VT S0102

Extends Act 250 housing exemptions until July 1, 2035 for priority housing projects in designated centers and areas within one-half mile of those centers, with construction completion required by June 30, 2035

Establishes a tiered land use system with Tier 1A areas (municipality-applied, fully exempt from Act 250) beginning September 1, 2026 and Tier 1B areas (regional planning commission-designated) with exemptions for housing projects up to 50-75 units

Reduces wetland buffer zones from 50 feet to 25 feet for Class II wetlands in designated centers, Tier 1A/1B areas, and certain industrial parks, with a 1:1 restoration-to-wetland-loss ratio instead of 2:1 in these areas

Creates the Strategic Projects for Advancing Rural Communities (SPARC) tax increment financing program allowing municipalities to retain up to 100% of education and municipal tax increments for infrastructure improvements supporting housing, flood resilience, brownfield remediation, and economic development

Appropriates $47.8 million including $15 million for Middle-Income Homeownership Development Program, $15 million for Rental Housing Revolving Loan Fund, $9.1 million for Vermont Infrastructure Sustainability Fund, $4 million for Vermont Rental Housing Improvement Program, and $2 million for brownfield redevelopment