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State-Local Investment Initiative to Benefit Rutland County

On Monday State Treasurer Beth Pearce announced that NeighborWorks of Western Vermont will be receiving $1.75 million in capital funding for home rehabilitation loans and home purchasing assistance financing:

State and local leaders today announced a major financial boost to improve housing stock in Rutland County. State Treasurer Beth Pearce was joined by Rutland Mayor Chris Louras and Ludy Biddle of NeighborWorks of Western Vermont in announcing the availability of $1.75 million in lending capital for home rehabilitation loans and home purchasing assistance financing. The funding of local investments is part of an ongoing process managed through the State Treasurer’s Office. The local investments initiative aims to invest a significant portion of Vermont’s short-term operating funds in Vermont communities, while earning a competitive rate of return. The initiative redirects funds that were invested primarily in out-of-state government agency securities and money market accounts at large financial institutions to local investments. The Treasurer’s office has invested approximately $30 million since 2014 in energy improvements in residential housing, commercial energy projects, and in the rehabilitation of State office buildings for energy efficiencies. “For low and moderate income families, a home purchase and the equity built in that home, represents one of their largest financial investments. This proposal from NeighborWorks of Western Vermont will strengthen an existing housing and lending program that is helping people become homeowners and make efficiency improvements to their property,” said State Treasurer Beth Pearce. “It is a local investment that addresses a very real need for affordable and sustainable housing.”

To read the entire press release, click here. For further coverage, view the VPR story here.

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