House Appropriations Committee February 16, 2017
VHCB Results: FY 2016 and FY 2017 What we accomplished VHCB Program Impacts State Investment: $18.3M ; $125M Leveraged Improve Water Quality • 840 Affordable Homes and Apartments Support our Rural Economy • 49 Farms; 6,303 Acres Create More Homes for Workers • 18 Natural Areas; 7,200 Acres Enhance opportunity for homeless • and other vulnerable Vermonters Make Communities Flood Resilient • Meet Vermont Energy and Climate • Goals
VHCB PROGRAMS • Multi-Family Housing Development and Preservation • Farmland Conservation • Forestland, Recreational land and Natural Area Conservation • Vermont Farm & Forest Viability Program • Home Ownership • Farmland Access • Home Access • Vermont Lead Paint Hazard Abatement/Healthy Homes • AmeriCorps • Community Planning & Technical Assistance • Historic Preservation • Modular Housing Innovation Program • Housing Opportunities for Persons living with HIV/AIDS
BURLINGTON COLLEGE LAND CAMBRIAN RISE HOUSING MASTER PLAN Architect’s illustration of proposed housing – a mixed income development with 700 new homes composed of family rental, senior housing and homeownership condominiums.
Downstreet Housing & Community Development and Housing Vermont are planning to develop housing in the upper stories of the French Block in downtown Montpelier, which has been vacant for more than 70 years.
Sally MacCay photo New Neighborhoods Building renovations and new developments will be possible like Hickory Street, a redevelopment of public housing units in Rutland.
BEFORE McKnight Lane provides 14 net-zero energy modular rental homes manufactured in Wilder Vermont. The development replaces vacant, deteriorated mobile homes on a brownfield. Developed by the Addison County Community Trust with Cathedral Square Corporation.
My Journey to McKnight Lane “On October 7, 2016 I signed my lease by Alexis LaBerge and was the first tenant to move in. From the efficient heating and cooling systems, to the water heater, right down to the washer and dryer, everyone made sure I knew everything I needed in order to make my occupancy successful. Now, at the end of the year, I truly feel home. A place to call my own, a wonderful support team if I ever have any questions, and each day I am truly in awe of how wonderful and efficient these homes really are. I couldn’t be happier to be a McKnight Lane tenant.”
Morrisville Historic grange building restored and put to new use as a community arts center, serving 3,000 people of all ages annually. River Arts partners with schools, local non-profits and organizations to increase impact and reach the greatest number of people.
Mann’s Meadow, Jeffersonville , developed by the Lamoille Housing Partnership. Housing for seniors (22 homes) and families (10 homes). SASH site.
Boyden farm, Cambridge – VLT conserved 452 acres with 4 miles of Lamoille River frontage; public access along the river. Mark Boyden completed a business plan with the Viability Program for Boyden Beef, selling grass-fed beef, organic soybeans, hay and other grains. Boyden Valley Winery was one of the first licensed wineries in Vermont. The farm also sugars, with 10,000 taps, and the Boyden Barn hosts events The Boyden family has been farming this land for over 100 years and were early innovators in diversifying.
VHCB has invested $12.2 million in Lamoille County • Conservation of 18 farms and 21 natural areas and public recreation projects • 227 affordable homes developed and preserved • Nonprofit partners include: Lamoille Housing Partnership; Stowe Land Trust; Vermont Land Trust; Green Mountain Club, Vermont River Conservancy; Vermont Department of Forests, Parks and Recreation
VHCB funding helped the Winooski Valley Park District to purchase and conserve 980 acres surrounding Colchester Pond, which is one mile in length and covers 182 acres. The project included donation of an easement on 350 acres. Connects with a block of contiguous forest from Indian Brook Reservoir in Essex to the Milton Town Forest.
“This home means that I have the freedom to be on my own and to have good financial footing.” Initial Sale (2001) Resale (2014) Sales Price $88,500 $160,000 Grant $20,000 $45,500 Net Price $66,500 $114,500 Ashley purchased a condo in Colchester, where she grew up, just a few miles from her mother’s home. She was able to work with a local lender, and secured a HOMELAND grant through the Champlain Housing Trust for her shared equity home.
Correctional System Savings Attributable to Community-Based Transitional Housing Community Based Transitonal Housing Support by VHCB VHCB Support Saves the Correctional System $4.4 Million Project Name and Location Units Gender VHCB $$ DOC $$ DOC Beds Prison Cost Annual Savings Dismas House Rutland 11 M 70,000 42,728 3 186,672 143,944 Dismas House Burlington 7 M 70,000 24,280 5 311,120 286,840 Dismas House Winooski 9 M 162,000 158,128 9 560,016 401,888 Covered Bridge 5 M 90,000 72,000 6 373,344 301,344 Phoenix House Burlington 19 M 162,000 249,000 20 1,244,480 995,480 Dismas House Hartford 9 M 162,000 150,000 10 622,240 472,240 Barre Phoenix House 18 M 170,000 204,400 20 1,244,480 1,040,080 Northern Lights, Burlington 9 W 162,000 393,752 11 805,112 411,360 Mandala House, Rutland 10 W 198,000 343,331 10 731,920 388,589 Total 97 94 T otal $4,441,765 *source: Department of Corrections and VHCB 2016
Housing for Medically Vulnerable, Homeless Individuals 62% Savings in Medical Costs over 12 months Beacon Apartments in South Burlington, developed by the Champlain Housing Trust in partnership with UVM Medical Center, provides 20 homes with support services for homeless individuals with chronic health issues. The United Way reports that for a similar group of 32 individuals, over a 12-month period, hospital visits dropped by 34% and costs dropped by more than 62%: in the 12 months prior to permanent housing: 1,224 visits; $736,826 in the 12 months after permanent housing: 802 visits; $278,075
Transitional Motel with Support Services Saving the General Assistance Program Approximately $350,000 Annually In Shelburne, the Champlain Housing Trust redeveloped a former motel to house homeless individuals and families, providing significant savings to the state over the cost of motel vouchers and offering support services to help households find more permanent housing. Harbor Place guests are: • 3 times more likely to utilize case management services • 5 times more likely than those placed in private motels to find long-term housing
SASH: Coordinating Health Care at Housing Sites Reducing Medicare expenditure growth by $7.6 Million Annually Wtih 5,000 participants at 140 sites, the SASH Program (Support And Services at Home) is a nationally recognized model that is transforming health care delivery for seniors and disabled individuals. An independent evaluation of the program found reductions in Medicare expenditure growth of $1,536 per person annually.
Need for Housing • Vermont Futures Project of the Vermont Chamber of Commerce has set a growth target of 5,000 new and improved housing units annually. • Roadmap to End Homelessness calls for 180 new units for permanent supportive housing and 1,251 new homes affordable at 30% of median or below. • 2015 statewide housing needs assessment by Bowen National Research found the largest gaps in housing affordable to households below 30% of median and between 85% and 120%, although need was across the income spectrum.
Housing Bond Proposal • Governor Scott is proposing a revenue bond that would produce approximately $35 million as the main element of a Housing for All Initiative . • VHCB’s annual state appropriation comes mainly from Property Transfer Tax receipts as directed by statute. The Governor recommends $12,304,840 for VHCB from the PTT and an additional $4,000,000 from the Capital Bill. This represents a $1 million increase from FY17. • VHCB will administer the proceeds and $2.5 million in transfer tax revenue will be dedicated to paying debt service on the bond through 2038. Revenue bonds are payable from and secured only by a specific source of revenue and are not a general obligation of the state. • The proposal does not affect Capital Bill bonding under the Debt Affordability Cap.
Housing Bond Proposal • The proposed repayment source is revenue from the property transfer tax. • The administration proposes the dedication of $2.5 million to the payment of the bond through 2038, which will require a statutory change. • Bond to be issued by VHFA with debt service provided by VHCB. • VHCB will administer and award the funds for projects around the state.
Housing Bond Proposal Targeting: • At least 25% of the housing will be targeted to middle-income Vermonters (households between 80 and 120% of median income). • At least 25% of the housing will be targeted to very low-income Vermonters (households below 50% of median income).
Median Incomes • Statewide median income for a household of four is $70,200. • 120% of median for a household of four is $84,240 • 80% of median for a household of four is $56,160 • 50% of median for a household of four is $35,100 • Varies by county
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