The Senate Economic Development Committee finished reviewing changes to S.100 on Friday morning and brought the bill to the Senate floor for a vote. Funding was still pulled out and included in the budget. Currently it appears fairly significant (over $200M according to the Committee of Conference report) but the Governor is expected to veto the budget bill so things could change.

The Senate Economic Development Committee came back on Wednesday to review the House changes to S.100, which they did not yet possess, and the single House floor amendment that persisted with the bill (there were many other attempts to amend it).

Joan Goldstein (Commissioner, Department of Economic Development) joined the Senate Economic Development Committee on Friday, along with Abbie Sherman (Executive Director, Vermont Economic Progress Council).

The Senate Economic Development Committee continued to do mark up of the Omnibus Housing Bill on Tuesday with two members of the Committee absent. Chairwoman Ram Hinsdale stated that she presumed that the absent Committee Members were aligned with moving in the direction that the Committee was going with mark-up of the bill. This, however, contradicts Senator Brock’s statement of last week where he went on record as to not being comfortable with this Bill.

This week the Senate Economic Development Committee reached the mark-up stage of their Omnibus Housing Bill. There was discussion in the Committee that many local governments in Vermont were unhappy with the duplex by right governing authority that is being taken away in this bill. Barre Town was particularly not pleased. The Chair tried to justify that it was not taking authority from local government but was more dealing with the homeowner. Even so, the Committee believed this was a huge change and expressed concerns.

The Senate Economic Development Committee heard from more experts on Friday regarding their Omnibus Housing Bill.

Key Takeaways:

• Permitting takes too long and is duplicative.
• The housing market is changing.
• Vermonters support expanding population and housing.

Matt Dunne testified in front of the Senate Economic Development Committee Friday morning.

Key takeaways:

• Flexibility is needed
• Every community is different
• There have been significant shifts in winners/losers over the past 40 years

The Senate Economic Development Committee heard from Maura Collins on Wednesday about Low-Income Housing Tax Credits (LIHTC) funds.

Key Takeaways:

• VHFA is proposing a revolving loan fund as a less-complex alternative to LIHTC.
• Employers from all industries are getting squeezed by the housing crisis.
• Construction costs have doubled since 2016.