Powers and Duties

V.S.A. tit. 10, ch. 15, subch. 3

in effect

10 V.S.A. § 321 General powers and duties

321. General powers and duties (a) The Board shall have all the powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including those general powers provided to a business corporation by Title 11A and those general powers provided to a nonprofit corporation by Title 11B and including, without limitation of the general powers under Titles 11A and 11B, the power to: (1) upon application from an eligible applicant in a form prescribed by the Board, provide funding in the form of grants or loans for eligible activities; (2) enter into cooperative agreements with private organizations or individuals or with any agency or instrumentality of the United States or of this State to carry out the purposes of this chapter; (3) issue rules in accordance with 3 V.S.A. chapter 25 for the purpose of administering the provisions of this chapter; (4) transfer funds to the Department of Housing and Community Development to carry out the purposes of this chapter; (5) make and execute all legal documents necessary or convenient for the exercise of its powers and functions under this chapter, including legal documents that may be made and executed with the State or any of its agencies or instrumentalities, with the United States or any of its agencies or instrumentalities, or with private corporations or individuals; (6) receive and accept grants from any source to be held, used, or applied or awarded to carry out the purposes of this chapter subject to the conditions upon which the grants, aid, or contributions may be made; (7) make and publish rules and regulations respecting its housing programs and such other rules and regulations as are necessary to effectuate its corporate purposes; and (8) do any and all things necessary or convenient to effectuate the purposes and provisions of this chapter and to carry out its purposes and exercise the powers given and granted in this chapter. (b)(1) The Board shall seek out and fund nonprofit organizations and municipalities that can assist any region of the State that has high housing prices, high unemployment, or low per capita incomes in obtaining grants and loans under this chapter for perpetually affordable housing. (2) The Board shall administer the “HOME” affordable housing program that was enacted under Title II of the Cranston-Gonzalez National Affordable Housing Act (Title II, P.L. 101-625, 42 U.S.C. §§ 12701-12839). The State of Vermont, as a participating jurisdiction designated by Department of Housing and Urban Development, shall enter into a written memorandum of understanding with the Board, as subrecipient, authorizing the use of HOME funds for eligible activities in accordance with applicable federal law and regulations. HOME funds shall be used to implement and effectuate the policies and purposes of this chapter related to affordable housing. The memorandum of understanding shall include performance measures and results that the Board will annually report on to the Vermont Department of Housing and Community Development. (c) On behalf of the State of Vermont, the Board shall be the exclusive designated entity to seek and administer federal affordable housing funds available from the Department of Housing and Urban Development under the national Housing Trust Fund that was enacted under HR 3221, Division A, Title 1, Subtitle B, Section 1131 of the Housing and Economic Reform Act of 2008 (P.L. 110-289) to increase perpetually affordable rental housing and home ownership for low and very low income families. The Board is also authorized to receive and administer federal funds or enter into cooperative agreements for a shared appreciation and/or community land trust demonstration program that increases perpetually affordable homeownership options for lower income Vermonters and promotes such options both within and outside Vermont. (d) On behalf of the State of Vermont, the Board shall seek and administer federal farmland protection and forestland conservation funds to facilitate the acquisition of interests in land to protect and preserve in perpetuity important farmland for future agricultural use and forestland for future forestry use. Such funds shall be used to implement and effectuate the policies and purposes of this chapter. In seeking federal farmland protection and forestland conservation funds under this subsection, the Board shall seek to maximize State participation in the federal Wetlands Reserve Program and other programs as is appropriate to allow for increased or additional implementation of conservation practices on farmland and forestland protected or preserved under this chapter. (e) The Board shall inform all grant applicants and recipients of funds derived from the annual capital appropriations and State bonding act of the following: “The Vermont Housing and Conservation Trust Fund is funded by the taxpayers of the State of Vermont, at the direction of the General Assembly, through the annual Capital Appropriation and State Bonding Act.” An appropriate placard shall, if feasible, be displayed at the location of the proposed grant activity. Added 1987, No. 88, § 1, eff. June 11, 1987; amended 1991, No. 93, § 16a, eff. June 26, 1991; 1995, No. 46, § 27; 1995, No. 62, § 54, eff. April 26, 1995; 2005, No. 71, § 219a; 2009, No. 1 (Sp. Sess.), § E.813.1; 2009, No. 110 (Adj. Sess.), § 12, eff. May 18, 2010; 2009, No. 156 (Adj. Sess.), § E.810, eff. June 3, 2010; 2011, No. 142 (Adj. Sess.), § 3, eff. May 15, 2012; 2015, No. 11, § 7; 2019, No. 129 (Adj. Sess.), § 28; 2019, No. 138 (Adj. Sess.), § 12, eff. July 2, 2020.

10 V.S.A. § 322 Allocation system

322. Allocation system (a) In determining the allocation of funds available for the purposes of this chapter, the Board shall give priority to projects that combine the dual goals of creating affordable housing and conserving and protecting Vermont’s agricultural land, historic properties, important natural areas or recreation lands and also shall consider, but not be limited to, the following factors: (1) the need to maintain balance between the dual goals in allocating resources; (2) the need for a timely response to unpredictable circumstances or special opportunities to serve the purposes of this chapter; (3) the level of funding or other participation by private or public sources in the activity being considered for funding by the Board; (4) what resources will be required in the future to sustain the project; (5) the need to pursue the goals of this chapter without displacing lower income Vermonters; (6) the long-term effect of a proposed activity and, with respect to affordable housing, the likelihood that the activity will prevent the loss of subsidized housing units and will be of perpetual duration; (7) geographic distribution of funds. (b) The Board’s allocation system shall include a method, defined by rule, that evaluates the need for, impact, and quality of activities proposed by applicants. Added 1987, No. 88, § 1, eff. June 11, 1987; amended 1997, No. 156 (Adj. Sess.), § 45, eff. April 29, 1998.

10 V.S.A. § 323 Annual report

323. Annual report Prior to January 31 of each year, the Board shall submit a report concerning its activities to the Governor and to the House Committees on Agriculture and Forestry, on Appropriations, on Corrections and Institutions, on Energy and Technology, on Natural Resources, Fish, and Wildlife, and on Ways and Means and the Senate Committees on Agriculture, on Appropriations, on Finance, on Institutions, and on Natural Resources and Energy. The report shall include the following: (1) a list and description of activities funded by the Board during the preceding year, including commitments made to fund projects through housing bond proceeds pursuant to section 314 of this title, and project descriptions, levels of affordability, and geographic location; (2) a list of contributions received by the Board, whatever their form or nature, and the source thereof, unless anonymity is a condition of a particular contribution; (3) a full financial report of the Board’s activities, including a special accounting of all activities from July 1 through December 31 of the year preceding the legislative session during which the report is submitted; (4) if more than 70 percent of the funds allocated by the Board during the previous year were allocated to either one of the dual goals of this chapter, as established in subsection 302(a) of this title, the Board shall set forth its reasons for not allocating funds more equally between the two. Added 1987, No. 88, § 1, eff. June 11, 1987; amended 1991, No. 93, § 16, eff. June 26, 1991; 2017, No. 85, § I.3; 2017, No. 113 (Adj. Sess.), § 44.

10 V.S.A. § 324 Stewardship

324. Stewardship If an activity funded by the Board involves acquisition by the State of an interest in real property for the purpose of conserving and protecting agricultural land or forestland, important natural areas, or recreation lands, the Board, in its discretion, may make a one-time grant to the appropriate State agency or municipality. The grant shall not exceed ten percent of the current appraised value of that property interest and shall be used to support its proper management or maintenance, or both. Added 1987, No. 88, § 1, eff. June 11, 1987; amended 2011, No. 142 (Adj. Sess.), § 3, eff. May 15, 2012.

10 V.S.A. § 325 Condemnation prohibited

325. Condemnation prohibited The Board shall not have the authority or power to acquire property for the purposes of this chapter through condemnation or through the exercise of the power of eminent domain. Added 1987, No. 88, § 1, eff. June 11, 1987.

10 V.S.A. § 325a Conservation easement review appraisals

325a. Conservation easement review appraisals The Vermont Housing and Conservation Board shall ensure on a periodic basis that review appraisals are conducted of conservation easements proposed to be acquired pursuant to this chapter. Added 1995, No. 185 (Adj. Sess.), § 14a, eff. May 22, 1996.

10 V.S.A. § 325b State of Vermont executory interest in easements

325b. State of Vermont executory interest in easements (a) As used in this section: (1) “Qualified organization” shall have the same meaning as in section 6301a of this title; and (2) “State agency” shall have the same meaning as in section 6301a of this title. (b) The Agency of Agriculture, Food and Markets may hold an executory interest in agricultural conservation easements acquired by the Board under chapter 155 of this title when the acquisition of an interest in the agricultural conservation easement was financed by monies expended, in whole or in part, from the Housing and Conservation Trust Fund. (c) An agricultural conservation easement acquired by the Board under chapter 155 of this title with monies expended, in whole or in part, from the Fund shall be subject to a memorandum of understanding between the Board, the Agency of Agriculture, Food and Markets, and any other co-holder of the agricultural conservation easement regarding oversight, performance, and enforcement of the agricultural conservation easement. (d) The Agency of Agriculture, Food and Markets may exercise its executory interest in an agricultural conservation easement interest acquired under chapter 155 of this title if: (1) the Board ceases to exist and its interest in the agricultural conservation easement is not otherwise released and conveyed in accordance with law; (2) the Board releases and conveys its agricultural conservation easement interests, in whole or in part, to a State agency, municipality, qualified holder, or qualified organization in accordance with the laws of the State of Vermont; or (3) a significant violation of the terms and conditions of an agricultural conservation easement is not resolved in accordance with the memorandum of understanding required under subsection (c) of this section for the agricultural conservation easement. (e) The Board annually shall monitor or cause to be monitored a conserved property subject to an agricultural conservation easement for compliance with the terms and conditions of the agricultural conservation easement. The Board shall report a significant violation of the terms and conditions of an agricultural conservation easement to the Secretary of Agriculture, Food and Markets. The Secretary of Agriculture, Food and Markets may recommend to the Board or the Attorney General a course of action to be taken to address a violation of the terms and conditions of an agricultural conservation easement in accordance with the memorandum of understanding required under subsection (c) of this section. Added 2015, No. 172 (Adj. Sess.), § E.811.

10 V.S.A. § 325c Age-restricted housing; right of first refusal

325c. Age-restricted housing; right of first refusal (a) Definitions. As used in this section: (1) “Age-restricted property” means a privately owned age-restricted residential property that is not licensed pursuant to 33 V.S.A. chapter 71 or 8 V.S.A. chapter 151. (2) “Eligible buyer” means a nonprofit housing provider. (b) Right of first refusal; assignment to eligible buyer. (1) The Vermont Housing and Conservation Board shall have a right of first refusal for age-restricted properties as set out in this section. The Board may assign this right to an eligible buyer. (2) For any offer made under this section, the Board or its assignee shall contractually commit to maintaining any affordability requirements in place for the age-restricted property at the time of sale. (c) Content of notice. An owner of age-restricted property shall give to the Board notice by certified mail, return receipt requested, of the owner’s intention to sell the age-restricted property. The requirements of this section shall not be construed to restrict the price at which the owner offers the age-restricted housing for sale. The notice shall state all the following: (1) that the owner intends to sell the age-restricted property; (2) the price, terms, and conditions under which the owner offers the age-restricted property for sale; (3) that for 60 days following the notice, the owner shall not make a final unconditional acceptance of an offer to purchase the age-restricted property and that if within the 60 days the owner receives notice pursuant to subsection (d) of this section that the Board or its assignee intends to consider purchase of the age-restricted property, the owner shall not make a final unconditional acceptance of an offer to purchase the age-restricted property for an additional 120 days, starting from the 61st day following notice, except one from the Board or its assignee. (d) Intent to negotiate; timetable. The Board or its assignee shall have 60 days following notice under subsection (c) of this section in which to determine whether the buyer intends to consider purchase of the age-restricted property. During this 60-day period, the owner shall not accept a final unconditional offer to purchase the age-restricted property. (e) Response to notice; required action. If the owner receives no notice from the Board or its assignee during the 60-day period or if the Board notifies the owner that neither it nor its designee intends to consider purchase of the age-restricted property, the owner has no further restrictions regarding sale of the age-restricted property pursuant to this section. If, during the 60-day period, the owner receives notice in writing that the Board or its assignee intends to consider purchase of the age-restricted property, then the owner shall do all the following: (1) not accept a final unconditional offer to purchase from a party other than the Board or its assignee giving notice under subsection (d) of this section for 120 days following the 60-day period, a total of 180 days following the notice under subsection (c); (2) negotiate in good faith with the Board or its assignee giving notice under subsection (d) of this section; and (3) consider any offer to purchase from the Board or its assignee giving notice under subsection (d) of this section. (f) Exceptions. The provisions of this section do not apply when the sale, transfer, or conveyance of the age-restricted property is any one or more of the following: (1) through a foreclosure sale; (2) to a member of the owner’s family or to a trust for the sole benefit of members of the owner’s family; (3) among the partners who own the age-restricted property; (4) incidental to financing the age-restricted property; (5) between joint tenants or tenants in common; (6) pursuant to eminent domain; or (7) pursuant to a municipal tax sale. (g) Requirement for new notice of intent to sell. (1) Subject to subdivision (2) of this subsection, a notice of intent to sell issued pursuant to subsection (b) of this section shall be valid: (A) for a period of one year from the expiration of the 60-day period following the date of the notice; or (B) if the owner has entered into a binding purchase and sale agreement with the Board or its assignee within one year from the expiration of the 60-day period following the date of the notice, until the completion of the sale of the age-restricted property under the agreement or the expiration of the agreement, whichever is sooner. (2) During the period in which a notice of intent to sell is valid, an owner shall provide a new notice of intent to sell, consistent with the requirements of subsection (b) of this section, prior to making an offer to sell the age-restricted property or accepting an offer to purchase the age-restricted property that is either more than five percent below the price for which the age-restricted property was initially offered for sale or less than five percent above the final written offer from the Board or its assignee. (h) “Good faith.” The Board or its assignee shall negotiate in good faith with the owner for purchase of the age-restricted property. Added 2023, No. 181 (Adj. Sess.), § 109, eff. June 17, 2024.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/10/015Fetched: 10/21/2026