Today VHFA submitted comments to the South Burlington City Council in response to their consideration of a proposed Interim Zoning ordinance. VHFA is opposed to the proposed ordinance for several reasons:
- VHFA’s mission “is to finance and promote affordable, safe and decent housing opportunities for low- and moderate-income Vermonters” and suspending housing development and rehabilitation will negatively impact the Vermonters we’re charged to serve;
- This may potentially harm the underlying value of existing real estate in South Burlington. Having a healthy real estate market serves to protect VHFA’s investment of mortgage loans on multifamily and single family homes in South Burlington;
- VHFA surveyed Chittenden County employers last summer and the results showed that housing affordability and availability are still major concerns. Stopping future development runs the risk of worsening this problem; and
- There is no evidence that the growth enjoyed by South Burlington has been out of control, unchecked, unsustainable or in any way a detriment to the city or its residents. In fact, communities typically enjoy smart growth that expands and diversifies its tax base through residential and commercial expansion.
Read VHFA’s full comments online.