Governor Scott Announces Winners of Over $4 Million in Downtown & Village Center Tax Incentives, including $190,439 in Addison County
Governor Phil Scott and the Agency of Commerce and Community Development (ACCD) announced over $4 million in funding to support a record number of rehabilitation and revitalization projects throughout Vermont’s designated downtown and village centers. These 31 project awards will help generate over $150 million in building improvements and public infrastructure around the state.
Three projects in Addison County were awarded tax credits:
51 Seminary Street, Middlebury: Stonecrop Ledge, a beautiful historic home constructed in 1815, sits vacant in Middlebury’s new Neighborhood Development Area. Currently uninhabitable, local builders plan to rehabilitate the building using federal and state tax credits to create three new market-rate apartment units.
Total Project Cost: $700,000; Tax Credits Awarded: $100,000
52 North Pleasant Street, Middlebury: This duplex was owned by the same family for over 40 years. 现在, new owners will use a state tax credit award to complete much-needed and code-mandated upgrades including asbestos remediation, electrical and plumbing upgrades, resulting in two safe apartment units.
Total Project Cost: $43,173; Tax Credits Awarded: $15,439
54 West Main Street, Vergennes: The General Samuel Strong House was built in 1796, a rare survivor. Vacant for decades, a local developer has saved the building and will use federal and state tax credits to redevelop the building into six new apartments in the Vergennes Neighborhood Development Area.
Total Project Cost: $754,600; Tax Credits Awarded: $75,000
对于一个 complete list of projects visit the Department of Housing and Community Development 网站.
Federal and state tax credits help to stimulate private investment and create jobs. They support the creation and improvement of rental housing. Tax credits can restore buildings and jump start revitalization in Vermont communities. Successful projects range from modest renovations in small centers to multimillion-dollar downtown redevelopments.
In FY2024, $4.35 Million in state income tax credits are available. Credits are awarded to projects that improve building safety, attract new business, and create jobs. Projects must be within a state-designated downtown, village center, or neighborhood development area. Funding supports general rehabilitation and code compliance work. The program also funds flood mitigation upgrades and exterior façade improvements.
Applications for a special bonus round of tax credits are due Monday, January 8, 2024. Applications for all credits offered through the program will be accepted. In response to the July 2023 floods, projects seeking Flood Mitigation Credits will be prioritized for funding. Visit the Agency of Commerce and Community Development’s 网站 for guidelines and an application.