Bill > H0445

This bill creates the Land Access and Opportunity Revolving Fund to support affordable housing initiatives in Vermont, with a specific focus on helping historically marginalized communities. The fund will be financed through a 1.5% income tax surcharge on individual income above $500,000, which will be in effect from 2025 to 2031. The Vermont Land Access and Opportunity Board will administer the fund, with support from the Vermont Housing and Conservation Board, to provide grants and loans for various housing-related activities. These activities include helping current tenants purchase buildings and land, renovating multi-unit housing, developing affordable housing infrastructure through cooperative ownership, and creating transitional housing for disadvantaged communities. The bill prioritizes projects that create self-sufficient neighborhoods, develop sustainable infrastructure, and support marginalized groups such as individuals experiencing homelessness, substance use disorder, disabilities, or those with a history of incarceration. Additionally, the bill requires an annual report on the fund's activities and mandates a tax report by July 1, 2026, to evaluate existing housing affordability incentives and potential tax strategies. The bill aims to address housing challenges emerging from the COVID-19 pandemic, substance use issues, and climate disasters by promoting affordable and sustainable housing solutions.

Housing and Urban Affairs

https://legislature.vermont.gov/bill/status/2026/H.445