§ 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.)