10% for Vermont (LIAC)

Vermont Housing Finance Agency (VHFA) and the Vermont State Treasurer’s Office have initiated a $50 million partnership to deploy funding made available through the 10% for Vermont Program (10% for Vermont), also known as the Local Investment Advisory Committee (LIAC) program. The $50 million is available to developers and builders in Vermont through short-term and long-term debt with interest rates that are substantially lower than market rates.

As of May 2025, VHFA has committed more than $48 million from this partnership to support the development or preservation of 1,065 homes across the state.

Eligible Projects:

There are several categories of eligible uses for the 10% for Vermont funds:

  • Traditional affordable housing, including first lien mortgages, gap loans, and construction financing for rental projects with units serving households at or below 60% Area Median Income (AMI). 
  • Priority economic development projects, supporting households between 65%-120% AMI that demonstrate broader economic impact, support of municipal infrastructure, or partnerships with employers. 
  • Small and emerging developers of smaller or infill housing developments, common in rural areas of the state. By supporting more types of housing developers, this investment will expand the state’s long-term capacity for creating much-needed housing. Programming also will focus on emerging BIPOC developers. Developers seeking a 10% for Vermont loan may also apply for a Rental Revolving Loan Fund (RRLF) loan, and layer these sources when projects meet the goals and objectives of both programs.
  • Homeownership development, including subsidized loans and site infrastructure improvements (such as water, sewer, and sidewalks) through the Middle Income Homeownership Development Program.
  • Manufactured housing communities, focusing on cooperatively and non-profit owned communities by providing much-needed below-market rate loans.

For more information: