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Vermont League of Cities and Towns urges project‑based TIF ("CHIP") to fund housing infrastructure
Summary
Samantha Sheehan of the Vermont League of Cities and Towns told the House Ways & Means Committee that project‑based tax increment financing (called CHIP in testimony) would let municipalities fund water, sewer and street work needed to unlock housing development without relying on state appropriations or immediate tax increases.
Samantha Sheehan, municipal policy and advocacy specialist for the Vermont League of Cities and Towns, told the House Ways & Means Committee on May 1 that municipalities need a new, project‑specific tax increment financing authority to fund infrastructure that enables housing development.
"When we build housing and address scarcity, the property revaluation also goes up, but it is not revenue neutral," Sheehan said, explaining that new housing adds tax capacity while routine revaluation does not. She said project‑based TIF — which she and others called CHIP in testimony — would let towns invest in drinking water, sewer, pedestrian infrastructure and site preparation to attract developers.
Shee…
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