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Senate committee reviews H.775 proposal to let towns use special-assessment revenue bonds and backstop modular housing orders
Summary
Witnesses told the Senate the bill would allow municipalities to issue revenue bonds secured only by special-assessment district revenues, create guardrails (commitment letters, rating or bank letter), let the treasurer backstop bulk modular orders, and encourage pilots for off-site construction; supporters cited lower rates and examples from other states.
The Senate Economic Development, Housing & General Affairs committee on April 7 considered H.775, a package of financing tools intended to help small communities pay for the infrastructure needed to support housing development and to accelerate off-site (modular) construction.
Michael Gaughan of the Vermont Bond Bank told the panel the bill would authorize municipalities to issue revenue bonds payable solely from special-assessment district revenues rather than general-obligation bonds that rely on the full tax base. He described three prequalification guardrails in the draft language: a commitment letter from the bond bank, an investment-grade rating requirement, or a commitment from a regulated bank or credit union. "We think…
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