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Senate committee advances S.328 discussions on VHFA tax-credit extension, VIDA lending and HOA provisions
Summary
The Senate Economic Development, Housing & General Affairs committee on Feb. 10 reviewed S.328, hearing VHFA's request to extend and modestly raise annual tax-credit sales for its down-payment assistance program, discussed VIDA lending carve-outs for multiunit projects and sought drafting fixes for HOA and covenant language affecting shared-equity homes; no formal votes were taken.
The Senate Economic Development, Housing & General Affairs committee continued work on S.328 on Feb. 10 at the Vermont State House, taking testimony on several provisions that members said are central to accelerating housing production and preserving affordable homeownership.
Maura ("Laura") Collins, executive director of the Vermont Housing Finance Agency, urged the committee to extend VHFA's authority to sell five-year tax credits for another five years and to increase the annual cap on credits available for sale from the historical $250,000 to $350,000 per year for the next five years. Collins said the change is intended to sustain VHFA's down-payment assistance program, which she said "helped roughly 2,100 Vermont households buy their first home," and described the program as a revolving loan model rather than grants. Collins told the panel VHFA has invested about $11.1 million in those households and that approximately $3.0 million had been repaid into the…
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