Vermont Housing and Conservation Board details budget, warns rising costs and a frozen federal grant will constrain work

The Vermont Housing and Conservation Board told the House Appropriations Committee on Feb. 20 that the agency can expand housing and conservation work if the Legislature provides more funds, but officials warned higher construction costs and at least one frozen federal grant are constraining capacity.

“For the record, I’m Gus Seward. I’m the director for the Vermont Housing and Conservation Board,” Seward said at the start of the presentation, which ran about an hour. Holly Major, identified as the board’s director of policy and special projects, and Chris Banning, the board’s new chief financial officer, joined Seward to describe programs and spending trends.

The board recommended the committee support the governor’s budget proposals related to the property transfer tax and capital funding, saying state dollars continue to leverage additional public and private investment. Seward said VHCB’s long-term aim is “permanent affordability” — preserving apartments and homeownership that remain restricted to lower-income buyers or renters over generations — and that this approach yields long-term fiscal value.

Why it matters: VHCB is the state’s primary vehicle for financing affordable housing, farm and forest conservation and related technical assistance. The board reported it expects to serve more than 5,000 households through current and…