Bill H.678 proposes the establishment of a pilot program aimed at financing the construction of 250 dwelling units in Washington and Lamoille Counties. The program will utilize municipal debt that is supported by 100 percent of any municipal or education property tax increment. The primary objective of this initiative is to enhance the affordability of homeownership and reduce rental costs associated with new developments in these regions.

The bill seeks to address the pressing need for affordable housing by leveraging local tax revenues to support new construction projects. By implementing this pilot program, the General Assembly of the State of Vermont aims to create a sustainable model for increasing housing availability and affordability in the targeted counties.