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$15 million CTE revolving loan fund financing student-led construction and blight-reuse projects, lenders say
Summary
The Vermont Community Loan Fund and project partners briefed the Senate Economic Development, Housing & General Affairs Committee on loans and pilot projects funded by a $15 million Career-Tech construction revolving loan fund created to give CTE students hands-on paid learning experience while advancing local housing and redevelopment projects.
Department and nonprofit lenders told the Senate Economic Development, Housing & General Affairs Committee that a $15 million revolving loan fund established by the Legislature to support construction-focused career-technical education projects is financing student-led rehabilitation and new-construction projects in several Vermont communities.
The fund: Gus Sealy (Vermont Housing & Conservation Board) and Sarah Phillips (Vermont Community Loan Fund) said the fund was capitalized with $15 million from the Education Fund and launched in 2023 to provide patient, low-cost financing for projects that expand hands-on learning opportunities for Career and Technical Education (CTE) students in construction trades.
Loan terms and purpose: Sarah Phillips said the program provides low-cost, flexible loans (statute and program guidance require loans to expand CTE student learning and may allow for partial forgivability tied to student wages and instructor costs). The program accepts…
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