Sarah Furman, Chief Lending Officer at Heritage Family Credit Union, discusses the program with, from left, Burlington Mayor Emma Mulvaney-Stanak, VHFA Executive Director Maura Collins and Treasurer Mike Pieciak. Courtesy photo.
Funds will support over 450 units across various projects, including Ride Your Bike in Burlington
Vermont Business Magazine Today, Treasurer Mike Pieciak stood with state and local leaders at Hula in Burlington to unveil $30 million in new housing investments to build and revitalize homes across Vermont.
Awarded through the Treasurer’s 10% in VT program, the funding will support over 450 homes statewide, including affordable, market-rate, senior, climate-resilient, and homeownership housing. The investments will leverage nearly $200 million in private and public capital, sparking future investment in cities, downtowns, and rural communities across Vermont.
INVESTMENT AWARDS:
Ride Your Bike – Burlington, VT
• Investment: $8,000,000
• Units: 198
• Details: A mixed-income, walkable, high-density housing development. The project is the first phase of a much larger redevelopment in Burlington’s South End that will add +1,100 units to the City’s housing stock, transforming a former industrial parking area into vibrant, transit-oriented neighborhoods with housing, retail, and green space.
Cambrian Rise – Burlington, VT
• Investment: $484,000
• Units: 70
• Details: A major neighborhood in Burlington’s North End blending residential, commercial, and community space in a mixed-income setting.
The Vermont Housing Finance Agency will serve as the financial intermediary for nearly $7 million in projects, including:
Faywood Road – Grand Isle, VT
• Units: 24
• Details: Renovation and preservation of existing affordable housing units, improving accessibility for seniors and residents with disabilities.
Steven’s Branch Apartments – Barre, VT
• Units: 31
• Details: A downtown project developing affordable, flood-resilient apartments close to jobs, services, and transit.
Bridge + Main – Fairlee, VT
• Units: 19
• Details: An affordable housing development in the center of Fairlee for households earning up to 60% of area median income (AMI).
Riggs Meadow – Hinesburg, VT
• Units: 36
• Details: An affordable housing community in Hinesburg for households earning up to 80% of AMI.
Elizabeth House – Vergennes, VT
• Units: 20
• Details: A workforce housing development serving households in the 80–120% AMI range. The project is the first phase of a larger planned development that will further expand housing options in the Vergennes area. The Treasurer’s Office will hold a series of local events to announce additional housing investments.
A summary of investments is available here.
Since day one as Treasurer, Pieciak has made housing his top economic issue—leveraging the full power of his office to invest over $130 million in projects supporting nearly 1,700 units at all levels across the state.
“Housing is the key to tackling Vermont’s affordability crisis and unlocking our economic potential,” said Treasurer Pieciak. “As our first round of housing investments continue to pay off, the commitments we are announcing today will help even more projects break ground—making it cheaper to build homes so working- and middle-class Vermonters can afford them.”
The 10% in VT program authorizes the Treasurer’s Office to invest 10% of the State’s average daily cash balance into projects that grow Vermont’s economy and the State’s revenues. The funds, issued through low-interest loans, offset high interest rates that would otherwise make projects difficult, if not impossible, to finance.
In 2023, Treasurer Pieciak dramatically expanded the program’s lending capacity and invested over $100 million to address Vermont’s acute housing shortage, supporting the development of over 1,200 homes across a spectrum of Vermont’s housing needs. The investments leveraged over $345 million in private and public capital and created over 100 permanent new jobs.
In July 2025, Treasurer Pieciak announced additional funding available through the 10% in VT program for local investment in economic development, with priority designated for projects that support new housing Vermont.
Of the total funding awarded, $8 million will support Hula’s Ride Your Bike project—an ambitious 200-unit development converting an industrial parking area into high-density, mixed-income housing supporting walkability, sustainability, local arts, and entrepreneurship. The project is the first phase of a larger transformative development adding over one thousand new homes to Burlington's South End.
“Ride Your Bike shows what’s possible when public policy and capital align with local vision,” said Hula Founder Russ Scully. “This investment helps turn parking lots into homes, jobs, and a more connected South End. We’re grateful to Treasurer Pieciak for helping to move projects like this from concept to construction.”
Burlington Mayor Emma Mulvaney-Stanak said, “Burlington is grateful to Treasurer Pieciak for his leadership and for the State’s continued partnership through the 10% in Vermont program. At a time when rents are high and supply is tight, solving our housing crisis requires alignment—state investment, city leadership, mission-aligned developers, and strong community partnerships all moving in the same direction. Projects like SECORD and the Ride Your Bike Building A Project show what’s possible when those tools come together: housing that is inclusive, affordable, and rooted in place.”
The Vermont Housing Finance Agency (VHFA) will serve as the financial intermediary for nearly $7 million in projects. VHFA Executive Director Maura Collins said, "Our work at VHFA has continued to focus on adding safe and decent affordable housing for Vermonters and the 10% for Vermont program allows us to continue that work with a focus on Vermonter families that often feel the most financial burden."
Speakers were also joined by Sarah Furman, Chief Lending Officer at Heritage Family Credit Union (HCFCU). In 2024, Treasurer Pieciak, Rutland Mayor Mike Doenges, and HCFCU announced “Roofs Over Rutland,” an $8 million partnership funded by 10% in VT to add nearly 100 homes to Rutland's housing stock.
“From the very beginning, we knew that for Roofs Over Rutland to succeed it was going to take many hands and hearts to go from an idea to an actual solution that could meaningfully address the State’s housing crisis,” said Furman. “ Thanks to the 10% in Vermont Program, the City of Rutland, and several passionate developers, we’ve seen the kind of success that doesn’t mean anything to a balance sheet, but it means everything to a community, and we could not be prouder of the new homes that are now making so many dreams come true locally.”
Treasurer Pieciak closed the press conference emphasizing that while more homes are being built each year, the state must continue building more units to bring down housing costs.
“Across the state, businesses are struggling to find workers, seniors can’t find housing that meets their needs, and our communities are grappling with unprecedented levels of homelessness,” said Treasurer Pieciak. “We are making progress on paper, but we have to keep our eye on the ball and continue investing in bold solutions that make housing more affordable and available. Our office will continue doing just that to build a future where every Vermonter can afford to live, work, and retire with dignity.”
The Treasurer’s Office will hold a series of local events to announce additional housing investments under the 10% in VT program.
2.2.2026. Montpelier, VT – Treasurer
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