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Vermont House advances bill allowing developers to use deposits when backed by surety bonds
Summary
The Vermont House adopted a committee amendment to H 666, which would permit developers to withdraw future resident deposits for construction if those deposits are secured by a surety bond, and ordered the bill for third reading.
The Vermont House on the afternoon of the floor session advanced H 666, an act that would allow housing developers to use future resident deposits for construction costs provided the deposits are secured by a surety bond.
Member from Brandon, reporting for the House Commerce and Economic Development Committee, said the bill would change current law that requires future resident deposits for units in common interest communities to be held in escrow. "This bill proposes to permit housing developers to finance construction costs with future resident deposits if the developer secures the future resident…
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