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Vermont economic development authority seeks role in financing multifamily housing; VHFA urges caution
Summary
VEDA asked the House Commerce & Economic Development Committee to change statute so it may participate as a subordinate lender on multifamily (5+ unit) projects. VHFA said liquidity exists but cheaper financing, subsidy and nonfinancial fixes (workforce, permitting) are needed to make projects affordable.
Joan Goldstein, CEO of the Vermont Economic Development Authority, told the House Commerce & Economic Development Committee on Jan. 7 that VEDA seeks statutory authority to participate in financing multi-unit housing in partnership with banks and credit unions. Goldstein said VEDA would act only when private lenders ask for a subordinate participant and would not solicit or supplant existing lenders.
Goldstein said VEDA has provided financing since 1974 and currently has about $285 million in loans and roughly $230 million in outstanding debt. "So our ask is that in order to play a role to help assuage some of the issue,…
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