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Vermont Economic Development Authority asks lawmakers to let it finance market-rate multifamily projects
Summary
The Vermont Economic Development Authority told the Economic Development, Housing & General Affairs committee it wants authority to participate in financing five-plus-unit market-rate multifamily developments to help reach statewide housing targets, while lawmakers asked about overlap with the Vermont Housing Finance Agency.
The Vermont Economic Development Authority asked the Economic Development, Housing & General Affairs committee to expand its statutory lending authority to permit participation in financing market-rate, five-plus-unit multifamily projects when requested by a lender.
The request, presented by VEDA staff to the committee, was framed as a response to statewide housing shortfalls and as a way to increase lender capacity for projects that might not otherwise proceed. VEDA officials reviewed the authority’s recent activity, noting it borrows in capital markets and issues commercial paper rather than relying primarily on ongoing appropriations.
VEDA told the committee that during fiscal year 2025 it closed roughly 173 loans totaling about $61.5 million. The presenter said agriculture comprises roughly $70 million of VEDA’s active portfolio and that the…
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