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Vermont bankers say capital is available but costs, appraisals, permitting and federal uncertainty slow housing development
Summary
Representatives of the Vermont Bankers Association told the Economic Development, Housing & General Affairs Committee that lenders will provide capital when projects "pencil out," but higher interest rates, appraisal gaps, permitting delays and federal policy uncertainty are constraining housing and ADU development across much of the state.
Chris Stelio, president of the Vermont Bankers Association, told the Economic Development, Housing & General Affairs Committee that Vermont’s lending community is focused on how federal policy, interest-rate levels, appraisals and local permitting affect housing supply and project feasibility.
Stelio said capital is available for projects that meet underwriting and appraisal standards, but that many smaller or non‑Chittenden County projects currently “are not penciling out.” He told the committee commercial lending rates bank members reported ranged from about 6.5% to 7.75% and that a decline in the 10‑year Treasury would be…
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