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. § 628)
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§ 628. Mortgage credit certificates
In addition to other powers granted in this chapter, the Agency shall have the power
to establish a qualified mortgage credit certificate program and to issue mortgage
credit certificates as provided in this section. The terms “qualified mortgage credit
certificate program” and “mortgage credit certificate” shall have the meaning prescribed
in Section 25 of the Internal Revenue Code, as amended. Before establishing a qualified mortgage credit certificate program,
the Agency shall determine that to do so will effectuate the purposes of this chapter.
In carrying out such a program, the Agency shall have the power to take all appropriate
actions for such purpose, including formulating and implementing administration procedures,
making all necessary reports and filings, and electing not to issue bonds or notes
otherwise authorized by this chapter. In lieu of the requirements of this chapter
applicable to the purchase and sale by the Agency of mortgage loans and rehabilitation
loans, any qualified mortgage certificate program established by the Agency shall
comply with and be subject to the provisions of Section 25 of the Internal Revenue Code, as amended, and regulations thereunder as in effect from time to time. Any rule,
regulation, practice, policy, or procedure adopted by the Agency for the purpose of
implementing or administering a mortgage credit certificate program shall not be subject
to the requirements of 3 V.S.A. chapter 25. (Added 1987, No. 8, § 2, eff. April 14, 1987.)