A significant decision emerged from the Vermont Legislature's recent House session, focusing on the Community and Housing Infrastructure Program (CHIP). Lawmakers agreed to extend the application approval period from 45 to 90 days, responding to concerns from the Vermont Economic Progress Council (Vepsi) about the need for thorough on-site visits for chip applications. This change aims to streamline the approval process while ensuring adequate time for evaluation.

The session also saw a pivotal shift in the program's duration. Initially set to expire in five years, the timeline has been extended to ten years, allowing for a comprehensive review of the program's effectiveness and performance. This decision was made to ensure that the anticipated housing needs are met and to assess the program's impact adequately.

In terms of funding, the legislature approved a substantial limit of $200 million for the program, emphasizing the importance of addressing infrastructure needs related to housing. Lawmakers will review the program annually to monitor its uptake and effectiveness, ensuring that the funding is utilized efficiently.

Additionally, the session addressed tax increment financing (TIF) adjustments, with a retention percentage set at 75% for non-affordable housing projects and 85% for those that qualify. A ten-year review period was established to evaluate project performance, aligning with existing TIF statutes.

The meeting concluded with the removal of a proposed sunset clause on the statewide TIF program, allowing for continued financing opportunities without immediate expiration. This decision reflects a commitment to ongoing support for housing initiatives in Vermont, with assurances of backing from the governor.

As the legislature moves forward, the focus will remain on ensuring that the CHIP program effectively meets the housing demands of the state while maintaining oversight and accountability.