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Housing developers urge lawmakers to fund VHCB, extend permanent affordability to protect units
Summary
Evernorth and partners told the Economic Development, Housing & General Affairs Committee that permanent affordability covenants, consistent VHCB funding and targeted preservation financing are necessary to prevent loss of existing affordable units and to stretch state dollars.
Nancy Owens, president and cofounder of Evernorth, told the Economic Development, Housing & General Affairs Committee on Valentine’s Day that permanent affordability covenants and steady state funding are essential to preserve Vermont’s affordable housing stock.
“Permanent affordability is a value and a policy that we committed to right from the start,” Owens said, describing projects Evernorth has developed and financed across Maine, New Hampshire and Vermont.
Owens said VHCB and other state resources have leveraged private bank equity and federal tax credits to fund thousands of units. She told the committee that, since 2020, VHCB-funded activity has supported 2,275 multifamily rental homes in Vermont, including roughly 1,900 newly created units and almost 700…
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