Bill H.757 proposes significant amendments to the regulations surrounding mobile homes and limited equity cooperatives in Vermont. It revises the process for issuing real estate deeds for mobile homes, allowing for warranty and quitclaim deeds during financing or sales. The bill introduces new definitions for when a mobile home is considered permanently sited and exempts mobile homes from sales tax while subjecting them to property transfer tax. Additionally, it provides limited equity cooperative housing corporations with exemptions from needing stormwater permits for certain discharges. The bill also clarifies that limited equity cooperatives will be treated as nonprofit corporations for state funding purposes, ensuring they serve low- and moderate-income individuals.

Moreover, the bill establishes stricter regulations for subleasing within limited equity cooperatives formed after June 30, 2026, allowing subleasing only in cases of demonstrated hardship. It amends various sections of Vermont's tax laws to clarify sales and use tax exemptions for mobile homes, aligning their treatment with modular housing and traditional residential construction. The bill mandates the replacement of "mobile home" with "manufactured home" throughout the statutes for consistency and exempts real property owned by mobile home limited equity cooperatives from taxation. The act is set to take effect on July 1, 2026.

Statutes affected:
As Introduced: 9-72, 11-1598, 24-4412, 10-1264, 32-9706(s), 32-9706, 32-9741, 32-9601, 32-9602, 32-9605, 32-9606, 32-9607, 32-3802