Treasurer says 10% investment program has funneled $80M into housing projects; highlights local projects
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.
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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.
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