V.S.A. tit. 10, ch. 15, subch. 2 — Establishment and Organization | Vermont Statutes Annotated (through the 2026 session) — Vermont

10 V.S.A. § 311 Establishment and organization

311. Establishment and organization (a) There is created and established a body politic and corporate to be known as the “Vermont Housing and Conservation Board” to carry out the provisions of this chapter. The Board is constituted a public instrumentality exercising public and essential governmental functions, and the exercise by the Board of the powers conferred by this chapter shall be deemed and held to be the performance of an essential governmental function of the State. The Board is exempt from licensure under 8 V.S.A. chapter 73. (b) The Board shall consist of the following 11 members: (1) The Secretary of Agriculture, Food and Markets or designee. (2) The Secretary of Human Services or designee. (3) The Secretary of Natural Resources or designee. (4) The Executive Director of the Vermont Housing Finance Agency or designee. (5) Three public members appointed by the Governor with the advice and consent of the Senate, who shall be residents of the State and who shall be experienced in creating affordable housing or conserving and protecting Vermont’s agricultural land and forestland, historic properties, important natural areas, or recreational lands, one of whom shall be a representative of lower income Vermonters and one of whom shall be a farmer as defined in 32 V.S.A. § 3752(7). (6) One public member appointed by the Speaker of the House, who shall not be a member of the General Assembly at the time of appointment. (7) One public member appointed by the Senate Committee on Committees, who shall not be a member of the General Assembly at the time of appointment. (8) Two public members appointed jointly by the Speaker of the House and the President Pro Tempore of the Senate as follows: (A) One member from the nonprofit affordable housing organizations that qualify as eligible applicants under subdivision 303(4) of this title who shall not be an employee or board member of any of those organizations at the time of appointment. (B) One member from the nonprofit conservation organizations whose activities are eligible under subdivision 303(3) of this title who shall not be an employee or member of the board of any of those organizations at the time of appointment. (c) The public members shall serve terms of three years beginning February 1 of the year of appointment. However, two of the public members first appointed by the Governor shall serve initial terms of one year; and the public members first appointed by the Speaker and Committee on Committees shall serve initial terms of two years. A vacancy occurring among the public members shall be filled by the respective appointing authority for the balance of the unexpired term. A member may be reappointed. (d) Annually, the Board shall elect from among its public members a chair and vice chair. The Board may elect officers as it may determine. Meetings shall be held at the call of the Chair or at the request of three members. A majority of the sitting members shall constitute a quorum and action taken by the Board under the provisions of this chapter may be authorized by a majority of the members present and voting at any regular or special meeting. (e) Members other than ex officio members shall be entitled to per diem authorized under 32 V.S.A. § 1010 for each day spent in the performance of their duties and each member shall be reimbursed from the Fund for his or her reasonable expenses incurred in carrying out his or her duties under this chapter. (f) The Board shall employ the Executive Director to administer, manage and direct the affairs and business of the Board, subject to the policies, control, and direction of the members. The Board may employ technical experts and other officers, agents, and employees as are necessary to effect the purposes of this chapter, and may fix their qualifications, duties, and compensation. The Board shall use the Office of the Attorney General for legal services. Added 1987, No. 88, § 1, eff. June 11, 1987; amended 1987, No. 203 (Adj. Sess.), § 18, eff. May 27, 1988; 1995, No. 190 (Adj. Sess.), § 1(b); 2003, No. 42, § 2, eff. May 27, 2003; 2009, No. 1 (Sp. Sess.), § E.813; 2009, No. 156 (Adj. Sess.), §§ E.810.1, E.810.2; 2011, No. 142 (Adj. Sess.), § 3, eff. May 15, 2012.

10 V.S.A. § 312 Creation of Vermont Housing and Conservation Trust Fund

312. Creation of Vermont Housing and Conservation Trust Fund There is created a special fund in the State Treasury to be known as the “Vermont Housing and Conservation Trust Fund.” The Fund shall be administered by the Board and expenditures therefrom shall only be made to implement and effectuate the policies and purposes of this chapter. The Fund shall be comprised of 50 percent of the revenue from the property transfer tax under 32 V.S.A. chapter 231 and any monies from time to time appropriated to the Fund by the General Assembly or received from any other source, private or public, approved by the Board. Unexpended balances and any earnings shall remain in the Fund for use in accord with the purposes of this chapter. Added 1987, No. 88, § 1, eff. June 11, 1987; amended 1997, No. 156 (Adj. Sess.), § 40; 1999, No. 49, § 79.

10 V.S.A. § 313 Expenditure of bond proceeds

313. Expenditure of bond proceeds Any proceeds of State bonds issued in support of activities under this chapter shall be used exclusively for the funding of long-term, tangible capital investments and those capital expenses allowed under federal laws governing the use of State bond proceeds as determined with the guidance of the State of Vermont’s bond counsel. No bond proceeds shall be used to fund the operational expenses of the Board. For purposes of this section, “operational expenses” shall include costs related to persons directly employed or under contract to provide administrative, clerical, financial, lobbying, policy analysis, or research services. Added 1991, No. 256 (Adj. Sess.), § 21a, eff. June 9, 1992.

10 V.S.A. § 314 Affordable housing bond; investment [Repealed effective July 1, 2039]

314. Affordable housing bond; investment [Repealed effective July 1, 2039] The Vermont Housing and Conservation Board shall use the proceeds of bonds, notes, and other obligations issued by the Vermont Housing Finance Agency pursuant to subdivision 621(22) of this title and transferred to the Vermont Housing and Conservation Trust Fund to fund the creation and improvement of owner-occupied and rental housing for Vermonters with very low to middle income, in areas targeted for growth and reinvestment, as follows: (1) not less than 25 percent of the housing shall be targeted to Vermonters with very low income, meaning households with income below 50 percent of area median income; (2) not less than 25 percent of the housing shall be targeted to Vermonters with moderate income, meaning households with income between 80 and 120 percent of area median income; and (3) the remaining housing shall be targeted to Vermonters with income that is less than or equal to 120 percent of area median income, consistent with the provisions of this chapter. Added 2017, No. 85, § I.2; repealed by 2017, No. 85, § I.11(a), effective July 1, 2039.