Business Opportunities In Community Development Lending : Burlington
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Treasurer Beth Pearce wants to partner with Vermonters on capital gaps study. In this video, she describes some goals of the study.
Bankers and community development experts traded perspectives.
- Borrowers. lenders and investors described how they worked together—often over years—to accomplish goals in affordable housing and small business financing.
- The Vermont state treasure sought input on a statewide study of capital gaps.
- Affordable housing experts outlined challenges related to decreasing Federal resources.
- 5 lenders described the return to productive life of an old cheese processing plant.
Conclusion: Collaboration gets community development deals done. For-profit financial institutions, community development financial institutions, economic development agencies, government organizations, angel investors, venture capitalists, regulatory experts: all have a role.
Experts talk about community development lending: more videos
To cosponsor a meeting on community development lending, contact Claire.M.Greene@bos.frb.org.
Vision for Affordable Housing
Will Belongia of the Vermont Community Loan Fund: “There’s obviously some multiplier effects around the development of affordable housing.”
Challenges in affordable housing:
- In Vermont, the number of households is growing.
- Households aged 45+ account for all growth.
- There is a mismatch between large, older homes and small houseolds.
- Rental vacancy rates are low.
- Location of housing does not match the location of jobs.
5 Lenders 1 Deal
All along the capital continuum, lenders to Vermont Smoke and Cure collaborated to help this growing business triple its space and to revitalize a vacant and run-down facility.
Vermont Economic Development Authority pieces together a small-business loan: Marie Dussault of VEDA describes challenges.
A community banker, nonprofit lenders, government guarantors, the state economic development authority and others cooked up this deal.
USDA and SBA guarantees were critical to the structure.
A community development block grant to the town of Hinesburg, VT, was part of the package.
The Vermont Sustainable Jobs Fund provided royalty financing.
Slides and handoutsWelcome
- Cheryl Fatnassi, Opportunities Credit Union
- Beth Pearce, VT State Treasurer
- Will Belongia, VT Community Loan Fund
- Sarah Carpenter, VT Housing Finance Agency
- Nancy Owens, Housing Vermont
- Brenda Torpy, Champlain Housing Trust
- Chris Bailey, Vermont Smoke and Cure
- Justin Bourgeois, Community National Bank
- Marie Dussault, VT Economic Development Authority
- Janice St. Onge, VSJF Flexible Capital Fund, L3C
- Kenneth Willis, Federal Home Loan Bank of Boston
- Jeff Fuhrer, Federal Reserve Bank of Boston
Vermont organizations share local knowledge
- Burlington Housing Authority
- Champlain Housing Trust
- Community National Bank
- Federal Home Loan Bank of Boston
- Housing Vermont
- Vermont Economic Development Authority
- Vermont Housing Finance Agency
- Vermont Smoke and Cure
- VSJF Flexible Capital Fund, L3C
During 2011-12, the Federal Reserve Bank of Boston is organizing meetings about business opportunities in community development lending throughout New England as part of its commitment to promoting sound growth and economic development in the region.
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