Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Small-scale developer urges easier access to housing funds, warns of tax bills on grant-funded projects
Summary
Fairlee developer Jonah Richard told the House General & Housing Committee that small-scale, for-profit developers face barriers to state and federal funding and described a tax outcome that left him with a large income-tax bill after accepting grant funds for an affordable housing project.
Jonah Richard, a Fairlee-based developer and small-business owner, told the House General & Housing Committee on Jan. 24 that small-scale and for-profit developers need clearer access to state housing funds and more flexible Low-Income Housing Tax Credit (LIHTC) rules.
Richard said his companies have developed more than 30 units since 2020 and have about 60 more in the pipeline. He urged opening Vermont Housing & Conservation Board (VHCB) funds to for-profit developers and said recent changes to Vermont Housing Finance Agency (VHFA) rules could shut out small entrants from LIHTC allocations.
"There is a fairly large chunk of money that VHCB controls in their general fund that is, kept for nonprofit developers. And I think this would…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
