[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":56,"_74":56},"mediaId",6093157,"mediaKeyId","2849046-8c861352877fe885f3f9aa2110bc1ff4","parentId",2849046,"title","Committee hears extended briefing on development finance, mixed‑use projects and barriers to affordable housing","audioSeconds",1345,"startMs",1124000,"endMs",2469000,"viewUrl","/Search/View?dp=1&key=2849046-8c861352877fe885f3f9aa2110bc1ff4&start=1124&end=2469","thumbnailUrl","https://assets.pipeline.soar.com/2849046-8c861352877fe885f3f9aa2110bc1ff4/thumbnail_1124000.jpg","articleUrl","/articles/6093157/Vermont/Committee-hears-extended-briefing-on-development-finance-mixeduse-projects-and-barriers-to-affordable-housing","mediaUrl","https://secure.pipeline.soar.com/6093157-73594b2f50304a721b7c9b85d338ac47/orig.mp4?Expires=1770640698&Signature=MYRt~BLzPZfbBajYcLWXhuzp~KQWS9WQAzqLU6Yoe55gYfTdTsBeWUXaKZl8qkrVE~DvqFfNll2DXSFPyNFFLxHoq-V70GfNsqHrdAgmUBRSsoZRUsrYvtm3Rj6RrnHPbywXYO70kUki3oj62bCZIhgRDJ1Nn~3155k23nRi4z89YFLUkZCT3AGyXGGb~CMibKgIayYB8NTm-jclJELtzhUUmSHj~b1EOkLu9Bp8uo8baFU01UPLMwHilrNkauHqgeJPR6DgzMnDg2tR9MZZ81Vp7-U81b73hpRsBT7U~pH5wZDOUKKBUcxbHp3PdeCTgPN7rzGxnuOVMSHyBC3JNg__&Key-Pair-Id=KUT5TJCACFTXG","author","","date","2025-04-02T16:19:28.517Z","article","BURLINGTON — During the April 2 House Committee on General and Housing meeting, a committee member delivered an extended briefing on financing realities for housing development, describing how lending practices, investor expectations and site selection influence whether affordable housing projects are financially feasible.

The presenter — identified on the record as speaking in a personal or expert capacity (name not provided in the transcript) — described typical bank behavior and capital stacks for development. He said banks commonly limit construction lending to about 50 percent of project costs, leaving developers to secure the remainder from equity investors; equity investors often seek returns well above what banks charge, sometimes in the high‑teens for large projects. “Banks don't wanna own anything. So they sell it as best they can,” the presenter said, explaining why banks limit loan‑to‑value ratios and include extensive contract protections.

The briefing emphasized that many proposed affordable housing projects “don't pencil” — a term used by the presenter to mean a project’s projected income does not cover costs and required investor returns once materials, taxes, infrastructure and other expenses are included. He explained that policy choices and site preferences raise costs: building in downtown or brownfield locations often increases logistics and construction expenses; inclusionary zoning or stricter site standards translate into higher per‑unit costs; and mixed‑income or mixed‑use projects carry additional financing complexity. “It's just simple math,” the presenter said of adding subsidies, tax credits and other supports into pro forma project budgets.

The speaker outlined common public financing tools and developer responses: tax increment financing districts, tax abatements, bond bank financing and developer‑seeking project‑specific TIFs to remove costs from the developer’s spreadsheet. Committee members raised questions about rural versus urban policy trade‑offs; the presenter noted regional planning commissions’ housing targets and cautioned that the same financing and land‑use solutions that work in Burlington may not be appropriate for rural towns without public water and sewer.

Committee members discussed policy alignment, zoning and incentives for rural areas. The presenter recommended the Urban Land Institute as a resource for officials and suggested the committee invite additional practitioners and developers to explain how specific tools affect project feasibility. The committee did not take a formal vote on policy changes during the briefing.","mediaType","Video","parentTitle","House General - 2025-04-02 - 10:30AM","oneSentenceSummary","Committee members heard an extended, on‑the‑record briefing about financing constraints for housing development, including typical bank loan limits, equity investor return expectations, cost pressures in brownfield and downtown sites, and policy tools such as tax increment financing and abatements.","taxTitle","General & Housing, HOUSE OF REPRESENTATIVES, Committees, Legislative , Vermont","taxId",30954,"location","Vermont","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":56,"_74":56},6093162,"Rep. Teddy Waszak introduces H.459 to address reported interaction between paid family leave and workers’ compensation",75,812000,887000,"/Search/View?dp=1&key=2849046-8c861352877fe885f3f9aa2110bc1ff4&start=812&end=887","https://assets.pipeline.soar.com/2849046-8c861352877fe885f3f9aa2110bc1ff4/thumbnail_812000.jpg","/articles/6093162/Vermont/Rep-Teddy-Waszak-introduces-H459-to-address-reported-interaction-between-paid-family-leave-and-workers-compensation","https://secure.pipeline.soar.com/6093162-d342d39796f9b9ef2b2fc20c3835b453/orig.mp4?Expires=1770640698&Signature=Gim4CujP4Of6S4t2XW~1KRgmbG46AMf~HDlJvnYcCITCIkRrYooj6vr8jurD0pL8bI64ZQN0sXRdHj6QdCmnYPq9vDRAUlknvqkBJEd21z0Nw~7G8abEN~ogGMMR6Kq578TLSzhE290LQUDHy0Oukif7tqtuN5Eb3M09XeDpyhU9kt9kdOI-watjwaUlpeX0FxEkAiSs46EoWz2zpzvfxd5TaSmLgDwSU8bYgieax1egsG4D2GvuJvrstzLT56uH5MuHjRf~iSx7-K05i7lY1bcxV6pHC-NmtJfvhMcwU5vJmCK2U8MPPSKJ~iUBwQxM8fxS785HRk1twlVc8DdR8g__&Key-Pair-Id=KUT5TJCACFTXG","BURLINGTON — At the April 2 meeting of the House Committee on General and Housing, Representative Teddy Waszak introduced H.459, described as “an act relating to parental and family leave,” and summarized the bill’s intent as closing a loophole some workers have reported encountering between paid family leave and workers’ compensation.

Waszak, who identified himself as a sponsor along with Representative Connor Casey, told the committee that several individuals have reported employers' practices that shift an injured worker first onto paid family leave and then onto paid time off before applying workers’ compensation, reducing the employer’s workers’‑compensation charges. “There have been employers that say, okay, we'll give you workman's comp, but first you're going to go on paid family leave, then you're gonna use up that time, then you'll use your PTO, and then you'll do workman's comp to bring down the amount of workman's comp that you're being charged,” he said.

Waszak characterized the bill as a short, technical change and offered to provide draft language. He recommended the committee hear testimony from a Teamsters representative — he named “Curtis” and suggested the committee contact him — who Has reportedly collected testimony from three or four affected individuals. Waszak and other committee members stressed they did not believe the practice to be widespread but said even a small number of affected workers merited attention.

No formal vote or referral was recorded during the introduction; Waszak asked committee staff to schedule union testimony and to supply draft statutory language for review.","Representative Teddy Waszak introduced H.459, a short form bill addressing reported employer practices that require employees to exhaust paid family leave and PTO before workers’ compensation, and asked the committee to consider technical language fixes and testimony from union representatives.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":72,"_73":56,"_74":56},6093167,"Rep. Brian Sheena introduces bill to create Land Access and Opportunity Revolving Fund",759,3000,762000,"/Search/View?dp=1&key=2849046-8c861352877fe885f3f9aa2110bc1ff4&start=3&end=762","https://assets.pipeline.soar.com/2849046-8c861352877fe885f3f9aa2110bc1ff4/thumbnail_3000.jpg","/articles/6093167/Vermont/Rep-Brian-Sheena-introduces-bill-to-create-Land-Access-and-Opportunity-Revolving-Fund","https://secure.pipeline.soar.com/6093167-57708ed5a4b86d7c682d575846aea58e/orig.mp4?Expires=1770640698&Signature=NyXo2KKOy70kXJx~RBDVaG0zlSFUYUrfzm1wE2PtSW6j1gubS0K9EYLzjMbuUFnpLZ7T4mYUBprmiSWy343hyCgGrWEBizyEeCkiSfDCQOYBDc12Lc5XS0cnOEX9Z5FFAjmpi1w72X9uomzjhariLR0-gqopb-wkm1ELsclCQHKSH8H79a7RuiMqW59qr5IAPEcXZRnnjLNbWY-gJ7fHZN3YYkTLJ-b03XiQ4IjWizhJiMrVWsUEBWqTAs7QrT1m3WLVJnjOgLh9XAWQeokLurzHjg04gi03eIfeNVO5e0mTqZzakMg8tXA~wK2o71Irrc7f4ZvD2ae~LV11H2q1Lg__&Key-Pair-Id=KUT5TJCACFTXG","BURLINGTON — On Wednesday, April 2, the House Committee on General and Housing heard the introduction of H.445, “An act relating to creating the Land Access and Opportunity Revolving Fund,” presented by Representative Brian Sheena of Burlington.

Sheena told the committee the bill is intended to “support the human right of housing and to promote public health and community safety during recovery from the COVID‑19 pandemic, the polysubstance pandemic, and climate disasters by preserving affordable housing and creating new social and economic opportunities for the development [and] maintenance of sustainable, resilient, and affordable housing infrastructure.”

The bill as drafted would create a dedicated fund that Sheena said could be seeded by an income‑tax surcharge similar to a temporary surtax enacted in the 1990s. He described a possible surcharge of 1.5 percent on income above $500,000 and cited a prior Joint Fiscal estimate — from the last time similar language was run — that the surcharge could generate about $50 million to $100 million per year, though he said he did not have current figures for the present tax base.

Sheena said the bill directs the fund toward a range of community‑centered investments: purchase of buildings and land by current tenants to expand owner‑occupied affordable housing; renovation of owner‑occupied multi‑unit housing; development of cooperatives and other collective ownership models; transitional housing targeted to historically marginalized groups; localized, circular infrastructure (composting and on‑site waste systems); regenerative agriculture and greenhouse integration; and independent energy generation at the parcel or development level. He emphasized a preference for projects that lead to collective ownership, saying, “When people own something, they care for it more.”

The draft also includes authority for the Land Access Opportunity Board (LAOB) to administer the fund and makes minor board‑membership cleanup changes, Sheena said. He described a set of workforce and social‑infrastructure ideas — tool banks, labor pools and weekend trade and repair training — intended to build local capacity to develop and maintain housing and reduce reliance on outside contractors.

Committee members asked clarifying questions about whether the proposal would change the LAOB’s role and about board capacity. Sheena said the bill would not “reinvent the wheel” but would ask the LAOB to undertake additional work if it has capacity; he suggested staff and current board members should advise the committee on operational fit. One committee member noted an upcoming Rutland event promoting trades and workforce connections as complementary to the bill’s workforce elements.

Sheena closed by saying it was likely too late to pass the bill this session and asked the committee to consider the bill’s ideas as possible language to attach to other housing measures. No committee vote or formal referral was recorded during the introduction.

Votes: none recorded; bill introduced for review and staff follow‑up.","On April 2 the House Committee on General and Housing received the introduction of H.445, a bill sponsored by Rep. Brian Sheena to create a Land Access and Opportunity Revolving Fund funded by an optional income tax surcharge and directed at community-led affordable housing development, renovation and supportive infrastructure.","actionData","errors"]

Article not found

Committee hears extended briefing on development finance, mixed‑use projects and barriers to affordable housing

Rep. Teddy Waszak introduces H.459 to address reported interaction between paid family leave and workers’ compensation

Rep. Brian Sheena introduces bill to create Land Access and Opportunity Revolving Fund