Mark Foley, Jr. is renovating the upper floors of the Gryphon Building in Rutland to create 10 one or two bedroom apartments.
Gov. Phil Scott announced Wednesday, March 22 that Foley was one of six recipients of $860,000 in tax credits. Foley received $125,000 toward his $750,000 project.
The Agency of Commerce and Community Development (ACCD) tax credits are supporting rehabilitation and revitalization projects throughout Vermont’s designated downtown and village centers. The six projects will help generate over $20 million in building improvements around the state.
A new round of funding will be announced in April, with tax credits available to projects in state-designated Downtowns, Village Centers, and Neighborhood Development Areas.
“These investments are impactful, supporting local businesses, creating new housing, and improving the economic vitality of our community centers,” said Scott. “This kind of targeted investment in our downtowns and village centers, along with the strategic use of federal relief dollars, shows what we can do to make Vermont an even better place to live and visit.”
“Thanks to the support of the Legislature, we are excited to be able to expand the reach of this program in the coming year,” said Department of Housing and Community Development Commissioner Josh Hanford. “Our next round of funding will allow applicants of state-designated Neighborhood Development Areas to also participate in the program, supporting investments in rental housing around our existing commercial centers.
