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Advocates and VHCB ask senators to restore larger VHCB funding in H.479
Summary
Vermont Housing & Conservation Board representatives and housing advocates urged the Senate committee to pursue restoration of larger one-time funds and base funding for VHCB after the House and Appropriations took different positions on amounts in H.479 and the broader budget.
Representatives of the Vermont Housing & Conservation Board (VHCB) and housing advocates told the Senate Economic Development, Housing & General Affairs Committee on April 15 that VHCB funding is central to affordable-rental and shared-equity homeownership projects across the state and urged the committee to try to restore larger funding levels proposed in the House housing bill H.479.
Polly (identified in testimony as the major policy director for VHCB) told senators that the House housing bill H.479 included a $25 million one-time appropriation targeted to affordable housing development and that the House budget ultimately included $5 million. VHCB staff said the Board also expected other one-time and base allocations tied to the Property Transfer Tax (PTT) and that the combination of sources matters for projects’ ability to leverage federal tax credits and other financing.
Gus (Vermont Housing & Conservation Board director) and Polly said recent years’ investments produced a large pipeline of projects and that cutting VHCB funding substantially would reduce the agency’s ability to support new units and to leverage the 4% low-income housing tax credits that are often essential to closing financing. Gus said the board hopes the Senate can find funds between the House’s $5 million and the $25 million requested in H.479; he referenced a BAA (budget adjustment act) amount of roughly $8.6 million that did not move forward as further context.
Clarifying details provided in testimony: the House bill H.479 proposed $25,000,000 for VHCB; the House budget's enacted line in committee was $5,000,000; the BAA had included an additional roughly $8,600,000; and committee staff noted a $15,000,000 figure appearing on the JFO spreadsheet that committee members later identified as not part of the committee’s bill and should be deducted from the committee’s ‘‘passed’’ total unless the committee chooses otherwise.
Committee members said they appreciate VHCB’s role in mixed-income and permanent-affordability projects and instructed staff to check the origin of the $15 million line in the spreadsheet before the committee finalizes its prioritized submission to Appropriations.
