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Bill > H0445


VT H0445

An act relating to creating the Land Access and Opportunity Revolving Fund


summary

Introduced
02/28/2025
In Committee
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Revolving Fund through an income tax surcharge of one and one-half percent on income above $500,000.00, which will be repealed in 2031.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)

Last Action

House Committee on General and Housing Hearing (00:00:00 5/21/2025 ) (on 05/21/2025)

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