CTE Construction & Rehabilitation Revolving Loan Fund

We believe Vermont's network of career technical education programs are a key strategic resource in our work for affordable housing and workforce development.

With foundational support from the Vermont Legislature and in partnership with the Vermont Housing & Conservation Board, VCLF has launched the Career Technical Education (CTE) Construction & Rehabilitation Revolving Loan Fund to expand opportunities for CTE students' experiential learning while beautifying communities and increasing affordable housing throughout Vermont.

Act 183 was passed into law in July 2022, establishing a new initiative to address two of our state's most critical social needs. The CTE Construction & Rehabilitation Revolving Loan Fund seeks to address both the shortage of workers in Vermont's building and construction trades, as well as the state's epidemic shortage of affordable housing, offering 0% interest, partially forgiveable loans to CTE programs and/or their partners.

LEARN MORE

Please email our Lending Team at admin@vclf.org, or call us at 802-223-1448.

GOALS

Expand experiential and educational opportunities for high school and adult CTE students to work directly on construction projects
Improve property values while teaching high school and adult students trade skills
Expand affordable housing access for Vermonters throughout the state
Beautify communities and rehabilitate buildings that are underperforming assets
Build community partnerships among CTE programs, housing organizations, state & local government, private businesses and philanthropy

BASIC ELIGIBILITY

Rehabilitation of existing residential properties that are blighted or not code-compliant
New residential construction or improvements to land in cases of critical need, resulting in a building with not more than four residential dwelling units
Commercial projects that have substantial community benefit
Students working on the project receive academic credit, a competitive wage, or both
Projects must include a weatherization component

WHO CAN BORROW?

This revolving loan fund is available for CTE programs or their partners, including private businesses, nonprofit organizations and municipalities.

ACCEPTIBLE USES

Construction
Rehabilitation
Predevelopment
Land Banking

STRUCTURE, RATE AND TERMS

Loans up to $650,000
0% fixed interest
Maximum term: 7 years, with loans maturing at project's substantial completion

FORGIVENESS

This revolving loan fund features the further incentive of debt forgiveness in certain areas, depending on the programs use of funds. Wages paid by CTE programs to students may be forgiven. Projects with an affordable housing component will also be eligible for partial forgiveness. Loan forgiveness will be determined on a case-by-case basis.

APPLICATION MATERIALS

VERMONT CTE TRAINING CENTERS

Barre: Central Vermont Career Center
Bennington: Southwest Tech
Bradford: River Bend Career and Technical Center
Brattleboro: Windham Regional Career Center
Burlington: Burlington Technical Center
Enosburg Falls: Cold Hollow Career Center
Essex: Center for Technology
Hartford: Hartford Area Career and Technology Center
Hyde Park: Green Mountain Technology & Career Center
Lyndon: Lyndon Institute Adult Career and Technical Education
Middlebury: Hannaford Career Center
Newport: North Country Career Center
Randolph: Randolph Technical Career Center
Rutland: Stafford Technical Center
St. Albans: Northwest Career & Technical Center
St. Johnsbury: St. Johnsbury Academy Adult Education
Springfield: River Valley Technical Center

GOALS

Expand experiential and educational opportunities for high school and adult CTE students to work directly on construction projects
Improve property values while teaching high school and adult students trade skills
Expand affordable housing access for Vermonters throughout the state
Beautify communities and rehabilitate buildings that are underperforming assets
Build community partnerships among CTE programs, housing organizations, state & local government, private businesses and philanthropy

BASIC ELIGIBILITY

Rehabilitation of existing residential properties that are blighted or not code-compliant
New residential construction or improvements to land in cases of critical need, resulting in a building with not more than four residential dwelling units
Commercial projects that have substantial community benefit
Students working on the project receive academic credit, a competitive wage, or both
Projects must include a weatherization component