New Law Expands Treasurer Pieciak’s 10% in VT Program by Estimated $25 Million

What this means

A factual summary is pending editorial review. The complete official release is reproduced below with issuer attribution and a direct link to the original publication.

Official release

Source material from Vermont Office of the State Treasurer. The wording below is the issuer’s statement.

Montpelier, VT – An estimated $25 million will soon be available for new housing and economic development through Treasurer Pieciak’s 10% in VT program.

This year’s major housing bill (S.328) includes an expansion of the local investment program, authorizing Treasurer Pieciak to now invest 12.5% of the State’s cash on hand into projects that make Vermont more affordable and grow the state’s economy. The bill was recently signed into law by Governor Scott after earning unanimous approval from the Legislature.

Treasurer Pieciak has already invested over $130 million through the program to jumpstart construction on over 1,700 housing units statewide, addressing a spectrum of Vermont’s housing needs without spending a single tax dollar. These investments have also created over 140 permanent new jobs.

"Vermont’s housing shortage is driving up costs—and driving opportunity away from our state," said Treasurer Pieciak. “To tackle Vermont’s housing shortage, we can’t afford to leave a single dollar on the table. I thank the Governor and the Legislature for unlocking millions in new funding for housing, so we can build the homes we need to make Vermont more affordable.”

Earlier this year, Pieciak invested in several major housing and economic development initiatives including the Ride Your Bike project in Burlington, The Rutland Downtown Hotel, The Village at Winston Prouty in Brattleboro, and a $2.5 million housing partnership with the Bank of Bennington. Funds are awarded in the form of low-interest loans, offsetting high interest rates that would otherwise make projects too expensive to build.

Several projects funded by the program have already opened their doors to new residents, including Cathedral Square’s Reid Commons in St. Albans. The former brownfield lot was recently remediated and transformed into a 33-unit service-enriched independent living community for residents of mixed incomes.

“The funding from 10% in VT helped Reid Commons move from concept, to construction, to completion,” said Kim Fitzgerald, Cathedral Square CEO. “As costs are ever rising, countless projects could benefit from this funding source. We thank the Treasurer for his support and the lasting impact it will have on the everyday lives of Vermonters.”

Cathedral Square also recently earned funding from the program to support the construction and renovation of Faywood Road, a 24-unit affordable housing community in Grand Isle for older Vermonters.

Treasurer Pieciak will issue a request for proposals as additional funding becomes available this summer. Vermonters can learn more about the Treasurer’s local investment program here.

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Release text attributed to Vermont Office of the State Treasurer. Consult the official publication for any subsequent corrections or updates.