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Ways & Means hears H775: expands treasurer's credit authority, creates Vermont Housing Special Fund and pilot for off-site construction
Summary
Committee heard prolonged briefing on H775, which would allow the treasurer to retain interest in a new Vermont Housing Special Fund, expand credit facility capacity (with a possible 1% carve-out for bulk purchasing of off-site housing), create a modular-construction pilot, and authorize special-assessment revenue bonds; the Joint Fiscal Office estimated about $1.2M in foregone general-fund interest in FY27 and up to $30M in additional loan capacity.
The Ways & Means Committee spent an extended session briefing and question-and-answer on H775, a multi-part bill to create additional financing tools for housing production.
Cameron Wood of the Office of Legislative Council, presenting the strike-all amendment, said the bill would increase the treasurer's statutory credit-facility authority and add an optionally created, up-to-1-percent credit facility limited to bulk purchasing of off-site constructed housing; any amount used for that 1% would be deducted from the broader 12.5% cap so the total authority does not exceed the stated cap.
Wood said interest earned on loans made under the credit facilities would be retained in a newly created Vermont Housing Special Fund rather than flowing to the general fund. "The treasurer shall use funds under this section... to provide capital for housing projects in Vermont," he said, and the fund could be used for loans, grants,…
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