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Committee outlines housing incentive changes: 10-year CHIP sunset, TIF adjustments and 15% affordable set-aside for 85% increment
Summary
During the May 30 meeting, members of the House Commerce & Economic Development committee reviewed compromises on housing incentives: the CHIP program sunset was extended to 10 years, a $200 million cap was discussed, primary-housing TIF language was removed, and an 85% increment is available when projects include at least 15% affordable housing.
MONTPELIER, Vt. — Members of the Vermont House Committee on Commerce & Economic Development discussed a package of housing-incentive changes on May 30 that committee participants described as a compromise intended to preserve key House positions while accommodating Senate adjustments.
Committee members said the package returns a retention formula (described in discussion as a 60 percent component) the House had sought, and staff noted a cap of $200 million included in the draft. The committee agreed to extend the CHIP program’s sunset to 10 years, up from a 5-year period described earlier in deliberations, and to remove a previously proposed primary-housing tax-increment financing (TIF) provision.
"I think it's a good result," said a committee member during the discussion, describing…
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