Bill H.775 aims to enhance housing production in Vermont through various measures, including the introduction of special assessment bonds and the establishment of a Vermont Housing Special Fund. The bill allows municipalities to issue revenue bonds specifically for financing public improvements that benefit limited areas within the municipality, ensuring that these bonds are payable solely from special assessments levied on properties served by the improvements. Additionally, the Vermont State Treasurer is granted the authority to create credit facilities to support local investments, including a credit facility for housing development and another for climate infrastructure projects.

The bill also includes provisions for a pilot project focused on off-site construction to reduce housing development costs, as well as the creation of the Vermont Rental Housing Improvement Program, which will provide funding for the rehabilitation of rental housing units. Municipalities are required to analyze their housing needs and constraints in their planning processes, ensuring that they address existing and projected housing demands. The act is set to take effect on July 1, 2026.

Statutes affected:
As Introduced: 32-5404a(a), 32-5404a, 10-10, 10-699
As Passed By the House -- Official: 32-5404a(a), 32-5404a, 10-10, 10-699, 10-212
As Passed By the House -- Unofficial: 10-10, 10-699, 10-212