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SUMMARY OF THE 2006 ACTS AND RESOLVES

ACT NO. 189

(S.127)

Vermont Housing Finance Agency; affordable housing

This act makes the following amendments to the authority and functions of the Vermont Housing Finance Agency.

Sec. 1. Amends the following definitions in 10 VSA § 601:

Sec. 5. Amends 10 V.S.A. § 624(a)(1) to allow VHFA to make loans, grants and advances to housing sponsors - whether or not in "anticipation" of mortgage loans.

Sec. 6. Amends 10 V.S.A. § 624(b)(2) and (5) relating to rules for terms and conditions in order to:

Sec. 8. Amends 10 V.S.A. § 625(3), qualification for financing residential housing, to remove the anti-competition requirement that private enterprise and investment are unavailable.

Sec. 9. Amends 10 V.S.A. § 631:

(a)(4) to remove the state ceiling limitation on mortgage bonds pursuant to the federal Internal Revenue Code which is no longer required.

(b) to remove the requirement of annual installment payments on serial bonds.

Sec. 10. corrects gender-specific language in 10 V.S.A. § 632(d).

Sec. 11. Requires the joint fiscal office and the legislative council to catalogue and summarize information relating to affordable housing incentives in current Vermont law and report by January 15, 2007 to committees of jurisdiction of the legislature.

Sec. 12. Requires the commissioner of housing and community affairs to create a Vermont housing budget to assure efficient expenditure of state funds appropriated for housing development and to report annually to the General Assembly on or before January 15.

Effective Date: July 1, 2006



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us