Local Investment Advisory Committee (LIAC) Partnership

Vermont Housing Finance Agency and the Vermont State Treasurer’s Office have initiated a $50 million partnership to deploy funding made available through the Local Investment Advisory Committee (LIAC, or 10% for Vermont) initiative. The $50 million is available to developers and builders in Vermont through short-term and long-term debt with interest rates that are substantially lower than market rates.

As of April 2024, VHFA has committed more than $39 million to support a wide range of housing opportunities across Vermont. These funds will support the development or preservation of 843 homes in 12 cities and towns across the state, including 189 deeply affordable apartments, 420 manufactured homes, 197 mixed-income homes, and 37 owner homes.

Eligible Projects:

There are several categories of proposed uses for these funds. For some proposed uses, applications submitted to the Treasurer in June 2023 exceed the amount available, and VHFA may not be seeking additional applications. Below is information about the types of projects eligible for financing, the status of the pipeline, and expected award dates. 

  • Traditional affordable housing, including first lien mortgages, gap loans, and construction financing for rental projects with units serving households at or below 60% Area Median Income. 
  • Priority economic development projects, supporting households between 65%-120% Area Median Income that demonstrate broader economic impact, support of municipal infrastructure, or partnerships with employers. 
  • Small and emerging developers of smaller or infill housing developments, common in rural areas of the state. By supporting more types of housing developers, this investment will expand the state’s long-term capacity for creating much-needed housing. Programming also will focus on emerging BIPOC developers.
  • Homeownership development, including subsidized loans and site infrastructure improvements (such as water, sewer, and sidewalks) through the Missing-Middle Income Homeownership Development Program.
  • Manufactured housing communities, focusing on cooperatively and non-profit owned communities by providing much-needed below-market rate loans.

The table below outlines the pipeline status and award dates for projects, and is subject to change and update.

Project Type Pipeline Status Awards
Traditional Affordable Full Pipeline Dec. 2023 - April 2024
Priority Economic Development Housing Projects Full Pipeline Feb. 2024 (initial selections to initiate deal structuring)
Small and Emerging Developers Full Pipeline Rolling awards in 2024 - 2025
Homeownership Development Full Pipeline March 2024
Manufactured Housing Communities Full Pipeline March 2024

Layering:

Developers applying for LIAC may also apply for the Rental Revolving Loan Fund (RRLF), and layer these sources when projects meet the goals and objectives of both programs.

For more information: