Vermont legislators approved a plan to sell $37 million in “sustainability bonds” that will be used to finance construction of new affordable housing across the state.
According to the Vermont Housing Finance Agency (VHFA)
, the bonds will go on sale beginning on Jan. 8 and will finance the creation of up to 650 homes. At least 25 percent of the housing created from the bond sales will be allocated to households with incomes below 50 percent of the area median, while at least 25 percent will be allocated to households with incomes between 80 percent and 120 percent of the area median. The median income in Vermont for a family of four is $69,300.
“We consistently hear how widespread the lack of affordable, decent housing is in many parts of Vermont, so I’m pleased our proposed housing bond was supported by the Legislature and appreciate the hard work by our private partners in getting it passed and putting the investment to work for Vermonters,” said Gov. Phil Scott. “By leveraging other funds, this investment will help create much-needed homes that are affordable for working Vermonters at the middle and lower end of the wage scale.”