Governor Phil Scott Announces Winners of Over $2.8 Million in Downtown and Village Center Tax Credits
Montpelier, Vt. – Governor Phil Scott today announced the allocation of $2.8 million in state tax credits for 24 projects statewide, supporting over $40 million in downtown and village center and rehabilitation projects.
“Creating more opportunities for people to live and work in our Vermont’s downtown and villages is critical to keeping young Vermonters here and drawing new families and business to Vermont to stay,” said Governor Scott. “Without state revitalization programs like tax credits and Tax Increment Financing, recent projects like the Putnam Block in Bennington and the New Avenue House in St. Johnsbury would not be possible. This work to expand growth and economic equity to all 14 counties will continue to be a focus for my administration.”
In 2019, tax credits will offset the costs of major investments to support projects in 14 Vermont communities. The Springfield Co-op will expand and relocate to a central downtown location, making needed building and façade improvements. In Brattleboro, the Sanel Building will be rehabilitated to provide office space for the Vermont Division of Vocational Rehabilitation regional office and the Brattleboro Development Credit Corporation, along with housing, co-working and business incubation space. In Lyndonville, the former Bag Balm Building will be redeveloped to house a local café and coworking space in partnership with Northern Vermont University.
And $500,000 will support redevelopment of the historic New Avenue House, a long-time blighted and underutilized block in the heart of downtown St. Johnsbury, where the Governor announced this year’s recipients at a press conference Wednesday. When complete, the project will comprise 39 units of affordable housing with mixed-use commercial space on the ground floor.
“Since this program began, over 370 projects have received over $30 million in tax credits to help bring existing buildings up to code and put underused or vacant buildings back into productive use,” said Josh Hanford, Chair of the Downtown Board and Commissioner of the Department of Housing and Community Development. “This program has conservatively leveraged $800 million in outside investments and has done so much to improve Vermont’s quality of life, sense of place, economy and brand.”
Other funded projects include electrical and accessibility upgrades to a former one-room schoolhouse in Granville for use as a community center, façade and code improvements in Enosburg Falls to support a growing veterinary clinic and adaptive reuse of Vergennes’ historic Haviland Shade Roller Building to create 23 apartments within steps of the vibrant downtown.
For details on all this year’s recipients, click here.
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.