Housing and Community Development stakeholders from across the state gathered in St. Albans on Monday April 1st to announce funding commitment of $39 million that will support a wide range of housing opportunities across Vermont. State Treasurer Mike Pieciak and Vermont Housing Finance Agency (VHFA) Executive Director Maura Collins were joined by St. Albans city officials, major local employers, and housing developers that work in communities across the state to highlight new commitments from the 10% in VT local investment program.
The $50 million loan awarded to VHFA in September 2023 will help fund a spectrum of housing initiatives including deeply and perpetually affordable rental housing, housing for Vermonters exiting homelessness, manufactured home communities, homeownership, and middle-income rental units in Vermont’s economic centers. Through the partnership, VHFA is providing short-term and long-term debt with interest rates that are substantially lower than market rates. In many cases, this low-cost form of debt is the missing piece to making a project financially feasible. The program will also create more private-public leverage, reducing the demand on scarce subsidy resources.
75% of the funds are already allocated and will support the development or preservation of 843 homes in 12 cities and towns across the state, including 189 deeply affordable apartments, 420 manufactured homes, 197 mixed-income homes, and 37 owner homes.
The announcement took place at the Fonda Site in St. Albans, a former paper manufacturing facility that is being revitalized to support 120 new rental homes catering to diverse income levels and housing needs. The projects are further building upon the community’s recent investments in infrastructure and housing opportunities.
Additional information about LIAC fund awards through VHFA is available on vhfa.org.
Pictured: Mike Pieciak (Vermont State Treasurer), Patrick Shattuck (Rural Edge), Blain Newton (BETA Technologies), Peter Wright (Northwestern Medical Center), Maura Collins (VHFA), Kim Fitzgerald (Cathedral Square Corporation), Dominic Cloud (City of St. Albans) and Tom Getz (Summit Properties).