Statement: Local Investment is Key to Our Shared Financial Future

Local Investment is Key to Our Shared Financial Future

9/19/2016

Vermont’s local economy is vital to the health of the State. In the State Treasurer ʼs Office, we partner with cities and towns, nonprofits, State authorities, citizen groups, the Governor and the Legislature to provide finance solutions that look to the future. Beginning in 2012, I convened a Local Investment Working Group that meets regularly to explore opportunities for local investment. As a result of that collaborative effort, we have been able to make investments in the Vermont Community Loan Fund, affordable housing, energy efficiency, and renewable energy investments. This is a win-win-win: in leveraging State resources, we get a guaranteed competitive rate while supporting local investment, economic development, and job creation while assisting in meeting the affordable housing and energy goals adopted by the Legislature.
I would like to highlight some of these initiatives.

The Treasurer’s Office extended $10 million to enable the Vermont Economic Development Authority (VEDA) to make loans and provide other forms of financing for projects that stimulate and encourage development and deployment of clean energy or energy efficiency technologies in the state of Vermont. This will reduce VEDA’s need to secure financing from out-of-state investment banks, reducing the cost of financing for these important projects.

By investing in Neighborworks of Western Vermont, we have assisted in expanding a successful residential energy efficiency program.

An investment of $2.8 million by the Treasurer’s Office with the Vermont Housing Finance Agency (VHFA) has been used to support energy improvements in multi-family housing projects throughout Vermont. We also put the State’s moral obligation behind a $15 million bond refunding issue to lower the cost of a number of multi-family affordable housing projects.

In 2014, we worked with Efficiency Vermont, the Governor, and legislative leadership to propose legislation that would permit the Treasurer’s Office to invest up to $8 million in a revolving fund to make energy improvements/investments in State buildings.

We have partnered with the Vermont Community Loan Fund to provide loans.

I am committed to these initiatives as they are critical to sustaining economic growth and the quality of life for all Vermont residents in the future.
As we move forward on these and other efforts, I am grateful for your support and partnership. After all, that’s how we get things done in Vermont – through partnership, collaboration and commitment to our values. I look forward to working with you and can always be reached at bethpearce@myfairpoint.net or my personal cell, 802-498-3130.