ACT NO. 116
Housing; mobile home park ownership; affordable housing development
This act establishes requirements for a mobile home park that is being converted to resident cooperative ownership. It also makes more financing available for affordable housing development. This is effected by reducing the number of units in a housing development that must be affordable from 75 to 50 percent; by shortening the minimum duration for maintaining the affordability of those units from 40 to15 years; and by increasing the cap on the average rate of interest that may be paid on loans from charitable investments for affordable housing by two percentage points.
The act also creates more financing flexibility for affordable housing components that are included in a larger development through the use of condominium structures.
Effective Date: July 1, 2006
The Vermont General Assembly
115 State Street