This article originally appeared Feb. 12 in the Bennington Banner.
MONTPELIER — Gov. Phil Scott announced the successful sale by Vermont Housing Finance Agency (VHFA) of Vermont’s first Sustainability Bonds. The bond sale raised $37 million in proceeds for affordable housing.
The bonds will fund the “Housing for All” initiative proposed by the governor and enacted by the Vermont Legislature in 2017. Proceeds from the sale of the bonds will be awarded by the Vermont Housing Conservation Board (VHCB) to construct 550-650 homes statewide over the next two to three years. Vermont investors played a critical role in the success of the bond sale.
This will represent the largest state investment in housing in several decades. The transaction included publicly offered bonds and bonds directly placed with local banks. The 20-year bonds are funded from revenue from the Vermont Property Transfer Tax, proceeds of which will be used to repay investors through the term of the bond.
“As we work to create greater opportunity for Vermonters and attract more families to Vermont, decent housing Vermonters can afford is critical. The `housing bond’ initiative we passed last year is an important step toward addressing that need,” Scott said in a prepared statement.
Read full article at the Bennington Banner.
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