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State official outlines downtown and village center tax credit program at Woodstock session
Summary
Caitlin Corkins of the Vermont Department of Housing and Community Development presented the downtown and village center tax credit program to Woodstock participants, explaining eligibility, credit tiers, and how awards can be sold to banks to finance projects. She also reviewed application deadlines and mapping changes under Act 181.
Caitlin Corkins, tax credit and grants coordinator with the Vermont Department of Housing and Community Development, told Woodstock stakeholders the downtown and village center tax credit program awards $3,000,000 annually and was created in 1998 to support local revitalization efforts. "I'm the tax credit and grants coordinator with the Department of Housing and Community Development," she said when introducing the program and her role.
Corkins described the program as competitive and location-based: to qualify, a property generally must be within a state-designated downtown or village center boundary and at least 30 years old. She advised owners to check the Vermont Planning Atlas or email her a specific address for confirmation. Corkins also explained credits are state income tax credits (not local or federal), can be carried forward, and are earned on project completion. "They're going to be due on Wednesday, July 1," she said of the application deadline, noting award decisions would be made by the end of September and projects must be completed within three years of award.
