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Treasurer outlines '10% Vermont' housing investments, says program helped finance roughly 1,700 units
Summary
Treasurer Mike Picek told the General & Housing Committee the treasurer's office expanded a "10% Vermont" program in 2023, committing about $100 million and later roughly $25 million more to intermediated loans that supported about 1,700 housing units statewide and about 100 permanent jobs.
Treasurer Mike Picek testified to the House General & Housing Committee on Jan. 6 that the treasurer's "10% Vermont" program has been redirected toward housing since 2023 and has become a key source of below-market capital for housing projects across the state.
"We made about a $100,000,000 in housing related investments, and we supported about 1,300 units," Picek said, and added the office issued another roughly $30,000,000 in housing investments to support about 452 additional units — a combined total he put at about 1,700 units and roughly 100 permanent jobs. He framed housing as central to the state economy: "It's our number 1 economic issue," he said, and added that "we need housing as fast as we can get it."
Picek described program mechanics: rather than lending directly to builders, the treasurer's office lends to intermediaries such as the Vermont Housing Finance Authority, credit…
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