The Charitable Housing Investment Tax Credit (“HITC”) is an opportunity to support affordable housing in Vermont and reduce your Vermont taxes.
The HITC is a program authorized by Vermont law 32 V.S.A. Section 5830c which allows individuals and corporations who pay Vermont income tax to receive a credit on their taxes if they invest their funds with an eligible affordable housing organization, called a “housing charity.” The amount of the credit is based on the difference between the interest earned on the investment and the charitable threshold rate (currently 1.5%) and is capped at 3% of the average balance of the investment for the year.
If you are interested in learning how to make a charitable housing investment, contact the Vermont Community Loan Fund (VCLF) or ask us for information about other eligible housing charities. VCLF provides loans to affordable housing, small businesses, child care programs, and community facilities that serve Vermonters earning 80% of the median income or less.