Btvstat Economy And Housi

BTV Stat

Performance, Accountability, Collaboration, and Transparency
 
 

Economy

A thriving downtown Burlington provides significant economic and social impacts that benefit both the city and region. Burlington serves as an epicenter of commerce, investment, diversity, community engagement, and innovation and also provides other socio-economic benefits through access to community spaces and public institutions. 

Burlington Economic Health Report

This Economic Health report is not meant to be comprehensive economic analysis but provides a historical and comparative analysis of some key economic metrics: Retail Sales, Local Option Tax, Meals and Rooms Sales. In collaboration with Church Street Marketplace, CEDO, and the Mayor's Office, the report will be expanded in 2020 to include other key metrics specific to the Downtown Improvement District and Church Street. 

Housing

Burlington has seen a shortage of quality homes and rental units drive prices out of the reach of many residents. In recent years, Burlington has made progress by strengthening the City's proud legacy of investing in permanently affordable housing, bolstering enforcement of minimum housing standards, and examining land-use policies with an eye toward how they restrict the creation of new housing or benefit our climate and natural areas, Through BTVStat, City leadership is continually examining key metrics to better understand how City processes, policies, and external factors are impacting the health of the local housing market. Below are a few key metrics tracked through BTVStat. As this topic is one of importance to all those who live and work in our community, we will continue to enhance this section of the dashboard with additional new metrics over the coming months and we welcome your recommendations and suggestions about housing metrics you'd like to see reported through BTVStat, so please share your thoughts with us at btvstat@burlingtonvt.gov.

Rental Cost Burden

Moderately burdened households are those that spend 30-50% of household income on rent, while severely burdened households are those that spend more than 50% of household income on rent. Research demonstrates that rent-burdened households have higher eviction rates, increased financial fragility, and wider use of social safety net programs compared with other renters and homeowners. In Burlington, approximately 60% of all renter households are cost-burdened, nearly 10% higher than the state and national rates.

Net New Residential Units

[PowerBi Graphic Still Under Construction...stay tuned!]

Rental Housing Stock by Certificate of Compliance

Minimum housing code enforcement includes maintaining an annual apartment registry of approximately 10,000 rental dwelling units. Certificates of compliance are issued to landlords once an inspection from a code enforcement officer is completed and any deficiencies with Minimum Housing Standards are documented. Since 2015 the Office of Code Enforcement has issued Certificates of Compliance (CoCs) for a period of time between one and five years, based on a landlord’s compliance with the City’s Minimum Housing Standards and history of code violations. A five-year COC is issued to properties demonstrating full compliance with the code and fewer years depending on the number and type of violations. 

Housing Trust Fund (HTF) Annual Allocation and Units Created

A Housing Trust Fund is a restricted municipal account, established outside of the general budget. Created to provide grants and loans for the preservation and development of low-income housing, any assets it receives do not revert to the General Fund at the end of the fiscal year. In cities across the country, housing trust funds are administered either by an established city agency or by an independent board of trustees. 

On June 27, 1988, The Burlington City Council approved the Housing Trust Fund Ordinance. Its purpose is to assist the City’s nonprofit housing organizations in building more affordable housing. The Burlington Housing Trust Fund (HTF) provides grants and loans for the promotion, retention, and creation of long-term affordable housing specifically for very low to moderate-income households.