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Vermont Budget Passes with Historic Affordable Housing Investment
After years of education, outreach and advocacy, we’ll soon see some significant movement towards alleviating the severe housing affordability challenges Vermonters face.
The Vermont Legislature just passed a budget that included a historic investment in affordable housing, enabling the issuance of up to $35 million in revenue bonds to support the creation of much needed housing for Vermonters. It is cause for celebration, and it is cause for hope that we can move closer to ensuring every Vermonter has a safe and decent place to call home.
Today is a very good day: the $35 million investment in affordable housing is the largest in Vermont’s history.
The housing bond, which was introduced by Governor Phil Scott and embraced by Senate President Pro Tem Tim Ashe and House Speaker Mitzi Johnson – and business and municipal leaders – will also act as an economic stimulus for Vermont communities by leveraging as much as another $100 million in capital to build and rehab affordable housing in all corners of the State.
The bond will help pay for the development or rehab up to 650 homes for Vermonters struggling to afford to live in their communities. In fact, recent data demonstrated that Vermont is the 13th most expensive state in the nation to live for people that rent. The annual Point in Time count of homelessness showed that after a couple of years of progress, there has been an 11% increase statewide, with some regions especially challenged. Not all the news is negative: collaborative efforts in Chittenden County have returned a 45% reduction in homelessness since 2014; a primary barrier to more progress is simply building more housing, especially important now that federal cuts to social safety net programs loom on the horizon.
The resources are dedicated to housing that is permanently affordable and ensure that different populations benefit: at least 25% of the housing must be affordable to households who earn half of the median income, and at least 25% must be affordable to those earning between 80% and 120% of median. These two income bands have been identified as the ones who most lack housing options across the state. The rest of the bond proceeds will serve people earning less than 120% of area median income.
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