The Castle Project forked the project and have been maintaining it, and most recently released version 1.1.1 on 10 December 2010. More details can be found at the Castle Projects NVelocity site. They have also made a number of improvements to it, details of which can be found on their NVelocity improvements page. The project looks like it is now dead and in MonoRail 3, it has been replaced by Castle Blade which is based off Razor.

If you are looking for an alternative, then I would suggest the Razor view engine from ASP.Net MVC3 or the Spark View Engine.

The open source project RazorEngine allows you to use the the Razor View engine outside of ASP.Net MVC or Web Pages so you can use it to generate templated emails.