Vermont Business Magazine Today, State Treasurer Mike Pieciak and the Bank of Bennington announced the “Building Up Bennington County” program, a new $2.5 million partnership to jumpstart new housing development across Bennington County.
The program will offer low-cost loans to homebuilders in the region, helping a pipeline of local housing projects break ground. Bennington County is estimated to need over 1,000 new housing units over the next six years.
Lending will be administered through the Bank of Bennington. Borrowers can apply for up to $200,000 each, with priority given to projects that build new housing or revitalize units that have been offline for over a year.
Funding for the program was made available through Treasurer Pieciak’s 10% in VT program, which authorizes the Treasurer’s Office to invest 10% of the State’s average daily cash on hand into projects that grow Vermont’s economy and the State’s taxbase.
"People want to move here and communities want to grow, but that demand is running headfirst into our housing shortage,” said Treasurer Pieciak. “The Building Up Bennington County program will make it cheaper to build homes, so working- and middle-class Vermonters can afford them—supporting a stronger economy and brighter future for the region and our state.”
The Bank of Bennington was originally founded in 1917 to provide mortgages for worker housing. The bank has a long track record of serving the region’s housing needs. “We see firsthand how the current housing shortage is negatively affecting local businesses, workers and families,” said Jim Brown, Bank of Bennington President and CEO. “We are pleased to partner with the Treasurer and BCRC in the program to address this community need.”
BCRC will help market the program and identify investments in the region. “The Building Up Bennington County program will strengthen the region’s economy by addressing the cost, quality, and availability of housing,” said BCRC Executive Director Bill Colvin. “We are pleased to work with the Bank of Bennington, and we are also grateful to Treasurer Pieciak for the creative deployment of state resources to make meaningful changes in our communities.”
Estevan Garcia, Southwestern Vermont Medical Center President and CEO, said more housing means more opportunities to recruit and retain the people who care for our community. “When healthcare workers cannot find housing locally, hospitals are often forced to rely on traveling staff and temporary workers, which are more expensive and drive up the cost of providing care. Programs like Building Up Bennington County will help create the housing that essential workers need.”
Tom Haley, Chair of the Bennington Selectboard, said the partnership will provide the tools that communities like Bennington need to move projects forward. “When we build more homes, we grow the local grand list, which helps support schools, infrastructure, and public services. Towns can’t solve the housing challenge alone. Partnerships like this make real progress." The Bennington Selectboard recently formed a new subcommittee to partner with developers, lenders, and public officials to grow the town's housing stock.
Manchester Selectboard Member Jonathan West, who serves as Chair of the Town's Housing Task Force, highlighted the need for an ‘all of the above’ approach to housing. “We need to take advantage of every opportunity. Programs like Building Up Bennington County help bring down the cost of building, ensure long-term affordability, and help communities turn more plans into homes.”
Building Up Bennington County is the most final initiative to be awarded funding as part of the $30 million in new housing investments recently made through Treasurer Pieciak’s 10% in VT program.
Pieciak recently announced major investments in The Village at Winston Prouty, The Rutland Downtown Hotel Project, and the Ride Your Bike Project in Burlington. Each development will have a transformative local impact, strengthening Vermont’s economy, growing the tax base, and sparking future investment across the state.
To date, Treasurer Pieciak has invested over $130 million from the 10% in VT program into new housing, supporting the development of over 1,700 homes across a spectrum of the state’s housing needs.
To close the press conference, Treasurer Pieciak emphasized that strong partnerships are key to addressing Vermont’s housing shortage. “When we align our resources with our greatest needs, we reduce costs, move faster, and deliver better results for Vermonters,” said Treasurer Pieciak. “We’ve seen that spirit of partnership through floods, a pandemic, and now as we tackle Vermont's housing shortage. I look forward to joining others across the state in this important work.”
From left, Treasurer Pieciak, Jim Brown, Bank of Bennington President and CEO, and BCRC Executive Director Bill Colvin. Courtesy photos.
3.16.2026. Treasurer
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