A local developer is asking Waitsfield to consider partnering on a proposed workforce housing development that could bring 25 to 50 owner-occupied townhomes to town using a new state financing tool designed to support housing infrastructure.
Developer Aron Shea told the Waitsfield Select Board on June 22 that he has a property under contract at 6695 Main St. and is exploring a clustered housing development that would depend on municipal participation and funding through Vermont’s Community and Housing Infrastructure Program, or CHIP.
The Community and Housing Infrastructure Program was established to help Vermont communities create housing opportunities by funding infrastructure improvements that support housing development.
OPEN SPACE
“The plan would be do a small development at this location,” Shea said. “We … limited it at 25 to 50 parcels, preliminarily thinking town homes and kind of trying to keep them all in that $350,000 to $400,000. But there’s no way that the project works without any kind of support.”
According to presentation materials submitted to the board, the concept would place 25 to 50 owner-occupied townhomes on roughly 12 acres of a 46.1-acre parcel along Route 100 while preserving about 34 acres as open space.
The proposal calls for permanent deed restrictions intended to maintain long-term affordability, limit speculative resale and require year-round occupancy.
Planned infrastructure would include a new public road built to municipal standards, group wells and shared wastewater systems.
DEFERS PAYMENT
Shea described CHIP as a state-backed financing mechanism that would help cover infrastructure costs and be repaid over time through tax revenue generated by the project.
“The long and the short of it is that it’s a loan from the state that defers payment based on tax income in the future on the housing expansion,” he said.
Town administrator York Haverkamp compared the program to tax increment financing but said CHIP is designed to be more accessible for smaller municipalities.
“Are you all familiar with TIF — tax increment financing? This is basically a small town version of a TIF,” Haverkamp told the board. “This is intended for a town like Waitsfield … a smaller TIF, and it’s a much simpler lift as far as the submission goes.”
Haverkamp said the proposal aligns with a longstanding board priority to increase local housing opportunities.
PUBLIC ROLE
“Aron came to me and said, ‘What if we could build 25 plus workforce housing, where they cost $350,000 ish, which does not exist anywhere in The Valley?’” Haverkamp said. “The Select Board has identified workforce housing as something that’s really important.”
Presentation materials describe the project as aimed at residents including teachers, health care workers, municipal employees, tradespeople, hospitality workers and young families who increasingly cannot afford to buy homes locally.
Board members questioned whether the project could realistically achieve the proposed sales price and what assurances would exist if the town accepted a public role in the project.
One board member said they wanted to avoid a scenario in which the town supported infrastructure improvements only to see prices rise beyond the intended range.
CONTINUE DISCUSSIONS
Shea said enforceable agreements would be necessary.
“There’d have to be a contract in place for that,” he said.
Despite unanswered questions about wastewater design, project timing and the mechanics of affordability protections, board members indicated interest in continuing discussions.
“The town has been loath to take over roads historically, but in this case, if there’s such a clear public benefit, I think we’d like to continue the conversation,” Select Board chair Brian Shupe said.
Presentation materials note that the concept remains preliminary and is intended to begin a broader community discussion. As a next step, Shea plans to provide the town administrator with a more detailed CHIP proposal outlining a timeline and potential partnership structure.
