Reporting is an important part of participating in the CHIP program. Communities may need to provide updates, financial information, and project details to show that the project is moving forward and meeting program requirements. Clear and timely reporting helps keep projects on track and supports accountability throughout the process.
VEPC's CHIP webpage may have additional FAQs related to this topic.
Municipal CHIP reports are due on or before February 15 annually.
The annual report must include, but is not limited to:
- annual and total municipal and education property tax increments generated;
- expenditures for financing and related costs;
- current balance;
- expenditures for infrastructure improvements;
- scope and value of projected and actual improvements and developments in the Housing Development Site, including the number of housing units created;
- sale prices for initial offerings of any housing units;
- rental prices for initial offerings of any rental housing units;
- number and types of housing units for which a permit is being pursued under 10 V.S.A. chapter 151 (State land use and development plans) and, for each applicable housing development, the current stage of the permitting process;
- projected and actual incremental revenue amounts;
- allocation of incremental revenue, including the amount allocated to related costs;
- projected and actual financing;
- amount of public funds flowing to private ownership or usage; and
- biennial verification of affordability covenants and primary residence occupancy.
VEPC may request supplemental reports at any time.
The annual report is submitted to both VEPC and the Vermont Department of Taxes.
Disclaimer: This resource was created by Municipal Operations Support (MOS) staff of non-legal professionals with expertise of the subject matter. It is only intended to provide information and does NOT constitute legal advice. Readers with legal questions are encouraged to contact an attorney. The use or downloading of this resource does NOT create an attorney-client relationship and will not be treated in a confidential manner. Non-legal questions about this resource can be directed to MOS staff at mos@vlct.org.