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For the Long Term’s commitment to Inclusive Growth focuses on expanding access to economic resources and opportunities in communities that need it most. Inclusive growth ensures that economic benefits are widely shared, addressing inequities and barriers that often leave some individuals and communities behind. Through collaborative efforts with state treasurers and financial leaders, For the Long Term supports programs that strengthen affordable housing, expand small business funding, and foster financial empowerment for underserved populations.
One standout example is Vermont’s “10% in Vermont” initiative, which allows the Treasurer’s Office to invest a portion of the state’s cash reserves into low-interest loans for local projects. This expanded program, which now has a lending capacity of up to $100 million, prioritizes affordable housing, climate change mitigation, and social equity. The Vermont Housing Finance Agency (VHFA), for instance, received $50 million to support housing initiatives across the state, including funds for affordable housing development, flood resilience, and programs for small and emerging developers working in underserved areas. By financing these projects, Vermont is directly investing in the well-being of its communities, helping to reduce barriers to housing and build resilience to climate-related impacts.
Programs like Vermont’s highlight how state treasurers can leverage public funds to create pathways to housing stability, a cornerstone of inclusive growth. Many states face significant housing affordability challenges, with rent increases outpacing inflation and leaving many families cost-burdened. State treasurers in places like Nevada, California, and Illinois are responding with innovative approaches. Nevada’s State Infrastructure Bank, chaired by Treasurer Zach Conine, uses general obligation bonds to expand affordable housing and infrastructure investments, mobilizing additional private capital to address critical gaps. Similarly, California’s “Dream For All” program provides shared down-payment assistance to first-time and low-income homebuyers, making homeownership attainable for a broader population.
Another aspect of inclusive growth is support for small businesses, especially in economically disadvantaged areas. Rhode Island’s BankLOCAL program, for example, provides loans to small businesses with deposits from the state’s cash reserves. Local banks and credit unions can access these deposits to fund minority, women-owned, and veteran-owned businesses, among others. By directly supporting small businesses, the program bolsters local economies, creating jobs and economic stability for community members.
In addition to housing and small business support, inclusive growth involves creating broader financial empowerment opportunities. Programs like Ohio’s Homebuyer Plus, which helps residents save for down payments with tax-advantaged savings accounts, and NYC’s Economically Targeted Investments program, which channels pension assets into underserved communities, showcase how financial leaders can use investment tools to address local needs.
Through these programs, For the Long Term and its network of financial leaders are advancing a vision of inclusive growth that extends economic opportunity and builds a foundation for shared prosperity. By promoting affordable housing, supporting small businesses, and fostering financial resilience, these efforts create stronger, more inclusive communities across the country.
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