CTE Construction & Rehabilitation Revolving Loan Fund

Vermont is committed to building a thriving workforce, solving its housing crisis and uplifting communities all across the state. We believe our career technical education centers have an important role to play.

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. It’s an innovative approach to bolstering Vermont’s building-trades workforce while creating affordable housing and uplifting our communities.

The fund offers zero-fee, zero-interest, partially forgivable loans to any of Vermont’s 17 career technical education centers - or their partners - for projects that offer high school or adult CTE students the chance to expand their skills and gain hands-on experience while:

Expanding affordable housing access through new residential construction or rehabilitation of blighted properties, or 
Improving land to meet critical community needs, or
Providing substantial community benefit through commercial construction

Eligible CTE partners may include housing or community organizations, nonprofits, town government and private businesses. Whether led by the CTE or the partner, each project must offer a substantial educational experience for students enrolled in construction, electrical, plumbing, design, business management or other CTE programs.

Expanding affordable housing access through new residential construction or rehabilitation of blighted properties, or 
Improving land to meet critical community needs, or
Providing substantial community benefit through commercial construction

LEARN MORE

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

LOAN TERMS AND FORGIVENESS 

Loans up to $650,000 at 0% interest for a term of up to seven years 
No loan payments for the duration of the project 
Loans repaid in full (lump sum) at project completion or loan maturity, whichever is sooner 
Larger loans, supplemental loans, and term extensions may be considered 
Security will include a mortgage on the property and other possible collateral 
Loan may support property acquisition, predevelopment, construction or bridge financing 
Housing projects may involve rehabilitation or new construction of buildings not to exceed four residential units 
Housing must be energy efficient and include a weatherization component 
Applicants may include a development fee 
Loans may be partially forgivable

Working closely with applicants, VCLF will define two areas for partial loan forgiveness. These include: 

For all projects: Instructor and student wages outside of normal school hours (afternoons, vacations, summer) 
For projects that create permanently affordable housing: The identified gap between the total project cost and the takeout financing (i.e., other sources of funds, sale price) when the property will be sold or rented to Vermonters with low or moderate incomes (less than 120 percent of HUD area median income; see guidelines here).

HOW TO APPLY 

The best first step: Reach out to your local CTE center to discuss a potential partnership. Then connect with VCLF to brainstorm ideas, learn more or to discuss a project.

Vermont's network of 17 Career Technical Education Centers prepare both high school and adult students for high-skill, high-demand, high-wage careers. Learn more here or connect directly to your regional CTE:

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

LOAN TERMS AND FORGIVENESS 

Loans up to $650,000 at 0% interest for a term of up to seven years 
No loan payments for the duration of the project 
Loans repaid in full (lump sum) at project completion or loan maturity, whichever is sooner 
Larger loans, supplemental loans, and term extensions may be considered 
Security will include a mortgage on the property and other possible collateral 
Loan may support property acquisition, predevelopment, construction or bridge financing 
Housing projects may involve rehabilitation or new construction of buildings not to exceed four residential units 
Housing must be energy efficient and include a weatherization component 
Applicants may include a development fee 
Loans may be partially forgivable

Working closely with applicants, VCLF will define two areas for partial loan forgiveness. These include: 

For all projects: Instructor and student wages outside of normal school hours (afternoons, vacations, summer) 
For projects that create permanently affordable housing: The identified gap between the total project cost and the takeout financing (i.e., other sources of funds, sale price) when the property will be sold or rented to Vermonters with low or moderate incomes (less than 120 percent of HUD area median income; see guidelines here).

HOW TO APPLY 

The best first step: Reach out to your local CTE center to discuss a potential partnership. Then connect with VCLF to brainstorm ideas, learn more or to discuss a project.