On Wednesday, Gov. Phil Scott and Treasurer Mike Pieciak announced a historic investment they think could help partially solve the state's housing crisis.
The $55.5 million is being invested into the Vermont Housing Finance Agency and the Vermont Economic Development Authority to support new housing across the state.
The two organizations will give out the money in the form of low-interest loans, which can be used for everything ranging from building new affordable housing to creating flood-resilient-focused homes and infrastructure.
"This $55.5 million investment that comes from our office will leverage an estimated $340 million of additional capital that will altogether support over 1100 units of new housing throughout Vermont," Pieciak said.
The money comes from the 10% in Vermont program that allows the treasurer’s office to invest state cash for economic development and job creation in the form of low-interest loans.
"If you're taking a loan for 20 years, the interest rate would be two percent, if the loan is less than five years, it would be one percent," Pieciak said.
The VHFA said that investing in individuals but also allowing developers to take part, it will help lower the cost of building new housing.
"By investing in that kind of infrastructure that can create an environment for housing development, we can make housing more affordable because those costs don’t get pushed onto the buyer," said Maura Collins, the executive director of the Vermont Housing Finance Agency.
