H.775 will dedicate up to an additional $30 million for investment in housing and economic development
Vermont Business Magazine The Vermont House unanimously approved H.775, a major housing bill that would free up an additional $30 million for local investment in housing and economic development through Treasurer Pieciak’s 10% in VT program.
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 taxbase. H.775 would expand the program’s lending capacity by 2.5%.
Treasurer Pieciak has invested over $130 million into new housing development through the 10% in VT program—supporting over 1,700 homes including affordable, market-rate, workforce, and senior housing. The funding, issued through low-interest loans, offsets high interest rates that would otherwise make projects difficult, if not impossible, to finance.
The Treasurer's Office recently announced several major new investments through the program, including the Ride Your Bike project in Burlington, The Rutland Downtown Hotel Project, The Village at Winston Prouty in Brattleboro, and a new $2.5 million partnership with the Bank of Bennington.
“There is almost no issue in Vermont that can be solved without building more housing,” said Treasurer Pieciak. “This is a prudent expansion of the 10% in VT program that will allow our office to make more critical investments in housing across Vermont—making it cheaper to build homes, helping more projects break ground, and moving the needle on our significant housing shortage.”
Pieciak continued, “I want to thank the Vermont House and Chair Mihaly for stepping up to address Vermont’s housing needs.”
Representative Marc Mihaly, Chair of the House Committee on General and Housing, is the bill’s lead sponsor. “Vermont’s housing shortage is the biggest challenge facing our communities, and it demands creative, practical solutions,” said Chair Mihaly. “Expanding the 10% in VT program is a smart way to use state resources to unlock investment, lower costs, and help more projects move from planning to construction.”
Several projects funded by Treasurer Pieciak’s 10% in VT housing investments have already opened their doors to new residents. Vergennes Grand Senior Living, an assisted living community serving low- and middle-income retirees, recently expanded their facility thanks to a $5 million investment from the program.
“The low-cost capital from 10% in Vermont arrived at a pivotal moment that ultimately determined whether the project could move forward,” said Daniel Hassan, Grand Senior Living President & CEO. “Today the expanded facility is open—providing 57 units of senior housing for up to 88 residents, ensuring retirees can age in a familiar setting close to their loved ones and support systems.”
Treasurer Pieciak has also used 10% in VT funding to partner with local credit unions to establish loan funds for local developers.
In 2024, an $8 million award from the 10% in VT program supported “Roofs Over Rutland,” a partnership including Treasurer Pieciak, the City of Rutland, and Heritage Family Credit Union (HFCU). Upon completion, the program will have added nearly 100 homes to Rutland’s housing stock.
“At Heritage, we’re focused on putting capital to work in ways that directly benefit the communities we serve,” said HFCU President Chris Gomez. “10% in VT was the catalyst for Roofs Over Rutland—it provided the low-cost funding needed to expand access to housing and support projects that will have a lasting impact in Rutland.”
H.775 passed second reading in the House by a unanimous voice vote. The bill is expected to earn approval on third reading before heading to the Senate.
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