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Funding available for downtown development projects

By: Mia Watson on 6/10/2019

The Vermont Agency of Commerce and Community Development (ACCD) is now accepting applications for 2019 for two different programs that promote development and revitalization of Vermont’s downtowns.

The Downtown and Village Center tax credit program has $2.6 million in state income tax credits available for projects that enhance the historic character and improve building safety of older commercial and community buildings in Vermont’s designated downtown areas and village centers. Multifamily rental housing is an eligible use. These credits can be combined with the Federal Rehabilitation Investment Tax Credit (RITC).

Among the 2018 tax credit recipients was the historic Woolson Block in Springfield, which is being rehabilitated by Springfield Housing Authority and Housing Vermont to provide affordable apartments to low-income renters and formerly homeless youth. The project also received separate funding from VHFA.

Instructions on how to apply for the Downtown and Village Center tax credits are available on ACCD’s website.

The Vermont Sales Tax Reallocation program allows municipalities and the developer of qualified projects to jointly apply to the Downtown Board for a reallocation of sales taxes on construction materials. Qualified projects must be located within a designated downtown district and reallocated taxes must be used by the municipality to support the qualified project. Multifamily rental housing is an eligible use. Instructions on how to apply are available on ACCD’s website.

Applications for both of these programs are due Monday July 1, 2019.

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