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Vermont Housing Conservation Board says ARPA funds largely spent; $3.1M remains
Summary
The Vermont Housing Conservation Board told the House Appropriations Committee it has spent most of a $119 million ARPA appropriation, delivering about 1,000 housing units and leveraging private investment; VHCB reported roughly $3.1 million still to be disbursed and expects full expenditure well before the 12/31/2026 deadline.
The Vermont Housing Conservation Board told the House Appropriations Committee on Jan. 7 that it has spent most of a $119,000,000 ARPA appropriation and expects to finish spending the remainder well before the federal deadline.
"Of the $119,000,000 appropriation, we're down to $3,100,000 that needs to go out the door," said Gus Selig, executive director of the Vermont Housing Conservation Board. He told members ARPA money went into roughly 1,000 units of housing across 36 projects in 20 communities and that the appropriation leveraged about $263,000,000 in private equity and loans.
Selig highlighted several completed or near-complete projects, including the Bristol Firehouse Apartments and a small Upper Valley development with developer Jonah Richardson, and pointed to a Putney project attached to a one-acre community garden that has received positive feedback from residents.
Selig also described smaller ARPA grants administered by VHCB for water-quality projects. He said $480,000 of a $600,000 allocation had been spent and that the program generated roughly $3,000,000 in additional leverage; $120,000 was converted to revenue replacement to allow projects that required federal matching funds to finish.
Committee members pressed on timing and remaining balances. Selig said a 38-apartment building near Representative Bloomley’s district should reach occupancy in March, with the final draw anticipated in April, which would put VHCB on track to have ARPA funds fully expended well before the federal spending deadline of Dec. 31, 2026.
Why it matters: ARPA funds were time-limited and the committee is tracking whether agencies are using them as intended and meeting federal expenditure deadlines. Committee Chair reminded colleagues that "all of the ARPA money needs to now be spent by 12/31/2026," underscoring the committee’s focus on timely closeout.
The presentation closed with an invitation from Selig for members and constituents with small-community projects to contact VHCB for technical assistance and to explore funding options.
The committee had no formal vote on the presentation; VHCB will return to appropriations for additional ARPA updates and to discuss FY '27 items.
