Rutland, VT – Today, State Treasurer Mike Pieciak joined Rutland Mayor Mike Doenges and Heritage Family Credit Union CEO Chris Gomez to announce a $8 million program to jump-start new housing investments in the City of Rutland.
The program – Roofs Over Rutland – will add much-needed units to the city’s housing stock, helping fulfill Mayor Doenges’ vision of adding 1,000 new housing units to Rutland City over the next five years. Funding will support multiple initiatives for both developers and homeowners, including $3 million for new housing projects with one to four units and $5 million for larger developments. Funds may also support revitalization of previously inhabitable spaces.
The initiative is supported by the Treasurer’s 10% in Vermont program, providing low-interest loans that will leverage millions in private capital.
"The future of Vermont runs through cities like Rutland. This investment will bring new jobs and housing to Rutland, growing the local economy and strengthening our state," said Treasurer Pieciak. " As Vermonters face rising costs, driven largely by the growing cost of housing, I'm proud our office continues to find creative ways to invest in working families. I want to thank Mayor Doenges and Heritage Family Credit Union for their partnership in making these smart investments that will benefit Rutland and Vermont for years to come."
Apart from the Hickory Street Planned Development, Rutland City has added just 288 housing units since 2000. Despite a population decline of about 18%—a net loss of nearly 3,500 residents since 1970—the city still faces an acute housing shortage. Additionally, many homes in the area have outdated plumbing and electrical systems that require costly repairs, further limiting available housing.
Rutland City Mayor Mike Doenges said, “This marks a significant step forward in our mission to spur growth in Rutland. The Roofs Over Rutland program is not just about providing much-needed housing—it’s about driving sustainable economic growth and expanding opportunity in our city. By creating new housing options, we attract new families, support local businesses, and strengthen our community's resilience. This is only the beginning. We remain committed to working with our partners, developing innovative solutions, and achieving our goal of 1,000 new housing units.”
The region’s critical shortage of housing is also hurting the ability of local employers to hire the workforce necessary to grow or provide basic services.
"Rutland Regional Medical Center has on average 150 open positions that need to be filled. We continue to focus on efforts to develop and retain our staff, and effectively attract and recruit new talent to our team. But our employees need places to live," said Judi Fox, President and CEO of Rutland Regional Medical Center. "When we talk with new recruits, they want to work for Rutland Regional and they appreciate all that our hospital, and our local region have to offer. This initiative to expand market rate housing in Rutland City will help to create affordable options for individuals and families who want to live and work in our community."
Rutland-based financial institution, Heritage Family Credit Union will administer Roofs Over Rutland and underwrite loan applications.
Heritage Family Credit Union CEO Chris Gomez said, “In addition to our philanthropic efforts, Heritage Family Credit Union has a long history of working with members to achieve their financial goals, particularly with accessing, renovating, and constructing housing. The state of Vermont is facing a critical housing emergency, and we are proud to take a leading role in addressing the housing crisis in the City of Rutland. I want to thank State Treasurer Mike Pieciak and Mayor Mike Doenges for their vision, commitment, and partnership in developing a program that provides an immediate pathway to creating new housing.”
Applicants can learn more about Roof Over Rutland here.
Additional awards under the 10% in Vermont program will be considered on a rolling basis. In September 2023, Treasurer Pieciak awarded $55.5 million from the program to support the development of over 1,100 homes across a spectrum of the state’s housing needs. The application process and timeline for deployment of funds varies by the proposed use and project type. Applicants can find more information here.
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