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Treasury announces $35 million in New Markets Tax Credit awards for Vermont

Posted by: Leslie Black-Plumeau on March 2, 2012 - 9:03am

Emphasizing the importance of economic recovery in distressed areas, U.S. Department of the Treasury's announced last week the award of $3.6 billion in New Markets Tax Credit (NMTC) nationwide, including $35 million for Vermont projects.  

The NMTC, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in vehicles known as Community Development Entities. Vermont Rural Ventures, Inc., operated by Housing Vermont, was selected along with 69 other entities, to distribute the 2011 tax credits.   Over 314 entites applied nationwide.

NMTCs can be used to fund affordable rental housing in limited situations. 

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