Press conference starts about the seven-minute mark.
Vermont Business Magazine Today, Treasurer Mike Pieciak unveiled $25 million in new funding available for housing, job creation, and affordability across Vermont. It’s the latest installment of investments made available by the treasurer to tackle Vermont’s housing shortage and the high cost of living.
The funding is offered through Treasurer Pieciak’s ‘Invest in Vermont’ program, which invests 12.5% of the State’s daily cash balance into projects that grow the economy and make Vermont more affordable. Formerly ‘10% in VT,’ the Legislature recently expanded the program’s lending capacity by 2.5%. Accordingly, the program has been renamed, ‘Invest in Vermont.’
Without spending a single tax dollar, the low-interest financing will help more economic development projects break ground, offsetting high interest rates and ever-rising costs that would otherwise make projects difficult, if not impossible, to finance.
As Vermont’s housing shortage continues to drive up costs, and drive opportunity from the state, Treasurer Pieciak emphasized that housing will remain a top investment priority.
"Right now, there is no investment offering a greater return than housing,” said Treasurer Pieciak. “More housing will lay the foundation for a stronger Vermont economy. It will grow our workforce, fill our public schools, and make health care more affordable and accessible. I thank the Administration and the Legislature for opening the door to millions of dollars in new housing opportunities across Vermont.”
The announcement was held at Fox Run Apartments in Berlin, a three-story, 30-unit building offering affordable and market-rate apartments, with units reserved for Vermonters exiting homelessness. Developed by Downstreet and Evernorth, the project moved forward thanks to a $1.2 million award from ‘Invest in Vermont’ administered through the Vermont Housing Finance Agency.
“Invest in Vermont provides the financing to turn a strong affordable housing proposal into a project that can actually be built,” said Angie Harbin, Downstreet Executive Director. “With construction and borrowing costs continuing to rise, access to affordable financing is the difference between moving forward and leaving urgently needed homes on the drawing board. Treasurer Pieciak’s innovative approach puts the state’s money to work in Vermont’s communities, creating a powerful tool to address our housing crisis.”
Upon taking office, Treasurer Pieciak dramatically expanded the ‘Invest in Vermont’ program, prioritizing investments in projects that support housing development, economic growth, and municipal flood recovery.
To date, Pieciak has invested over $130 million through the ‘Invest in Vermont’ program into housing and high economic impact initiatives across Vermont. Those investments have supported nearly 1,700 units of high-quality housing for a broad range of Vermonters, including working families, seniors, and those exiting homelessness. The funding has also created nearly 200 permanent, good paying jobs and leveraged over $600 million in outside capital—all without raising taxes.
The proposed 2.5% expansion in lending capacity earned unanimous, bipartisan approval from the Legislature and the Scott Administration.
“As the state continues efforts to streamline regulatory processes and reduce barriers to housing construction, ‘Invest in Vermont’ represents an important lever to pull alongside regulatory change," said Department of Housing and Community Development Commissioner Alex Farrell. "The ability of this program to encourage and leverage private investment in residential construction is a key component of the strategy to stretch every public dollar and get more housing built with our precious financial resources.”
Representative Marc Mihaly, Chair of the House Committee on General and Housing, said, “Invest in Vermont uses the State’s cash balance in an efficient manner to help construct new housing that is affordable to Vermonters. In times of limited resources, we in the Legislature were happy to expand the program."
Treasurer Pieciak closed the press conference emphasizing that Vermont’s housing shortage is as much an opportunity as it is a challenge. “By investing in Vermont, we are writing Vermont’s next chapter,” said Treasurer Pieciak. “The $25 million we’re announcing today is an opportunity to build a better future for our state, one that fosters connection, resilience, and affordability.”
Nonprofits, instrumentalities of the State, municipalities, or similarly situated organizations are encouraged to apply for funding through September 4, 2026. Multi-partner applications are also welcome.
A request for investment proposals is available here.
7.21.2026. Office of the Vermont State Treasurer
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