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Legislature passes largest affordable housing bond in state history

Posted by: Leslie Black-Plumeau on June 27, 2017 - 2:44pm

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.

Revenue from the Vermont Property Transfer Tax, already a source of revenue for VHCB, will be used to pay back the 20 year bond which is expected to be issued later this year. The funds will help pay for the development or rehabilitation of up to 650 homes for Vermonters struggling to afford to live in their communities.

Recent data showed Vermont is the 13th most expensive state in the nation to live for people that rent and the 7th most expensive state for renters in living in rural areas. It is planned that at least 25% of the housing supported through the bond will be affordable to households who earn 50% or less of the median income and at least 25% will be affordable to those earning between 80% and 120% of median.

Related stories: Vermont Business Magazine

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