I support creating a Vermont Public Mortgage Fund, with the possibility of developing it into a publicly owned state bank. The fund would work with Vermont banks, credit unions, housing organizations and community land trusts to provide permanently affordable mortgages to year-round residents.
Interest rates and monthly payments should reflect Vermont incomes and the actual cost of providing housing. Publicly financed homes should include protections against speculation while allowing residents to build reasonable equity. Mortgage payments would return to a revolving Vermont fund and help finance the next family, rather than continually carrying wealth out of state. Housing should provide a stable home — not serve primarily as an instrument for extracting wealth from Vermont communities.
Public financing alone is not enough. It must support new construction, rehabilitation, energy efficiency, community land trusts and shared-equity homes. In this way, Vermont can welcome new residents, protect existing communities from displacement and make it possible for working people to remain in the places they serve.