Governor Phil Scott Announces $3.7 Million in Downtown and Village Center Tax Credits

Governor Phil Scott and the Agency of Commerce and Community Development announced just over $3.7 million in funding for 41 rehabilitation and revitalization projects in 31 of Vermont’s designated downtown and village centers. These Downtown and Village Center Tax Credit Program awards will generate over $20 million in building improvements around

the state. The targeted investments enable a wide array of community projects, including support of new small businesses, creation and rehabilitation of housing in walkable centers, and improvements to important community centers that support arts, culture, and community.

“Over the past decade, this program has leveraged more than $40 million in federal tax credits, helping to create and repair over 1,000 homes,” said Governor Scott. “More housing is critical to helping communities thrive, particularly in our downtowns. These projects will continue to increase the number of available homes while revitalizing local communities.”

“This program demonstrates the exciting possibilities of investing in places that already serve as the heart of Vermont’s communities,” said Department of Housing and Community Development Commissioner Alex Farrell. “From new housing and support for local businesses to restoration and revived community spaces, these tax credits help breathe new life into historic properties.”

Projects include:

• 212 Pleasant Street, Bennington: The rehabilitation meets a pressing need for rental housing in downtown Bennington while returning a long-vacant 1895 historic building to productive use, improving a deteriorating property in a key neighborhood and returning it to active service. State tax credits will support façade repairs and important code compliance investments to bring 11 market-rate apartments back online.
• 25 South Main Street, Hardwick: Located in the heart of downtown Hardwick, this project will restore and maintain six market-rate rental units in this historic mixed-use block and restore three currently vacant commercial storefronts for three new locally owned small businesses. State tax credits will help to address deferred maintenance on the building’s exterior, along with required code upgrades.
• 57 Freight Yard Way, Northfield: A former Central Vermont Railway freight/lumber building (c. 1852) in Northfield's designated village center, now vacant, will be converted into six new two-bedroom rental apartments. State tax credits will support façade repairs as well as critical investments in code compliance for this adaptive reuse project.
• 60 Park Street, Springfield: The Springfield Regional Development Corporation has worked diligently to raise funding for the comprehensive adaptive reuse of the former Park Street School. State tax credits will help to fund major investments, including a sprinkler system and a new split-stop elevator to provide ADA-compliant entry and access. The project will result in the creation of 24 new loft-style apartments.
• 88 South Main Street, Waterbury: This rehabilitation project will create three affordable, 3-bedroom workforce housing units for local households in downtown Waterbury. The project preserves original architectural features of a former 1890s house while completing an infrastructure overhaul. Improvements include significant investments in code compliance with funds from this state tax credit award.
• 97 South Main Street, White River Junction: Northern Stage, an important regional cultural center in the Upper Valley will expand into the neighboring form VFW building in downtown White River Junction, allowing them to operate theatrical education programs and offer additional professional performances. State tax credit support will go towards making the building code compliant, including installation of a sprinkler system.

For a complete list of few projects, and more information, visit the Department of Housing and Community Development website.