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S.127

AN ACT RELATING TO VERMONT HOUSING FINANCE AGENCY

The House proposes to the Senate to amend the bill as follows:

First:  By striking Sec. 7 and inserting new Secs. 7 and 7a to read:

Sec. 7.  10 V.S.A. § 625(1) is amended to read:

(1)  The residential housing is primarily for occupancy by persons and families of low and moderate income , or qualifies for financing with proceeds of federally tax-exempt obligations, or at least 20 percent of the units are for occupancy by persons and families of low and moderate income;

Sec. 7a.  EFFECTIVE DATE AND SUNSET

In Sec. 7, the words “, or at least 20 percent of the units are for occupancy by persons and families of low and moderate income” shall take effect upon passage, and shall be repealed July 1, 2008.  The Vermont Housing Finance Agency shall report by January 15, 2008, to the House Committees on Commerce, on General, Housing and Military Affairs and on Ways and Means, and to the Senate Committees on Finance, and on Economic Development, Housing and General Affairs on the projects financed by VHFA using the lower requirement of at least 20 percent of qualified housing units.

Second:  By striking Sec. 11 (increase in VHFA exclusion from property transfer tax)

Third: By adding a new Sec. 11 to read:

Sec.  11.  VERMONT AFFORDABLE HOUSING DATA 

(a)  In order to provide a basis for legislative assessment of Vermont’s affordable housing programs, their goals and effectiveness, the Joint Fiscal Office and Legislative Council shall catalogue and summarize information related to affordable housing incentives in current Vermont law, and shall to the extent possible:

(1)  identify the population served by the property transfer tax exemption for buyers with Vermont Housing Finance Agency mortgages and whether they are a subset of similarly-situated home buyers in Vermont, and estimate the cost of expanding the exemption beginning in fiscal year 2008 to the first $140,000.00 of home value for all similarly-situated buyers regardless of mortgagee;        

(2)  identify affordable housing incentives in Vermont law;

(3)  identify state and quasi-public entities in Vermont which administer, allocate or award affordable housing incentives and any discernible overlap in functions of these entities, and identify any amount of state funding for these entities in the most recent state budget;

(4)  determine the definition of “affordable housing” under the incentives identified, including the type and price range of the housing supported and the income level of eligible recipients for the programs;

(5)  estimate the annual cost of each incentive, in total, and per unit of affordable housing supported;

(6)  determine to what extent, if any, affordable housing incentives provide direct support for construction or development of property other than affordable housing;

(7)  identify private-sector sources of support available for affordable housing and other methods of state assistance for affordable housing which could be offered.

(b)  The Joint Fiscal Office and Legislative Council shall report their findings by January 15, 2007, to the House Committees on Ways and Means; General, Housing and Military Affairs; and Commerce; and to the Senate Committees on Finance; and Economic Development, Housing and General Affairs.

Fourth:  By adding Sec. 12 to read:

Sec. 12.  Subchapter 13 of Chapter 117 of Title 24 is added to read:

Subchapter 13.  Annual Housing Reports

§ 4498.  HOUSING BUDGET AND INVESTMENT REPORTS

The commissioner of housing and community affairs shall:

(1)  Create a Vermont housing budget designed to assure efficient expenditure of state funds appropriated for housing development, to encourage and enhance cooperation among housing organizations, to eliminate overlap and redundancy in housing development efforts, and to ensure appropriate geographic distribution of housing funds.  The Vermont housing budget shall include any state funds of $50,000.00 or more awarded or appropriated for housing.  The Vermont housing budget and appropriation recommendations shall be submitted to the General Assembly annually on or before January 15, and shall include the amounts and purposes of funds appropriated for or awarded to the following:

(A)  The Vermont Housing and Conservation Trust Fund.

(B)  The Agency of Human Services.

(C)  The Agency of Commerce and Community Development.

(D)  Any other entity that fits the funding criteria.

(2)  Annually, develop a Vermont housing investment plan in consultation with the Vermont housing council.  The housing investment plan shall be consistent with the Vermont consolidated plan for housing, in order to coordinate the investment of state, federal and other resources, such as state appropriations, tax credits, rental assistance and mortgage revenue bonds, to increase the availability and improve the quality of Vermont’s housing stock.  The housing investment plan shall be submitted to the General Assembly, annually on January 15, and shall:

(A)  target investments at single-family housing, mobile homes, multifamily housing and housing for homeless persons and people with special needs;

(B)  recommend approaches that maximize the use of available state and federal resources;

(C)  identify areas of the state that face the greatest housing shortages; and

(D)  recommend strategies to improve coordination among state, local and regional offices in order to remedy identified housing shortages.

 



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us