Incentives

New Market Tax Credits (NMTC)

Congress created the NMTC program in 2000 to spur investment of private capital for economic development in both rural and urban low-income communities. Individuals and corporations receive a tax credit against federal income taxes for making investments in certain low-income properties or businesses when those investments are made through a "community development entity" (CDE). Prospective NMTC projects generally need to be located in qualified census tracts. Click here to view qualified census tracts in Windham County. Vermont Rural Ventures (VRV), a qualified CDE operated by Housing Vermont, is deploying its New Markets Tax Credit resources to support investment in the economic, environmental, and social well-being of Vermont communities. NMTC funds are used to retain and create jobs for Vermonters by financing key community developments in downtown and village centers and in other concerted community efforts which demonstrate positive impacts on Vermont’s economic, health care, energy and food systems. For more information about Vermont Rural Ventures and the New Markets Tax Credit Program contact Beth Boutin beth@hvt.org or call (802) 863.8424.

Programs

United States Department of Agriculture/Rural Development (USDA/RD)

USDA provides financial programs that support such essential public facilities and services as water and sewer systems, housing, health clinics, emergency service facilities and electric and telephone service while also promoting economic development by supporting loans to businesses through banks, credit unions and community-managed lending pools. Technical assistance and information is offered to help agricultural producers and cooperatives get started and improve the effectiveness of their operations. Also, technical assistance is provided to help communities undertake community empowerment programs. Click here for more information.

Economic Development Administration (EDA)

As the only federal government agency focused exclusively on economic development, the U.S. Department of Commerce’s Economic Development Administration (EDA) plays a critical role in fostering regional economic development efforts in communities across the nation. Through strategic investments that foster job creation and attract private investment, EDA supports development in economically distressed areas of the United States. Click here for more information.

Small Business Administration (SBA)

The U.S. Small Business Administration provides a variety of assistance to small businesses including loan guarantees, contracts, and entrepreneurial development (Education, Information, and Technical Assistance & Training). Click here for more information.