The Vermont Statutes Online

Title 10: Conservation and Development

Chapter 015: Vermont Housing and Conservation Trust Fund

• 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.)

• Subchapter 004: Rural Economic Development Initiative

• § 325m. Rural Economic Development Initiative

  (a) Definitions. As used in this subchapter:

  (1) “Rural area” means a county of the State designated as “rural” or “mostly rural” by the U.S. Census Bureau in its most recent decennial census.

  (2) “Small town” means a town in the State with a population of less than 5,000 at the date of the most recent U.S. Census Bureau decennial census.

  (b) Establishment. There is created the Rural Economic Development Initiative to be administered by the Vermont Housing and Conservation Board for the purpose of promoting and facilitating community economic development in the small towns and rural areas of the State. The Rural Economic Development Initiative shall collaborate with municipalities, businesses, regional development corporations, regional planning commissions, and other appropriate entities to access funding and other assistance available to small towns and businesses in rural areas of the State when existing State resources or staffing assistance is not available.

  (c) Services; access to funding. The Rural Economic Development Initiative shall provide the following services to small towns and businesses in rural areas:

  (1) identification of grant or other funding opportunities that facilitate business development, infrastructure development, or other economic development opportunities;

  (2) technical assistance in writing grants, accessing other funding, coordination with providers of grants or other funding, strategic planning for the implementation or timing of activities funded by grants or other funding, and compliance with the requirements of grant awards or awards of other funding.

  (d) Priority. In providing services under this section, the Rural Economic Development Initiative shall give first priority to projects that have received necessary State or municipal approval and that are ready for construction or implementation.

  (e) Priority projects. The Rural Economic Development Initiative shall seek to assist the following priority types of projects:

  (1) milk plants, milk handlers, or dairy products, as those terms are defined in 6 V.S.A. § 2672;

  (2) outdoor recreation and equipment enterprises;

  (3) value-added food and forest products enterprises;

  (4) farm operations, including phosphorus removal technology for farm operations;

  (5) coworking or business generator and accelerator spaces;

  (6) commercial composting facilities; and

  (7) restoration and rehabilitation of historic buildings in community centers.

  (f) Coordination. In providing services under this section, the Rural Economic Development Initiative shall coordinate with the Secretary of Commerce and Community Development, regional development corporations, and regional planning commissions.

  (g) Report. Beginning on January 31, 2019, and annually thereafter, the Rural Economic Development Initiative shall submit to the Senate Committees on Agriculture and on Economic Development, Housing and General Affairs and the House Committees on Agriculture and Forestry and on Commerce and Economic Development a report regarding the activities and progress of the Initiative as part of the report of the Vermont Farm and Forest Viability Program. The report shall summarize the Initiative’s activities in the preceding year; evaluate the effectiveness of the services provided by the Initiative; provide an accounting of the grants or other funding that the Initiative facilitated or helped secure; and recommend any changes to the program to further economic development in small towns and rural areas of the State. (Added 2017, No. 77, § 1; amended 2017, No. 77, § 12; 2017, No. 194 (Adj. Sess.), § 1.)

• 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; and

  (11) one member, appointed by Vermont Psychiatric Survivors.

  (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.)

• § 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.)