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Treasurer says 10% investment program has funneled $80M into housing projects; highlights local projects
Summary
The Treasurer told the Senate Appropriations Committee the office has used up to 10% of cash‑on‑hand to invest about $80 million in 32 housing projects via below‑market loans, citing projects in Vergennes, Rutland and St. Albans and a new climate/flood‑recovery financing vehicle.
The State Treasurer described a program that permits investing up to 10% of the state’s cash‑on‑hand in economic development projects and said the office has used that authority to finance roughly $80 million across about 32 housing projects in recent years. The Treasurer told the Senate Appropriations Committee on Feb. 21 that the program provides low‑interest financing—often 1% to 2%—to reduce project costs and help deals pencil during periods of high interest rates.
The Treasurer highlighted a $5 million loan through the Vermont Economic Development Authority that helped the Vergennes Grand proceed after pandemic‑era cost increases raised the project’s budget by an estimated $5 million; the…
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