Act 250 Overhaul (S.311/H.687) - May 1, 2024
The Senate Economic Development Committee convened on Wednesday morning to review the new version of H.687, which incorporated parts of the bill they had worked on earlier in the session – S.311. Chairwoman Ram Hinsdale noted that there was a new amendment from Senator Bray that had just been released. She noted that Bray was claiming this amendment was the “holy grail of negotiations” between her and the Senate Natural Resources Committee.
Read moreWorkforce Development Governance (H.707) - April 19, 2024
Representative Marcotte presented a high-level overview of H.707 for the Senate Economic Development Committee. He introduced himself and noted that he was Chair of both House Commerce and Economic Development as well as the SOCWED, a special committee designed to review how best to approach workforce development in Vermont.
Read moreHousing Inventory Study - April 17, 2024
Chairwoman Ram Hinsdale opened testimony in the Senate Economic Development Committee on Wednesday afternoon saying that she wanted context on the “current unmet housing need.”
Read moreFlood Recovery - April 5, 2024
Kristin Warner (Public Policy Manager, VBSR) spoke to the Senate Economic Development on the creation of a new flood relief program called FRAP (Flood Relief Assistance Program). This program was originally in H.723, but was not taken up by any committee. An amendment containing the language creating FRAP was proposed on the House floor but was defeated. VBSR is asking the Committee to take testimony on this bill.
Read more10% for Vermont Program - March 21, 2024
Treasurer Mike Pieciak spoke to the Senate Economic Development Committee on Thursday morning about “10% for Vermont,” a local investment program.
The program authorizes the Treasurer to invest up to 10% of the State’s average daily cash balance for economic development in Vermont. As noted in an announcement from the Office of the State Treasurer “the State’s average daily cash balance has grown substantially in recent years due to increased state revenues allowing the program’s lending capacity to expand from $39M to $100M and then expanded to $115M. In total, when combined with funds that were not committed from the original program, there is now $85M available to support local economic development.
Read moreBE Home Bill (S.311) - Feb 16, 2024
Chairwoman Ram Hinsdale reminded the Senate Economic Development Committee about the Housing Survey from the HOME Act in order to know “roughly how much housing we are creating through our funding mechanisms.” She preferred to add language to S.311 least referencing a “healthy vacancy rates… about 5% for rental unit vacancy and 23% for home ownership vacancy…”
Read moreBE Home Bill - Feb 6-9, 2024
The Senate Economic Development Committee spent most of the week working on their draft bill titled 'BE Home'. The bill would overhaul the current Act 250 framework and development designations into a new mapping structure.
Read moreBE Home Bill - Jan 26, 2024
The Committee returned to their draft BE Home bill on Friday morning to review the latest draft with Legislative Counsel. The bill is 86 pages long, but a helpful overview document was also provided.
Chairwoman Ram Hinsdale indicated that she to move toward a consensus vote for the inclusion of each of any stand-alone bills that should be included in their committee bill. February 9th was the date given for when proposals needed to be submitted by.
Read moreHousing Designation 2050 - Jan 18-19, 2024
Two different Committees covered a new Housing Designations Report from the Department of Housing & Community Development (DHCD) this week. The report focuses on creating vibrant places for Vermonters to live and work.
In the House Environment & Energy Committee on Thursday, Chairwoman Sheldon asked about public engagement and Chris Cochran (Director of Community Planning & Revitalization, Department of Housing & Community Development) stressed the input was largely municipalities and staff at planning and regional agencies, the public also was engaged but they were asked to respond to questions like “what is working and what is not?”
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Updates from VHFA - Jan 16, 2024
Maura Collins (Executive Director, Vermont Housing Finance Agency) presented to the Senate Economic Development Committee on Tuesday, noting that this year the Vermont Housing and Finance Agency (VHFA) is celebrating 50 years.
The loans they provide end up going to 94% first time homebuyers. 70% are also offered down payment assistance etc. The median borrower income is $67,950. They also offer rental housing development along with the Vermont Housing & Conservation Board.
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