RUTLAND, Vt. (WCAX) – Rutland is among Vermont communities exploring new options for housing development.
The Roofs Over Rutland Program is a joint effort by local officials and the Vermont Treasurer’s Office that will make available $8 million in loans ranging from home equity to construction, to renovation.
Rutland Mayor Mike Doenges says it’s open to both residents and developers for creating new single and multi-family homes or turning old uninhabitable spaces into new units. “One of the challenges that we look at is what I call in Rutland the housing logjam — which is no matter where you are coming from and no matter what type of housing you’re going to need, we don’t have it,” he said.
“You talk to employers all across the state and they’ll tell you they can’t expand, they can’t grow. Sometimes they can’t even keep up with the demand on their business because they can’t hire the workforce because those workers can’t find housing in the community,” said Vermont Treasurer Mike Pieciak.
Money for the program comes from the “10% in Vermont” program, which authorizes the treasurer to invest up to 10% of the State’s average daily cash balance for economic development.