Green-light for Housing
OUTCOME: Legislation essential for one of Vermont’s largest new mixed-income housing neighborhoods enacted.
Expanding housing is key for affordability and growing the economy. Vermont faces a serious housing shortage during a time of high financing costs and rising construction costs make the challenge even harder.
In the state’s Queen City, a public-private partnership is creating a major South End development near jobs and the lakeside.
Working with the lead project investors, Necrason Group helped secure the legislative and policy changes needed to advance the project. Supported by the neighborhood, the project then received the municipal approvals necessary to proceed.
In the State capital, Necrason Group helped motivate lawmakers to create a new, essential infrastructure tax increment financing program and to expand the Treasurer’s Invest in Vermont capacity. The project subsequently received critical state funding awards from VHFA and the Vermont Housing and Conservation Board. to reduce the cost of permanently affordable housing.
Phase-one construction is expected to start in 2027.
OTHER KEY HIGHLIGHTS
Necrason Group worked with our clients to achieve the following:
- Helped create more than 20,000 permanently affordable homes across the state, including in many small rural communities.
- Secured emergency housing supports during the COVID-19 pandemic for families and people experiencing homelessness.
- Reduced pre development regulatory requirements in locally planned growth areas.