Vermont § 321 - General 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.)