Albany, Vt. – Governor Phil Scott today announced the allocation of $2.8 million in state tax incentives for 16 projects, supporting more than $324 million in downtown and village center construction and rehabilitation efforts.
At a press conference Tuesday, the Governor praised local efforts to revitalize communities and showcased the Albany Community Trust’s effort to re-open and expand the Albany General Store, which closed due to a fire in 2014.
“Albany residents show us that any community can come together to support regional economic growth,” said Scott. “It’s great to see these projects happening in communities large and small, and to see more and more people living and working in our downtowns and villages. Downtown and Village Center tax credits are a proven tool to keep Vermont’s village businesses and communities strong, so I’m pleased to have worked with the Legislature to expand this program and will continue this work.”
Since the tax credit programs began, more than 350 projects in 145 communities have received almost $28 million in tax credits to help bring existing buildings up to code and put underused or vacant buildings back into productive use. Of that total, more than $5 million in state tax credits have helped spur more than $60 million in private investment to rehabilitate historic buildings in Vermont’s villages.
Once designated by the Vermont Downtown Board, communities receive priority consideration for state grants and access to technical assistance. In addition, qualified commercial building owners and nonprofits are eligible for state tax credits to support exterior and interior building improvements. To learn more about the state designation programs and benefits, visit: http://accd.vermont.gov/community-development/designation-programs
About the Vermont Agency of Commerce and Community Development
The Vermont Agency of Commerce and Community Development’s (ACCD) mission is to help Vermonters improve their quality of life and build strong communities. ACCD accomplishes this mission by providing grants, technical assistance, and advocacy through three divisions: The Department of Economic Development, the Department of Tourism and Marketing, and the Department of Housing and Community Development. For more information on ACCD please visit: accd.vermont.gov.