April 3, 2024
VERMONT HOUSE ADVANCES TEN-YEAR INVESTMENT TO ADDRESS HOUSING CRISIS
Montpelier, VT - The Vermont House of Representatives has taken a significant step to combat the state’s housing crisis with the passage of H.829, which proposes to invest $100 million a year over the next 10 years on a broad range of housing needs. The legislation, primarily supported by creating a new income tax bracket for the wealthiest Vermonters, represents the latest in a series of House-approved bills committed to building affordable housing and ensuring that rental and homeownership are accessible for all Vermonters.
The bill outlines a ten-year plan to expand affordable housing options and essential housing services. It makes strategic investments in an updated Middle-Income Homeownership Program, bringing units online quickly through the successful Vermont Housing Improvement Program (VHIP), a new eviction protection program, increased permanent housing options for older Vermonters and Vermonters with developmental disabilities, refugee housing, and other housing needs. By taking a comprehensive approach, it tackles the immediate need for housing, and puts the state on a long-term trajectory to make affordable housing more attainable for all Vermonters.
"This is not just about building homes; it's about building communities and ensuring that every Vermonter has a place to call home," said Speaker Jill Krowinski. "When we commit to long-term strategic investments, families and working Vermonters are more stable, economies are stronger and communities more resilient. Vermont has seen a surge in income inequality since the pandemic. The rich are getting richer, and the middle class is disappearing. By asking our wealthiest Vermonters to pay a little more, we are able to invest in a historic affordable housing initiative to address the root causes of the housing crisis and provide lasting solutions for generations to come."
Key provisions of the bill include retaining and enhancing programs such as the Vermont Housing Improvement Program (VHIP), which has already rehabilitated over 500 units, and increasing investments in mobile and manufactured home parks. This long-term housing investment, coupled with the Act 250 modernization bill passed last week, is crucial in making sure that housing can become available rapidly and the cost of living can start to come down making Vermont more affordable.
"We’re making a plan to invest in housing at a time when failing to invest is not an option,” said Rep. Tom Stevens, chair of the House Committee on General and Housing. “This bill advances the policy and raises the revenue that’s needed to get the work done. That’s how we define leadership.”
For more information on H.829, please visit the legislative website.