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.
VHFA also supported the bill's clarification of the definition of "affordable housing" as it relates to Vermont's Act 250 and Chapter 117. To help communities and decision makers assess impacts and move forward with these changes, the bill requires VHFA to maintain a table of rents and home prices affordable at various income thresholds on its Vermont Housing Data website.