Bill > S0240

This bill establishes the Vermont Housing Production Revolving Fund, a special fund administered by the Office of the State Treasurer, to provide perpetual affordable housing for households earning up to 150 percent of the area median income, which is the average income for a given region. To finance this initiative, the State Treasurer is authorized to issue one-time bonds totaling $50,000,000 in fiscal year 2027. These funds will be used to purchase or develop multi-family housing units, which will be owned by the State and managed by the Vermont Department of Housing and Community Development. The bill outlines criteria for project eligibility, loan terms, and rent structures, ensuring that housing remains affordable and that tenants are protected from arbitrary removal. The Department of Housing and Community Development will be responsible for preparing, acquiring, leasing, and operating these housing projects, setting rents at rates necessary to cover operational costs and debt service without generating profit for the state. The bill also includes provisions for reporting on the fund's status and sets an effective date of July 1, 2026.

Housing and Urban Affairs

https://legislature.vermont.gov/bill/status/2026/S.240