-
Subchapter 001: GENERAL PROVISIONS
§ 301. Short title
This chapter may be cited as the “Vermont Housing and Conservation Trust Fund Act.” (Added 1987, No. 88, § 1, eff. June 11, 1987.)
§ 302. Policy, findings, and purpose
(a) The dual goals of creating affordable housing for Vermonters, and conserving and protecting
Vermont’s agricultural land, forestland, historic properties, important natural areas,
and recreational lands are of primary importance to the economic vitality and quality
of life of the State.
(b) In the best interests of all of its citizens and in order to improve the quality of
life for Vermonters and to maintain for the benefit of future generations the essential
characteristics of the Vermont countryside, and to support farm, forest, and related
enterprises, Vermont should encourage and assist in creating affordable housing and
in preserving the State’s agricultural land, forestland, historic properties, important
natural areas and recreational lands, and in keeping conserved agricultural land in
production and affordable for future generations of farmers.
(c) It is the purpose of this chapter to create the Vermont Housing and Conservation Trust
Fund to be administered by the Vermont Housing and Conservation Board to further the
policies established by subsections (a) and (b) of this section. (Added 1987, No. 88, § 1, eff. June 11, 1987; amended 2011, No. 118 (Adj. Sess.), § 1; 2011, No. 142 (Adj. Sess.), § 3, eff. May 15, 2012.)
§ 303. Definitions
As used in this chapter:
(1) “Board” means the Vermont Housing and Conservation Board established by this chapter.
(2) “Fund” means the Vermont Housing and Conservation Trust Fund established by this chapter.
(3) “Eligible activity” means any activity which will carry out either or both of the
dual purposes of creating affordable housing and conserving and protecting important
Vermont lands, including activities which will encourage or assist:
(A) the preservation, rehabilitation, or development of residential dwelling units that
are affordable to:
(i) lower income Vermonters; or
(ii) for owner-occupied housing, Vermonters whose income is less than or equal to 120 percent
of the median income based on statistics from State or federal sources;
(B) the retention of agricultural land for agricultural use, and of forestland for forestry
use;
(C) the protection of important wildlife habitat and important natural areas;
(D) the preservation of historic properties or resources;
(E) the protection of areas suited for outdoor public recreational activity;
(F) the protection of lands for multiple conservation purposes, including the protection
of surface waters and associated natural resources;
(G) the development of capacity on the part of an eligible applicant to engage in an eligible
activity.
(4) “Eligible applicant” means any:
(A) municipality;
(B) State agency as defined in section 6301a of this title;
(C) nonprofit organization qualifying under Section 501(c)(3) of the Internal Revenue Code; or
(D) cooperative housing organization, the purpose of which is the creation or retention
of affordable housing for lower income Vermonters and the bylaws of which require
that such housing be maintained as affordable housing for lower income Vermonters
on a perpetual basis.
(5) “Lower income” means less than or equal to the median income based on statistics from
State or federal sources.
(6) “Important natural area” means any area containing one or more endangered species
as defined in chapter 123 of this title or any area essential to maintaining the ecological
diversity or natural heritage of the State.
(7) “Historic property or resource” means any building, structure, object, district, area,
or site that is significant in the history, architecture, archeology, or culture of
this State, its communities, or the nation. (Added 1987, No. 88, § 1, eff. June 11, 1987; amended 2011, No. 138 (Adj. Sess.), § 29; 2011, No. 142 (Adj. Sess.), § 3, eff. May 15, 2012; 2015, No. 157 (Adj. Sess.), § T.3.)
§§ 304-310. Repealed. 1973, No. 197 (Adj. Sess.), § 4.
-
Subchapter 002: 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.)
§ 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.)
§ 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.)
[Section 314 repealed on July 1, 2039.]
§ 314. Affordable housing bond; investment
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; amended 2017, No. 85, § I.11(a).)
-
Subchapter 003: 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; 1991, 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
-
Subchapter 005: LAND ACCESS AND OPPORTUNITY BOARD
§ 325t. Definitions
As used in this subchapter:
(1) “Board” means the Vermont Land Access and Opportunity Board.
(2) “Historically marginalized or disadvantaged community” means a community that has
historically suffered from discrimination and has not had equal access to public or
private economic benefits due to the race, ethnicity, gender, geography, language
preference, immigrant or citizen status, sexual orientation, gender identity, socioeconomic
status, or disability status of its members.
(3) “LGBTQ” means an individual who identifies as lesbian, gay, bisexual, transgender,
queer, or questioning.
(4) “VHCB” means the Vermont Housing and Conservation Board. (Added 2021, No. 182 (Adj. Sess.), § 22b, eff. July 1, 2022.)
§ 325u. Vermont Land Access and Opportunity Board
(a) Creation. There is created the Vermont Land Access and Opportunity Board to promote improvements
in access to woodlands, farmland, and land and home ownership for Vermonters from
historically marginalized or disadvantaged communities who continue to face barriers
to land and home ownership. The Board shall be attached to the Vermont Housing and
Conservation Board for administrative purposes.
(b) Organization of Board. The Board shall be composed of:
(1) the Executive Director of Racial Equity or designee;
(2) one member of Indigenous heritage, appointed by the Vermont Commission on Native American
Affairs;
(3) one member, appointed by the Vermont NAACP;
(4) one member, appointed by the Vermont Racial Justice Alliance;
(5) one member, appointed by Liberation Ecosystem;
(6) one member, appointed by the Vermont Every Town project;
(7) one member, appointed by the National Association of Social Workers, Vermont Chapter,
who shall be a social worker with expertise in antiracism;
(8) one member, appointed by the Pride Center of Vermont, who shall be LGBTQ;
(9) one member, appointed by the U.S. Committee for Refugees and Immigrants Vermont, who
shall be a member of a refugee or immigrant community or shall have experience representing
refugee or immigrant communities, or both;
(10) one member, appointed by the Vermont Developmental Disabilities Council;
(11) one member, appointed by Vermont Psychiatric Survivors; and
(12) one member, appointed by Migrant Justice.
(c) Member terms; priority.
(1) A member of the Board shall serve a term of three years and until their successor
has been appointed.
(2) In the event of a vacancy occurring during a member’s term, the vacancy shall be filled
for the balance of the unexpired term in the same manner as the original appointment.
(3) When selecting members of the Board, appointing authorities shall give priority to,
and shall seek to appoint, Vermonters who satisfy one or more of the following:
(A) are a member of a historically marginalized or disadvantaged community;
(B) represent the interests of Vermonters from historically marginalized or disadvantaged
communities; or
(C) have expertise regarding access to housing, land, agriculture, or credit.
(4) A member may serve not more than two full terms. A member who is appointed to fill
a vacancy occurring during a term may serve two full terms in addition to the unexpired
portion of the term during which the member is first appointed.
(d) Compensation. Board members shall be entitled to per diem compensation and reimbursement of expenses
pursuant to 32 V.S.A. § 1010 for meetings as deemed appropriate by the Board within the appropriation provided.
These payments shall be made from monies appropriated to VHCB for the support and
administration of the Board.
(e) Meetings. The Executive Director of Racial Equity or designee shall call the first meeting of
the Board to occur on or before September 1, 2022.
(f) Powers and duties of the Board. The Board may do the following:
(1) Advise VHCB, the Vermont Housing Finance Agency, the Vermont Economic Development
Authority, the Vermont Agricultural Credit Corporation, and other affordable housing
and land access stakeholders regarding policy development and programs to promote
racial, social, economic, and climate justice for Vermonters from historically marginalized
or disadvantaged communities.
(2) Retain wealth, financial, and real estate advisors who are Vermonters from historically
marginalized or disadvantaged communities and use the services of those advisors to
provide education and guidance for Vermonters from historically marginalized or disadvantaged
communities.
(3) Retain Vermonters from historically marginalized or disadvantaged communities with
expertise in agriculture, agronomics, and natural resource and land management to
provide regenerative natural resource services to Vermonters from historically marginalized
or disadvantaged communities.
(4) Work with VHCB; the Agency of Agriculture, Food and Markets; the Departments of Financial
Regulation and of Housing and Community Development; the Vermont Sustainable Jobs
Fund; the Vermont Housing Finance Agency; the Vermont State Housing Authority; the
Vermont Economic Development Agency; and other State entities to:
(A) develop metrics relevant to historically marginalized or disadvantaged communities
to understand disparities and track progress in addressing disparities and improving
opportunities; and
(B) develop strategies and plans to more effectively reach out and provide access to resources
that can overcome structural barriers to housing and land ownership, including an
examination of:
(i) debt-to-income ratios;
(ii) impacts from redlining;
(iii) the impact of algorithmic systems of decision making, including the impact of credit
scores and criminal background checks;
(iv) the impact of shared equity programs and homeownership programs on wealth disparity;
and
(v) other practices that increase discrimination, disparities, and inequities in land
access, property ownership, and wealth acquisition.
(5) Work with the Department of Taxes to recommend options and opportunities to provide
advantageous tax treatment to properties owned by Vermonters who come from historically
marginalized or disadvantaged communities.
(6)(A) Review, monitor, and recommend options and opportunities to redress State policies,
procedures, practices, laws, and rules related to racial and social equity in property
ownership for the benefit of Vermonters from historically marginalized or disadvantaged
communities.
(B) Collaborate with VHCB and other affordable housing stakeholders to recommend programs
and related rules to provide loans, grants, and financial assistance to individuals
from historically marginalized or disadvantaged communities.
(7) Develop one or more programs with associated rules and procedures to distribute grants,
to the extent funds are appropriated for the purpose, for:
(A) community-based groups and programs that will improve land and housing access, safety,
and health for historically marginalized or disadvantaged communities; and
(B) individual and collective property and home ownership or housing improvements to support
safe and sustainable residences for historically marginalized or disadvantaged communities.
(8) Identify, examine, and make recommendations to redress the limitations and problems
associated with existing laws, rules, programs, and services related to property ownership
for Vermonters from historically marginalized or disadvantaged communities. (Added 2021, No. 182 (Adj. Sess.), § 22b, eff. July 1, 2022; amended 2025, No. 56, § 2b, eff. July 1, 2025.)
§ 325v. Acceptance of grants and contributions
The Board may accept from any governmental department or agency, public or private
body, or any other source, grants or contributions to be used in carrying out the
provisions of this subchapter. (Added 2021, No. 182 (Adj. Sess.), § 22b, eff. July 1, 2022.)