bond would address a significant need for affordable housing in Vermont, help to alleviate homelessness, house the workforce, and provide expanded homeownership opportunities for Vermonters.
$35 million bond would have long-lasting benefits
Housing developers, business leaders, smart growth policy experts and poverty advocates joined together to support the passage of a $35 million housing bond this afternoon at a press conference at Vermont’s State House in Montpelier.
Recommended in Governor Scott's budget proposal, the housing bond would address a significant need for affordable housing in Vermont, help to alleviate homelessness, house the workforce, and provide expanded homeownership opportunities for Vermonters.
Vermont's housing and community development priorities proposed for upcoming year
The Vermont Agency of Commerce and Community Development recently published its Draft 2017 Annual Action Plan and Draft Vermont National Housing Trust Fund Allocation Plan for comment. These and other consolidated planning materials are available on ACCD's website.
A public hearing will be held April 7, 2017. Written comments will be accepted through May 8, 2017.