Vermont awards $3.7 million in tax credits for 41 downtown and village projects
State officials said the credits, spread across 31 designated downtowns and village centers, will generate more than $20 million in building improvements, much of it new or restored housing.
Vermont will award just over $3.7 million in state tax credits to 41 rehabilitation and revitalization projects in 31 designated downtowns and village centers, Gov. Phil Scott and the state Agency of Commerce and Community Development said Tuesday.
The awards, made through the state's Downtown and Village Center Tax Credit Program, will generate more than $20 million in building improvements, according to the state. The projects include space for new small businesses, new and rehabilitated housing in walkable town centers, and improvements to community buildings used for the arts and culture.
"Over the past decade, this program has leveraged more than $40 million in federal tax credits, helping to create and repair over 1,000 homes," Scott said. "More housing is critical to helping communities thrive, particularly in our downtowns."
In Springfield, the Springfield Regional Development Corporation plans to turn the former Park Street School into 24 loft-style apartments. The credits will help pay for a sprinkler system and an elevator to make the building accessible under the Americans with Disabilities Act.
In Bennington, the credits will support facade repairs and building-code work to bring 11 market-rate apartments in a long-vacant 1895 building back into use. In Northfield, a vacant former Central Vermont Railway freight and lumber building dating to about 1852 will be converted into six two-bedroom apartments. In Hardwick, a historic downtown block will keep six rental apartments and reopen three vacant storefronts for new locally owned businesses.
In Waterbury, a former 1890s house will be rehabilitated into three affordable three-bedroom apartments for local workers. In White River Junction, the theater company Northern Stage will expand into a neighboring former VFW building to run theater education programs and stage more professional performances, with the credits going toward code upgrades including a sprinkler system.
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