MONTPELIER, Vt. (AP) — Vermont lawmakers have approved $37 million in new bonds to ramp up construction of affordable housing across the state.

Sarah Carpenter, executive director of the Vermont Housing Finance Agency, announced Thursday that those bonds will go up for sale on Jan. 8. Vermont Public Radio reports the money will fund construction of up to 650 homes across the state.

According to the Vermont Housing Finance Agency, at least 25 percent of the housing funded by the bond sales will be "affordable" for people making less than 50 percent of the median income in their geographical region.

According to Carpenter, Morgan Stanley is underwriting the bonds.

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Information from: WVPS-FM, http://www.vpr.net