News

Legislature Approves Historic Affordable Housing Investment

Posted on Wednesday, June 21, 2017, by Chris Donnelly

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.

Coalition Launched to Increase Production of Housing

Posted on Monday, June 27, 2016, by Chris Donnelly

Dozens of Chittenden County leaders in the fields of housing, business, local and state government, and social services announced this morning a new campaign to increase the production of housing and setting a target of 3,500 new homes created in the next five years.

The new coalition, called Building Homes Together, was formed by the Champlain Housing Trust, Chittenden County Regional Planning Commission and Housing Vermont and released an initial list of nearly 100 community leaders supporting the effort. Several leaders shared words of support.

“Working together we will accomplish this goal,” said Brenda Torpy, CEO of Champlain Housing Trust. “For the sake of our communities, our workers and local economy, we will educate and advocate together for more housing.”

The housing shortage in Chittenden County has been well noted with unhealthy vacancy rates and high rents,” added Charlie Baker, Executive Director of the Chittenden County Regional Planning Commission. “Employers can’t find workers, and workers themselves spend more time in commutes and with a higher percentage of their paychecks on housing costs.”

Twenty percent of the 3,500 goal are targeted to be developed by nonprofit housing organizations. The remainder by private developers.

“This step-up in production will not just provide new homes and infrastructure for communities, it’ll be a boost to the economy and contribute to the tax base. Building homes together is a big win for all of us in Chittenden County,” said Nancy Owens, President of Housing Vermont.

The campaign will provide up-to-date data to the community on the need for and benefits of new housing, build cross-sector and public support for housing development, increasing access to capital, and supporting municipalities.

Individuals, businesses or organizations that wish to sign on and participate in the campaign are encouraged to by sending an email to Chris Donnelly at the Champlain Housing Trust. 

Building Homes Together Infographic

List of supporters (as of June 26, 2016)

What others are saying about Building Homes Together


Shared Equity Homeownership Featured in National Publications

Posted on Monday, February 23, 2015, by Chris Donnelly

Shared equity homeownership, often through a community land trust like CHT, is getting noticed. We've known (and demonstrated [PDF-4.5MB]) that the program works to create homeownership opportunity for people of limited means, and that it's a growing response across the country to help people reach their dreams of owning their home.

Now, more mainstream national media outlets are taking notice. The National Journal, which in collaboration with The Atlantic, developed a new series they called the Next Economy focused on innovations. They've featured CHT's shared equity program on both of their websites (you can find them here and here). Soon after, the story was picked up by CNN Money, too.

The headlines might be a little funny, but the message of the article is clear: shared equity homeownership works, and is worth a deeper look as a sustainable option for creating new opportunities for the next generation of homebuyers.

Your Input Needed!

Posted on Wednesday, December 10, 2014, by Chris Donnelly

Every five years, the State of Vermont develops a "Consolidated Plan" to submit to the US Department of Housing and Urban Development (HUD) to guide use of approximately $10 million dollars in spending on housing, homelessness, and economic and community development. As part of this process, state officials are seeking public input to develop their plan. They especially would like input from residents of affordable housing or folks who have participated in our rehab loan program. There is a short, anonymous survey that can be filled out online.

Members of the public are also encouraged to attend public hearing at the St. Albans City Council Chambers from 4pm to 6pm on Thursday, December 18. For more information on the State's process and prior plans, visit the Department of Housing and Community Development's webpage.

Housing and the Economy

Posted on Saturday, November 08, 2014, by Chris Donnelly

When we think of affordable housing, we often think of the benefits that people living there receive: a secure, safe place to live that meets their budget and where they can set and achieve their goals. But there's a significant economic impact from which we all benefit -- jobs, sales and payroll taxes, local economic development and vibrant communities.

In Housing and the Economy: The Statewide Ripple Effect, we tell this story of how affordable housing development and preservation adds value to the bottom line, with real examples from communities across the state. It's the fifth and final in our series of papers describing the intersection of housing with other public policy priorities.

(photo credit: Sally McKay)