Kudos to the Middlebury selectboard for its recent passage of a CHIP application that will help Summit Properties build its next phase of 74 houses at its Stonecrop Meadows neighborhood. In a 5-0 vote, with one abstention and one member absent, the application allows Summit to use this tax increment financing tool to pay for infrastructure — such as roads, sidewalks and streetlights — to keep the price of the housing affordable.

As John Flowers reports in a front-page story in today’s Addison Independent, the financing tool makes the difference between being able to build out its intended 250 homes or build fewer homes at a higher price.

The abstention by selectman Fred Dunnington was due to an abundance of caution. Dunnington, who was Middlebury’s Town Planner for 32 years from 1981-2013 and has a wealth of knowledge, worries about establishing a precedent for every future housing complex. And to his point, a much smaller CHIP project at Middle Road is in the works. Furthermore, Dunnington is concerned the property tax deferments under CHIP present an additional cost to taxpayers.

True enough. The total cost to town taxpayers is expected to vary between 1.5 to 2.5 cents added to the tax rate over 20 years — a small percentage of the town’s taxes, but not nothing.

The majority voted for the measure because the overall good outweighs the relatively small burden. Simply put, Middlebury desperately needs housing and particularly affordable housing. The Stonecrop Meadow’s project fits that need. With mixed use housing near the center of town and close to the elementary school, the location is ideal. Plus, while 250 housing units won’t meet all the town’s needs, it certainly moves the needle in the right direction.

Communities also must learn to consider new housing as long-term investments with long-term paybacks. Once the complex is fully assimilated into the town’s grand list, it will kick-off property tax payments into the town and school system for many decades. More importantly, the town will be able to attract residents to fill and create new jobs, provide customers for local businesses and help fill our schools so they operate cost-effectively.

It’s wise to enter such economic agreements with eyes-wide-open so no one is surprised by the upfront costs, but it’s crucial the community keeps its focus on the long-term value. Adequate housing is an essential priority of any community striving for a viable economic future. Town officials are right to proceed prudently and quickly to fill the pent-up housing demand created over the past couple of decades — and not stop until the town’s potential has been met.

Angelo Lynn