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Champlain Housing Trust shows how CHIP increment could fit capital stacks, urges perpetual affordability covenants
Summary
Champlain Housing Trust presented project-level capital‑stack examples and recommended changes to CHIP language to ensure long‑term affordability. The nonprofit said increment financing could replace some public subsidies but would typically cover only a portion of infrastructure costs on recent projects.
Chris Donnelly, Champlain Housing Trust, told the House Ways & Means committee on May 7 that his organization supports the concept of CHIP but urged several changes to make the program more effective for affordable housing developments.
"I would suggest renaming the lower moderate income housing development to mixed income because that's what we're really talking about," Donnelly said, recommending language that preserves affordability covenants in perpetuity for units designated affordable.
Nut graf: Donnelly walked lawmakers through a real redevelopment in Shelburne — about 26 permanently affordable condominiums and 68 apartments — and…
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