Governor Scott with developer Jonah Richard in Fairlee. Photo via LinkedIn.
Jonah Richard, Village Ventures Governor Phil Scott held a press conference (October 14, 2025, in Fairlee) on the site of our future 26-unit mixed-use project in Fairlee to announce this year’s Downtown Tax Credit awards.
Thanks to Austin Meehan, two of our projects made the cut.
First, our historic quadplex from 1836 received $210,000 in state tax credits, along with $130,000 in federal historic credits. Paired with low-interest debt from Vermont Housing Finance Agency, this will allow us to bring the building back to life as workforce housing — with construction slated to start this winter.
Our 19-unit LIHTC project also received $225,000, just days after landing a $500,000 Community Development Block Grant. With those pieces in place, we’ve now closed $4.5m of a $7m capital stack.
Vermont Agency of Commerce & Community Development’s Downtown Tax Credit program is one of the most effective, accessible, and impactful tools we’ve worked with at the state level to spur both economic activity and housing creation.
But with only about 60% of eligible projects funded each year, there’s room to go further. Expanding the program wouldn’t require new state spending — these are future tax credits offset by the very growth they help create.
At one of our previous projects, for instance, a $120,000 tax credit award led to a 300% increase in grand list value and $10,000 more per year in local and state property taxes.
We’ve seen firsthand how powerful this tool can be in small towns. Imagine what Vermont’s downtowns could look like if we doubled down.
Jonah Richard is Owner/Principal of Village Ventures in Fairlee, which develops small-scale housing and mixed-use projects in the Upper Valley of VT and NH. "We focus on good design, energy efficiency, and making use of what’s already there—empty lots, old buildings, underused spaces. Every project is a chance to build something useful and lasting. Construction for our development projects is self-performed through sister company Réal Hazen Construction."
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