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
:
CHILD CARE FACILITIES FINANCING PROGRAM
(Cite as: 33 V.S.A. § 3522)
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§ 3522. Loan program
(a) The State Economic Opportunity Office shall administer a low-interest loan program.
(b) Loans may be made to persons unable to obtain conventional financing for the purpose
of establishing or expanding or renovating a child care facility in this State. The
terms of the loans shall be determined by the State Economic Opportunity Office, but
shall not be made in an amount in excess of $10,000.00 to any single applicant, nor
at a rate to exceed eight and one-half percent, simple interest per annum.
(c) A Child Care Facilities Financing Revolving Loan Fund shall be established for the
Child Care Facilities Financing Program within the State Economic Opportunity Office
of the Agency of Human Services. The Fund shall contain appropriations provided for
that purpose and all repayments of principal and interest of loans under this section.
Interest earnings may be used for administration of this Program.
(d) The Director of the Office of Economic Opportunity shall establish by rule, the criteria,
conditions, and procedures that will be used in administering the provisions of this
subchapter. (Added 1987, No. 206 (Adj. Sess.); amended 1995, No. 188 (Adj. Sess.), § 7; 2005, No. 174 (Adj. Sess.), § 113.)