Downtown and Village Center Tax Incentives Support Sustainable Community Development
The Vermont Natural Resources Council (VNRC) applauds Governor Scott’s announcement of $3.6 million in Downtown and Village Center Tax Incentives awarded to 28 projects for FY22. These awards represent much-needed investment in Vermont’s designated downtowns and villages, which support strong local businesses, accessible housing and transportation, and natural resource protection.
“Vermont’s commitment to strengthening our local economy through smart growth investments is making a difference. The success of the downtown tax credit program has demonstrated that investing in our historic downtowns and village centers is a win-win for Vermont’s people, environment, and communities,” said VNRC Executive Director Brian Shupe.
Several of the awarded projects will add or rehabilitate housing in or near historic village centers and downtowns, providing residents with greater access to schools, work, healthcare, and other community services. Decreasing automobile dependence further supports economic independence for families and individuals, while also reducing greenhouse gas emissions and limiting sprawl development. At the same time, strengthening downtowns through additional housing, businesses, infrastructure, and public spaces supports a sustainable local economy.
While much of the state continues to face on-going challenges related to the global pandemic, severe weather events, and a changing population, it is a testament to the existing strength of our communities that so many innovative and impactful projects are being pursued. The need to invest in our downtowns and villages is critical now more than ever.