Vermont Economic Progress Council

Middlebury applied for state funding through the Community & Housing Infrastructure Program (CHIP) to support development at Stonecrop Meadows. The agreement with developer Summit Properties allows the town to use tax increment financing to pay for infrastructure such as roads, sidewalks, and water lines for Phase Two of the neighborhood. Furthermore, the CHIP program utilizes state education fund dollars to cover 60% of the associated infrastructure debt.

Middlebury, Vermont is utilizing the Community and Housing Infrastructure Program (CHIP), a state tax increment financing tool, to support two housing projects: Stonecrop Meadows (200+ units) and Middle Housing (35 apartments). CHIP allows municipalities to fund infrastructure for new housing without raising property taxes by retaining a portion of new tax revenues.