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VHFA explains rental revolving loan fund, supports small change to 3% rent‑cap to allow waivers
Summary
VHFA described a $10 million revolving loan program that funded 265 rental units and recommended retaining a 3% statutory rent‑increase cap with an administrative waiver process when verified costs exceed that threshold.
Laura Collins, executive director of the Vermont Housing Finance Agency, updated the committee on a $10 million rental revolving loan fund VHFA administers and asked the committee to preserve a modest statutory change passed in the BAA that allows VHFA to approve rent increases above the 3% cap when owners document higher costs.
"What we put in statute was we would only allow rents to increase by 3% a year," Collins said, describing how unexpected insurance and property‑tax increases have driven…
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