Source: State of Vermont
On May 20th, Governor Phil Scott outlined an economic recovery & relief package using $400 million of $1.25 billion the state received as part of the Federal CARES Act. The two-phase plan first addresses the businesses and industries that were impacted most, with $310 million designated to sectors that are in need of immediate relief.
Included in phase one is $50 million designated for housing assistance, with the majority of the funds to be used to cover situations where impacted tenants cannot pay rent and as a result, landlords are financially impacted. The program is open to all rental property owners with a maximum of 20 units assisted per owner. According to VermontBiz.com, "payments will be disbursed through housing service provider(s) selected through the RFP process with oversight authority through the Department of Housing and Community Development."
The second phase consisting of the remaining $90 million focuses on long-term recovery and investments in broadband internet, job training, permit modernization and additional housing assistance. It is estimated that over 13,000 Vermont households could be assisted using funds from phase one of this newly enacted bill.
For more details on the package, check out the COVID-19 Recovery Resource Center on the state of Vermont ACCD Website or view / download this informational 12 page Resource Guide.
For additional insight or questions on the VT Multi Family real estate market, don't hesitate to email us anytime at Team@LipkinAudette.com or give us a call at (802) 846-9575.