VEDA also excited to support renewable energy and efficiency via C-PACE
Vermont Business Magazine Governor Scott signed S.328 granting the Vermont Economic Development Authority (VEDA) the ability to lend to housing projects with five or more units beginning on July 1. Prior to this legislation, VEDA was only permitted to lend to farm housing and farmworker housing.
“VEDA is a proud, mission-driven organization, devoted to spurring economic development across Vermont,” says VEDA CEO Joan Goldstein. “Right now, Vermont’s economy needs more housing across the economic spectrum, and we are eager to work with partners to be part of that solution.”
VEDA’s financing abilities extend beyond building actual homes. The creation of the Community and Housing Infrastructure Program (CHIP) last year permits lenders, including VEDA, to invest in infrastructure that supports new housing. We look forward to exploring the use of CHIP as developers plan their projects.
VEDA is also poised to finance a host of energy projects under the state’s new Commercial Property-Assessed Clean Energy (C-PACE) program created by S.327. This creative financing tool, already used in dozens of other states, allows municipalities to create a C-PACE District. Commercial building owners within that district can finance renewable energy, energy-efficiency, and resiliency projects using lenders like VEDA. But with C-PACE, the financing is secured through property assessments by the municipality, which can be used to pay the lender.
“For years, VEDA has enthusiastically supported energy projects taken on by Vermont businesses and agricultural enterprises. C-PACE complements that work, helps Vermont become more resilient, and increases energy efficiency and independence.”
The Vermont Economic Development Authority looks forward to working with other funders and developers to get energy projects and multi-unit commercial housing deals across the finish line. VEDA has been a lender for more than 50 years and has a dedicated staff of expert loan officers and analysts who work every day to support Vermont’s economy.
The Vermont Economic Development Authority is the statewide economic development finance organization. An instrumentality of the State of Vermont created by the General Assembly in 1974, VEDA’s mission is to contribute to Vermont’s economic vitality by providing a broad array of financing programs to farms, businesses, forestry enterprises, and nonprofit organizations that create jobs and help advance Vermont’s public policy goals.
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Vermont Business Magazine