Montpelier, Vt. – More than 30 downtown and village centers in Vermont will receive a combined $4 million in state and federal tax credits for building and infrastructure improvements, the state’s Agency of Commerce and Community Development announced Monday.
The projects — 31 in all — include the rehabilitation of a flood-damaged building on Langdon Street in Montpelier. The $157,500 award will help three businesses reopen and create 16 new apartments on the upper floors of the historic building.
Nearly $1 million in sales tax revenues will go to rebuild Pine and St. Paul Streets in downtown Burlington. A portion of the streets have been closed because of the City Place development. The project will include streetscape amenities and pedestrian improvements.
Alex Farrell, interim commissioner of the Department of Housing and Community Development, said the tax credit program is aimed at helping Vermont communities big and small.
“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,” he said.
Other projects slated to benefit from the program include:
- the rehabilitation of Stonecrop Ledge, a historic home in Middlebury’s Neighborhood Development Area, to include three new apartments;
- facade repairs and upgrades to the shuttered Taftsville Country Store ;
- and two redevelopment projects in St. Johnsbury, including the former Caplan’s Building, a walk-in primary care office, and redevelopment of 560 Railroad Street for mixed-use commercial and residential with nine new mid-market apartments.
For a full list of the projects that will receive tax credits, click here. The credits are earmarked for building safety and the creation of new jobs and businesses. Projects must be within a state-designated downtown, village center, or neighborhood development area.
Scott said tax credit program aligns with the state’s ongoing recovery from the devastating summer floods and the COVID-19 pandemic.
“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,” he said. “Strategically using federal and state funds to revitalize communities, we’ll recover faster and build back stronger than before.”