The Housing Tax Credit was designed by Congress to help create and preserve affordable rental housing for lower income households. It provides a direct cost-based reduction in federal tax liability over a 10-year period for owners of qualifying rental housing who agree to conform to certain operating restrictions for a 15-year period or longer.
In the past, the federal government was the sole funder of the construction of many affordable housing developments. Today, dedicated affordable housing is usually created using subsidies from multiple sources, including federal, state, and local governments; financial institutions; and charitable foundations. Other dedicated affordable units are created as a result of affordability requirements or incentives established by local or state government.
Rental assistance programs provide subsidies that reduce rents for low-income tenants who meet program eligibility requirements. Generally, households pay rent equal to 30 percent of their incomes, after deductions, while the federal government pays the remainder of rent or rental costs.
Fair Housing is the right to equal opportunity in housing choice and the right to rent or buy a dwelling free from discrimination.
Residential parking requirements are a key reform identified by recent Vermont studies as a means of improving access to new housing. The cost of required parking spaces increases housing costs and rents. Estimates of the cost of a single parking space range from $5,000-$80,000/space depending on the location of the space (with space in parking structures at the higher end of the cost range).
Promote and enforce safe and healthy living conditions for rental properties. Vermont has some rental housing laws, but municipalities may supplement those laws with municipal rental housing codes.