- Associated Press - Wednesday, May 3, 2017

MONTPELIER, Vt. (AP) - The Vermont Senate has unanimously approved a $35 million housing bond, providing a new pool of money to support the state’s housing market.

Democratic Sen. Michael Sirotkin said the proposal will be funded through a cut of the property transfer tax that creates a revenue bond to be used by a state housing board. The board invests in community development and housing, and much of the new housing created under the measure will be for low-income people.

Sirotkin said interest rates are low right now, making it an advantageous time to develop housing.

The bill passed the Senate on a 28-1 vote. It has wide support, and is expected to pass the House and get Republican Gov. Phil Scott’s approval.

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