Vermont
$50M from Vt. loan program to leverage 1,100 housing units
BERLIN, Vt. (WCAX) – Vermont Gov. Phil Scott and Treasurer Mike Pieciak Wednesday announced the award of the first $50 million of the Treasurer’s Office’s $85 million local investment program known as “10% in Vermont.”
The program allows the Treasurer’s Office to invest 10% of the state’s cash on hand into economic development projects by providing loans at low-interest rates.
Pieciak says housing remains the state’s number one challenge and that the flooding in July only exacerbated the problem. He says the money, which will be allocated through the Vermont Housing Finance Agency, will leverage the creation of about 1,100 units. He says that money will include the creation of $5 million in manufactured housing and $6 million for flood resiliency efforts.
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