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Vermont Rural Ventures to receive $30 million

Posted by: VHFA on 5/27/2009

Vermont Rural Ventures (VRV) will receive $30 million to develop affordable housing and help stimulate economic growth in Vermont.

The funds, in the form of New Market Tax Credits (NMTC), result from the recently-passed American Recovery and Reinvestment Act (ARRA).

VRV estimates it'll fund six to 12 housing and economic development projects in Vermont as a result of the tax credits.

"The potential benefit from the New Market Tax Credit funding is enormous," said VHFA Executive Director Sarah Carpenter.

“These credits will help us attract private investment at a time when we really need it, with public resources for affordable housing and other needed development being so limited.

"More housing investment will be a terrific economic stimulus for our communities and our state."

Treasury Secretary Timothy Geithner (pictured) made the funding announcement today at a noontime press event.

U.S. Sen. Patrick Leahy, a senior member of the Senate Appropriations Committee, played a key role in including the program in the stimulus package.

VRV is an organization consisting of Vermont Housing Finance Agency, Housing Vermont, the Vermont Economic Development Authority, and the Vermont Community Loan Fund.