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"10% in Vermont" Program to Loan $55M for Housing Development

a recently built neighborhood with community play structure for kids

At a press conference last week, Vermont Treasurer Mike Pieciak announced a new $55 million initiative designed to provide low-interest loans to support investments in housing.  Directly addressing the longstanding housing crisis our state is faced with, Pieciak highlighted the importance of creating housing to support the healthy growth of Vermont businesses and communities.

The majority of the funds, $50 Million in total, will be administered by the VHFA (Vermont Housing Finance Agency) to support affordable housing, economic / workforce housing, underserved communities, flood resilience, and manufactured home communities.  The loans are estimated to come with attractive interest rates in the 3-4% range, well below the rates developers are up against using more traditional financing options.

The $55M in cash comes as part of the “10% in Vermont” investment program, which was first established by lawmakers back in 2014.  Simply put, the program gives authority to the Treasurer’s office to use up to 10% of the state’s daily cash on hand to be used for “projects designed to grow the economy”.  Thanks in part to an influx of federal Covid-19 dollars, the state currently is sitting on over $2.1 Billion in cash meaning the program is taking up just over ¼ of the 10% threshold.

For more information on this story check out the article “Treasurer announces more than $55 million in low-interest loans to support housing development” on the website. Since 1985, the Lipkin Audette Team has helped thousands of clients buy, sell, and invest in Northwest Vermont real estate. As the top selling Team in Vermont, our goal is to provide you with deep local insight, up-to-the-minute information, and relevant resources necessary to make your purchase or sale an informed, profitable and rewarding experience.