Vermont Rural Ventures provided New Markets Tax Creditfinancing to Vermont College of Fine Arts (VCFA), bringing $3 million of new funds to the nonprofit graduate education institution.
This financing and new capital allows VCFA to expand programming and complete several capital improvement projects.Low-cost and long-term financing fromVermont Rural Ventureswill conserve working capital and help stabilize VCFA for the future.
This project is the first significant construction at the campus since 1966. Alumni Hall, a gymnasium built in 1932, will become a newmulti-purpose exhibition and gathering space for the community, students, faculty, and visiting artists. Schulmaier Hall will be renovated into leased office space for the State of Vermont Human Resources Training Center. And a garage and two other buildings will be converted into a new faculty and alumni retreat center for use during VCFA program residencies.
Three new graduate degree offerings have also been added by VCFA.
About the Vermont College of Fine Arts
The Vermont College of Fine Arts (VCFA) is a nonprofit graduate education institution providing Masters of Fine Arts, Master of Arts and Master of Arts in Teaching degrees. Headquartered in Montpelier in the College Hill neighborhood, VCFA is accredited by the New England Association of Schools and Colleges, Inc. (NEASC). For more information:http://vcfa.edu/.
About Vermont Rural Ventures
Vermont Rural Ventures (VRV) uses its federal New Markets Tax Credit (NMTC) allocations to help businesses and nonprofits grow and expand in Vermont's downtowns, manufacturing, nonprofit and value-added food and farm sectors. The NMTC program lowers the cost of capital for important infrastructure, expansion, machinery and equipment, or acquisition projects and spurs additional private investment in low-income communities. VRV is a community development entity wholly owned by nonprofit Housing Vermont.
For more information about VRV, please visit:http://www.vermontruralventures.com/