The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
003
:
POWERS AND DUTIES
(Cite as: 10 V.S.A. § 625)
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§ 625. Procedure prior to financing of multi-family housing undertaken by housing sponsors
The Agency may not finance any residential housing undertaken by a housing sponsor
under subdivision 624(a)(1) of this title unless:
(1) the residential housing is primarily for occupancy by persons and families of low
and moderate income, or qualifies for financing with proceeds of federally tax-exempt
obligations, or at least 20 percent of the units are for occupancy by persons and
families of low and moderate income;
(2) the Agency determines that the acquisition, construction, or rehabilitation costs
incurred or to be incurred by the housing sponsor under agreement are for housing
development costs within the meaning of this chapter;
(3) the Agency determines that there exists, or without the proposed residential housing
there will exist, a shortage of decent, safe, and sanitary housing at rentals or prices
that persons and families of low or moderate income are able to afford within the
general housing market area or there is a shortage of temporary transitional or emergency
housing to be served by the proposed residential housing; and
(4) the Agency determines that the housing sponsor or sponsors undertaking the proposed
housing development will maintain or increase the supply of well-planned, well-designed
permanent, temporary, transitional, or emergency housing for persons or families of
low and moderate income and that the sponsors are financially responsible persons
or institutions. (Added 1975, No. 176 (Adj. Sess.), § 6, eff. March 26, 1976; amended 1987, No. 41, § 6; 1989, No. 77, § 5, eff. June 7, 1989; 2005, No. 189 (Adj. Sess.), §§ 7, 8; 2007, No. 176 (Adj. Sess.), § 11, eff. July 1, 2008.)