[{"_1":2,"_87":-5,"_88":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":56,"_74":56},"mediaId",6381816,"mediaKeyId","2127928-1f6fdbe75b916cd3e0ed4c7e1093f424","parentId",2127928,"title","VHFA: Vermont needs far more homes; agency urges funding and policy changes","audioSeconds",1870,"startMs",16000,"endMs",1886000,"viewUrl","/Search/View?dp=1&key=2127928-1f6fdbe75b916cd3e0ed4c7e1093f424&start=16&end=1886","thumbnailUrl","https://assets.pipeline.soar.com/2127928-1f6fdbe75b916cd3e0ed4c7e1093f424/thumbnail_16000.jpg","articleUrl","/articles/6381816/Vermont/VHFA-Vermont-needs-far-more-homes-agency-urges-funding-and-policy-changes","mediaUrl","https://secure.pipeline.soar.com/6381816-4ee64243954417f8d991c4e864c42b3d/orig.mp4?Expires=1771066725&Signature=o5eRyHEIIsEEPu4nwVKXq4NP2q94i4NK0X4Es9uOrvgXF1V80IWQJwneKMGz-A9p0r6f2EsAdSTdob0GgM8Fi90NreQe5sCPcVGpVl8XdhncWpjngBn69hjDDC3J0T80a5K~kDi1YdRBCvunEbvyeIvl8vOlBw5GF4vkzZ6iY1PrSExwfiOL6B7tmU4GQ4pPejd7suG8-a0idPhpwgqAtyQZEnv6F6YY9j~tqalYRq-eGymBf5~mHAKyK4ssF1SlJfDop3ZTXwbq1wnkRCerbCJO6ZqRYaQbg~ToKnXBTcE2kFsxSomTk8r6z33c6xuAtOc8T9Rs5CF5TN3gOwXVwQ__&Key-Pair-Id=KUT5TJCACFTXG","author","","date","2025-01-18T06:37:50.347Z","article","Maura Collins, executive director of the Vermont Housing Finance Agency, told the Senate Committee on Economic Development, Housing & General Affairs that Vermont faces a sizeable shortfall of housing and outlined VHFA’s top priorities for production, preservation and financing.

Collins said VHFA’s data show roughly 31% of Vermonters are “cost‑burdened” — paying more than 30% of income for housing — with renters disproportionately affected. “Half of our renters are cost burdened and a full quarter of our renters are actually paying more than half their income for housing costs,” Collins said, warning those households are at high risk of eviction or financial distress.

The agency presented several drivers of demand and supply shortfalls: homes leaving the market because of poor condition, low vacancy rates, and ongoing household formation. Collins described how median sale prices and higher interest rates have pushed homeownership out of reach for many renters; she said the statewide median single‑family sale price rose from about $260,000 in 2021 to roughly $340,000 in recent years and that required down‑payments have moved from around $52,000 to about $68,000 in the same period. She said these changes reduced the number of renters who could afford to buy a median‑priced home from roughly 25,000 to fewer than 10,000.

Collins reviewed VHFA programs and financing tools the agency administers and requested legislative support on several items. VHFA operates largely from its own financing platform; Collins said the agency plans a bond issue of about $45 million that will be sold to investors and used to make low‑rate mortgages and loans for affordable rental projects. She described state investments that “leverage” federal tax credits, HUD and rural development funding and estimated the state portion of subsidy for deeply affordable rental units as “a bit south of $200,000 per unit.”

Policy priorities Collins identified for the committee included:
- Extending authority to sell state housing tax credits so VHFA can continue to fund its revolving down‑payment assistance program and allow the program time to normalize after a slow resale/refinance market. Collins noted the program provides grants and revolving loans to first‑time buyers and to households that are first‑generation buyers.
- Preserving flexibility on rent‑cap requirements in the rental revolving loan program. Collins said the existing 3% statutory annual rent‑increase cap for projects financed under that program can be infeasible when property taxes and insurance rise; she asked that the statute allow VHFA to review developer budgets and approve modest increases when necessary.
- Allowing solar installations on affordable apartment buildings and clarifying how recent Act 250 exemptions affect incentives for off‑site or manufactured housing and other lower‑cost construction techniques.
- Continuing ARPA‑era investments and other state appropriations that have let VHFA use additional tools and reduce federally returned funds.

Collins described tradeoffs the committee must weigh. She said deeply subsidized housing serves the most public policy goals — lowering tenant rents, supporting services, preserving historic structures and meeting energy‑efficiency and climate targets — but that such projects carry higher per‑unit public costs. “If we were just plowing cornfields and putting up high rise buildings, I promise you we could do it cheaper, but we’re doing more than that in Vermont,” Collins said, arguing those additional costs support state climate and social goals.

Collins asked the committee to consider off‑site manufactured housing and other construction innovations to lower per‑unit development costs; she cited a recent state report on off‑site manufactured housing produced with ACCD and the Vermont Housing & Conservation Board and said VHFA is working with other agencies and coalitions, including housing advocates, on “Let’s Build Homes” priorities.

She closed by offering to return for deeper briefings on key programs — the middle‑income homeownership program ($24 million to build roughly 125 homes, she said), the rental revolving loan fund (about 265 apartments financed to date) and the first‑generation homebuyer grant (a $15,000 grant program for eligible households) — and by urging lawmakers to weigh policy levers that will reduce costs per unit while protecting permanently affordable housing where appropriate.

Collins’ presentation framed the committee’s upcoming deliberations on funding, Act 250 changes, construction methods and program refinements the agency says are necessary to increase production and preserve affordability. She said VHFA will return to the committee for more detailed briefings on individual tools and proposals.

","mediaType","Video","parentTitle","Senate Economic Development - 2025-01-17-9:00 AM","oneSentenceSummary","Maura Collins, executive director of the Vermont Housing Finance Agency, told the Senate Committee on Economic Development, Housing & General Affairs that Vermont faces a sizeable shortfall of housing and outlined VHFA’s top priorities for production, preservation and financing.","taxTitle","Economic Development, Housing & General Affairs, SENATE, Committees, Legislative , Vermont","taxId",37662,"location","Vermont","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":56,"_74":56},6381810,"Champlain Housing Trust expands shelter beds, motel conversions and development pipeline amid rising costs",1155,2082000,3237000,"/Search/View?dp=1&key=2127928-1f6fdbe75b916cd3e0ed4c7e1093f424&start=2082&end=3237","https://assets.pipeline.soar.com/2127928-1f6fdbe75b916cd3e0ed4c7e1093f424/thumbnail_2082000.jpg","/articles/6381810/Vermont/Champlain-Housing-Trust-expands-shelter-beds-motel-conversions-and-development-pipeline-amid-rising-costs","https://secure.pipeline.soar.com/6381810-7d76633ea480d2f392d489074b1991ea/orig.mp4?Expires=1771066725&Signature=gN-2f7QypJAZuAuhHAtQkrd-b8TseSyuKQ06NjvWep77h7v5Q1yAw1VM6tNOM5R3Y~uVG6li8lKILvwmCgLvznB69pNWWQ2yrLI9fC1oq32pvYj2exl7xwrLoWGtKVc-SVSmBYbrvPTO0PEHe1S09hfom0pmh1quZSrpjfgwb8yOhcB-dFmpPRqdCDPVN4ZV5KpBM4NCPg2LbonRx9f1AzLXWTrvvSKg~YoIYxyXDdrDyQcWj5iMIdkZDYk1zUBJIIC9dlr1gv1nJEj8OBuS-QDzBPF4dAZzLX00xo0vVHEnIuYPf3ZMVl7PJC~2SXRSx7Aw2K0dOsi4h494VaU7Qg__&Key-Pair-Id=KUT5TJCACFTXG","Chris Donnelly, representing Champlain Housing Trust, told the Senate Committee on Economic Development, Housing & General Affairs that CHT has rapidly expanded shelter capacity, converted motels into apartments and is advancing a large development pipeline — while warning the committee that rising costs threaten future starts.

“For the record, Chris Connolly with the Champlain Housing Trust,” the witness said at the start of his remarks; he later described CHT’s work as serving “the whole continuum of housing needs,” from people experiencing homelessness to homeownership programs. Donnelly said CHT expects to own about 220 shelter beds in Chittenden and Franklin counties by the end of the month and that the agency recently converted motel units into apartments as a relatively low‑cost way to house people exiting unsheltered homelessness.

Donelly described earlier motel conversions that cost “a little bit over a $100,000 per unit” at the time and said conversion costs and new construction expenses have roughly doubled since 2020. He said the organization looks for ways to keep costs down, including combining motel rooms into apartment units and reusing existing structures.

CHT outlined several active projects and pipeline numbers during the testimony:
- Brownfield cleanup and redevelopment in downtown Burlington: Donnelly said the organization expects to spend close to $2 million in Brownfields funds to clean a downtown site and build a five‑story project that will include 38 apartments, of which nine are for people exiting homelessness and five are for veterans.
- A 94‑home Shelburne Road project: Donnelly said the development will include 68 apartments and 26 shared‑equity townhomes, with site infrastructure and multiple contractors involved; portions of the site are being renovated and other buildings reconstructed.
- Multiple motel‑to‑apartment conversions and shelter acquisitions across the region, including a project with Steps that expanded shelter capacity from 7 to 21 rooms and other properties under renovation with service partners such as Spectrum and local domestic violence providers.

Donelly said CHT currently has about 200 homes under construction and 70–100 additional homes on the drawing board. He also said CHT holds roughly 685 shared‑equity homes in its portfolio and plays an active role in stewardship to keep those homes permanently affordable.

Donelly urged the committee to consider how limited public resources can be used to produce more units at lower cost, noting that locally delivered development, motel conversions and manufactured housing are among the levers available to expand supply quickly. He offered to return for a follow‑up briefing and to provide additional details on specific projects and cost drivers.

","Chris Donnelly of Champlain Housing Trust told the Senate committee that CHT owns roughly 220 shelter beds in Chittenden and Franklin counties, has about 200 homes under construction and is converting motels and brownfield sites into permanently affordable housing while noting sharply higher per‑unit costs since 2020.","actionData","errors"]

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VHFA: Vermont needs far more homes; agency urges funding and policy changes

Champlain Housing Trust expands shelter beds, motel conversions and development pipeline amid rising costs