Existing and under-utilized housing structures around the state will be getting a facelift through the Vermont Housing Improvement Program, Gov. Phil Scott said.
Vermont has launched the Vermont Housing Improvement Program to bring housing units back online by investing in existing, but under-utilized structures. The program, funded using federal American Rescue Plan Act (ARPA) funds, will invest a total of $5 million into the state’s aging housing stock.
Administration officials announced an extension to the current General Assistance (GA) Emergency Housing Program until December 31, and other meaningful actions to support Vermonters experiencing homelessness and permanent housing development.
Vermont doesn’t have a housing “demand” problem. We have a housing “supply” problem, driven by an overly burdensome regulatory process that creates uncertainty, raises costs, and delays and deters projects from becoming a reality.
If Vermont communities really wanted to add residential housing units to their existing stock, why haven’t such communities changed their zoning laws, approved timetables, and developed a welcoming attitude to provide for new housing opportunities?
Sadly, those with the power to make decisions don’t want modest home ownership, it’s that simple. It’s coming from the state down, too, make no mistake. People are making a ton of money building rental properties, subsidized by the state.
Inevitably, the banking and mortgage finance industry will pass down to the homeowner its requirements for meeting new loan standards intended to mitigate the impact of climate change.
The legislation, which was approved by the state Senate last week, would allow local governments to offer tax breaks for housing developments anywhere within their borders, if a third or more of the units qualify as affordable housing.
if a typical new home costs anywhere near what The Shires’ cost is, the potential homeowner would need $40,000 in cash for a down payment and closing costs and an annual family income of $87,000. Either of these amounts is beyond the ability of many Vermonters.
A new 30-unit Montpelier rental housing project built with private and government money cost $7.7 million — an average cost of $256,666 per unit. The building also includes a separately-funded, multi-million dollar mass transit center on the ground floor.
Tax breaks in the 2017 tax reform championed by President Donald Trump could help fund new affordable housing for low-income Vermonters. The law created “Opportunity Zones” for private capital to receive tax breaks by helping struggling Vermont communities.
One would think that with such a demand for rental housing, residential real estate developers would be jumping in to satisfy the demand, but they are not. If anything, they are conspicuously absent from any forums or discussions on the subject. Why?