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VHCB: ARPA conversion to general funds narrows pipeline, developers may pause work
Summary
The board said an expected $30 million in ARPA funding became general‑fund replacement dollars, leaving roughly $13.5 million available and increasing uncertainty that may halt predevelopment activity.
The Vermont Housing & Conservation Board told the Senate Economic Development, Housing & General Affairs Committee that changes to how American Rescue Plan Act (ARPA) funds were treated reduced the available state housing dollars and disrupted developer confidence.
The reduction matters because when developers expect capital to be available they spend predevelopment dollars on permitting, design and option payments; if that capital is uncertain, the board said,…
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