For Immediate Release
Monday, October 23, 2023
Governor Scott announces winners of over $4 million in Downtown and Village Center Tax Incentives
Projects will help generate over $150 million in building improvements and public infrastructure throughout the state.
Montpelier, Vt. – 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.
“These projects support local communities with basic needs – like housing, sites for businesses to grow, and healthcare services – which improve the economic vitality of our community centers,” said Governor Scott. “In addition, these are the types of programs that align with our recovery and resiliency work from both the COVID-19 pandemic and the devastating summer floods. By strategically using federal and state funds to revitalize communities, we’ll recover faster and build back stronger than before.”
“The Downtown Board was thrilled to fund 31 projects in communities large and small this year,” said Department of Housing and Community Development Interim Commissioner Alex Farrell. “As we look to solve major challenges like housing and community resiliency, these rehabilitation and revitalization projects will work towards a brighter future for our state.”
In 2023, $4.4 million in tax credits will offset the costs of major investments in projects including:
- 8-20 Langdon Street in Montpelier was severely damaged by flooding in July. With the support of state flood mitigation tax credits, steps to mitigate future flooding will be taken, while also bringing the three commercial units back online and creating 16 new apartments on the building’s upper floors.
- Stonecrop Ledge, a beautiful historic home in Middlebury’s Neighborhood Development Area will be rehabilitated using federal and state tax credits to create three new market rate apartments.
- The shuttered Taftsville Country Store will be re-opened thanks to new ownership and the support of state tax credits. The project includes façade repairs and code-mandated upgrades to the building, which will also house three apartment units.
- Two redevelopment projects in St. Johnsbury, including the former Caplan’s Building, which will include space for Northern Express Care, a walk-in primary care office, and redevelopment of 560 Railroad Street for mixed-use commercial and residential with nine new mid-market apartments.
These tax credits move forward dozens of projects each year to create more vibrant downtowns and village centers, resulting in more housing, jobs and economic activity for their surrounding communities. Governor Scott has continuously proposed more funding to this program, working with the Legislature to increase available tax credits from $2.2 million a year in Fiscal Year 2017 to over $4 million this year.