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VEFA director asks committee to shrink board, add limited direct-lending tools for health and education nonprofits
Summary
Michael Gaughn, executive director of the Vermont Bond Bank and the Vermont Educational Health Buildings Financing Agency (VEFA), asked the Senate committee to reduce VEFA’s board size and to permit targeted direct lending to support energy-efficiency projects and financial sustainability of nonprofit hospitals and schools.
Michael Gaughn, executive director of both the Vermont Bond Bank and the Vermont Educational Health Buildings Financing Agency (VEFA), briefed the Senate Government Operations Committee on Feb. 19 and requested legislative changes to VEFA’s board structure and statutory authority.
Gaughn told the committee VEFA functions as a conduit issuer that helps nonprofit health and educational institutions access tax-exempt private activity bonds; the agency reported about $922 million outstanding as of 2024 and has facilitated several billion dollars in financing over its history. “VEFA bears no financial liability for the transactions — those are 100% pass-through,” Gaughn said,…
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