Vermont Business Magazine In July, Treasurer Mike Pieciak announced the availability of an additional $20 million for public investment in housing and economic development through the 10% in VT program. Today, he reminded Vermonters that the application deadline for local investment proposals is Friday, August 8.
“Through the 10% in VT program, we are investing directly in Vermont's future—lowering costs, creating jobs, and building new housing that we desperately need to strengthen our economy for the long-term,” said Treasurer Pieciak. “I look forward to reviewing applications and investing these funds into our communities as soon as possible.”
The 10% in VT program invests up to 10% of the state’s average daily cash balance into projects that grow Vermont’s economy and strengthen the State’s revenues. The State’s average daily cash balance has grown substantially in recent years, enabling Treasurer Pieciak to expand the program’s lending capacity.
In 2023, Treasurer Pieciak announced a dramatic expansion of the 10% in VT program and has since invested over $100 million in housing, economic development, and municipal flood recovery. The $84 million invested in housing and economic development supported nearly 1,300 units of housing, helped leverage an additional $345 million in private and public capital, and created over 100 permanent new jobs.
$20 million from the 10% in VT program has also been invested to help municipalities recover from the 2023 and 2024 summer flooding through VT Bond Bank’s Municipal Climate Recovery Fund.
The additional $20 million in funding is available in the form of low-interest loans with broad flexibility to invest in the development of affordable, market rate, senior, manufactured, and home ownership housing. Priority is given to nonprofits, instrumentalities of the State, municipalities, or similarly situated organizations.
Applicants can find more information here.
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