Vermont § 1908 - Creation of housing infrastructure project and housing development site

§ 1908. Creation of housing infrastructure project and housing development site

• (a) The legislative body of a municipality may create within its jurisdiction a housing
  infrastructure project, which shall consist of improvements that stimulate the development
  of housing, and a housing development site, which shall consist of the parcel or parcels
  on which a housing development is installed or constructed. (b) To create a housing infrastructure project and housing development site, a municipality,
  in coordination with stakeholders, shall: (1) develop a housing development plan, including: (A) a description of the proposed housing infrastructure project, the proposed housing
  development, and the proposed housing development site; (B) identification of a sponsor; (C) a tax increment financing plan meeting the standards of subsection 1910(h) of this
  subchapter; (D) a pro forma projection of expected costs of the proposed housing infrastructure project; (E) a projection of the tax increment to be generated by the proposed housing development; (F) a development schedule that includes a list, a cost estimate, and a schedule for the
  proposed housing infrastructure project and the proposed housing development; and (G) a determination that the proposed housing development furthers the purpose of section
  1907 of this subchapter; (2) develop a plan describing the housing development site by its boundaries and the properties
  therein, entitled “Proposed Housing Development Site (municipal name), Vermont”; (3) hold one or more public hearings, after public notice, on the proposed housing infrastructure
  project, including the plans developed pursuant to this subsection; and (4) adopt by act of the legislative body of the municipality the plan developed under
  subdivision (2) of this subsection, which shall be recorded with the municipal clerk
  and lister or assessor. (c) The creation of a housing development site shall occur at 12:01 a.m. on April 1 of
  the calendar year in which the Vermont Economic Progress Council approves the use
  of tax increment financing for the housing infrastructure project pursuant to section
  1910 of this subchapter. (Added 2025, No. 69, § 20, eff. July 1, 2025.)