Bill
Bill > H0445
VT H0445
An act relating to creating the Land Access and Opportunity Revolving Fund
summary
Introduced
02/28/2025
02/28/2025
In Committee
02/28/2025
02/28/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Session
Bill Summary
This bill proposes to create the Land Access and Opportunity Revolving Fund to be administered by the Land Access and Opportunity Board for the purpose of supporting community based affordable housing. The bill proposes to fund the activities of the Revolving Fund through an income tax surcharge of one and one-half percent on income above $500,000.00, which will be repealed in 2031.
AI Summary
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.
Committee Categories
Housing and Urban Affairs
Sponsors (7)
Brian Cina (D)*,
Elizabeth Burrows (D),
Emily Carris-Duncan (D),
Kevin Christie (D),
Esme Cole (D),
Saudia Lamont (D),
Kate Logan (D),
Last Action
House Committee on General and Housing Hearing (00:00:00 5/21/2025 ) (on 05/21/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://legislature.vermont.gov/bill/status/2026/H.445 |
BillText | https://legislature.vermont.gov/Documents/2026/Docs/BILLS/H-0445/H-0445%20As%20Introduced.pdf |
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