37 projects win $2.4 million in tax credits
Thirty-seven development projects in Vermont downtowns on Monday were awarded $2.4 million in state tax credits to offset development costs.
State officials say the total value developments supported by the credits is nearly $78 million. The winning projects were selected from an applicant pool of 42 projects spanning 26 cities and towns.
Recipients include nonprofit organizations, private developers, and, Gov. Peter Shumlin said at a press conference in downtown Burlington, the people who live and work in downtowns that are made more vibrant by the work.
"These incentives are proven to jumpstart transformation in communities and have brought jobs, business and housing to downtowns and villages across the state," Shumlin said in a press release.
Noelle MacKay, commissioner of the Department of Housing and Community Development, credits the incentive program with underpinning revitalizations in Brattleboro, St. Albans, Barre, Hardwick and Morrisville, for example.
A complete list of recipients is available on the Department of Housing and Community Development's website.
Almost 150 community centers are designated downtowns or villages, according to a press release. When villages and towns receive the designation, they are prioritized in consideration for state grants, increased Act 250 review triggers and access to state tax incentives.
MacKay said the program has grown from $500,000 to $2.4 million in recent years, including $500,000 in additional funding budgeted by the Legislature earlier this year.
Most of the credits are either used by developers to reduce their state tax obligations, or sold to institutions like banks and insurance companies for the same purpose.
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