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Nonprofit developers warn VHCB funding must continue or production will fall
Summary
Leaders of Champlain Housing Trust and regional nonprofit developers told the committee rising construction costs and trailing state investment risk a sharp decline in production; they urged increased VHCB funding, condo financing fixes and faster eviction/remediation processes.
Michael Monte, CEO of Champlain Housing Trust, told the committee that nonprofit developers across Vermont rely heavily on state investment — notably VHCB and tax credits — and cautioned that current funding levels risk a significant production decline if not replenished.
Monte described a recent coalition of nonprofit developers that agreed on five shared priorities, with VHCB funding and the Vermont affordable housing tax credit near…
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