80-001 Code Vt. R. 80-130-001-X - RULE FOR THE VERMONT HOUSING AND CONSERVATION TRUST FUND PROGRAM

Section 1 Introduction

These regulations are issued pursuant to 3 V.S.A. § 844 to implement Act. No. 88, 1987, the Vermont Housing and Conservation Trust Fund Act.

Section 2 Definitions

As used in these regulations:

(1) "Board" means the Vermont Housing and Conservation Board established by Act No. 88, 1987.

(2) "Fund" means the Vermont Housing and Conservation Trust Fund established by Act. No. 88, 1987.

(3) "Eligible activity" means any activity which will carry out either or both of the dual purposes of creating affordable housing and conserving and protecting important Vermont lands, including activities which will encourage or assist:

(A) the preservation, rehabilitation or development of residential dwelling units which are affordable to lower income Vermonters;

(B) the retention of agricultural land for agricultural use;

(C) the protection of important wildlife habitat and important natural areas;

(D) the preservation of historic properties or resources;

(E) the protection of areas suited for outdoor public recreational activity;

(F) the development of capacity on the part of an eligible applicant to engage in an eligible activity.

(4) "Eligible applicant" means any municipality, department of state government as defined in 10 V.S.A. § 6302(a), non-profit organization qualifying under § 501(c)(3) of the Internal Revenue Code or cooperative housing organization whose purpose is the creation or retention of affordable housing for lower income Vermonters and the bylaws of which require that such housing be maintained as affordable housing for lower income Vermonters on a perpetual basis.

(5) "Lower income" means less than or equal to the median income based on statistics from state or federal sources.

(6) "Important natural areas" means any area containing one or more endangered species as defined in 10 V.S.A. Chapter 123 or any area essential to maintaining the ecological diversity or natural heritage of the state.

(7) "Historic property or resource" means any building, structure, object, district, area, or site that is significant in the history, architecture, archeology, or culture of this state, its communities, or the nation.

Section 3 Applications

At any time after the date of adoption of these regulations, an eligible applicant may submit to the board, c/o Executive Director, Vermont Housing and Conservation Board, 149 State Street, Montpelier, VT 05602, a written application for assistance. The application shall include, at a minimum, the following information:

1. Name of applicant.

2. Location of project

3. Amount and form of assistance sought.

4. Detailed description of project, including:

(a) Narrative summary;

(b) Financial analysis, including all sources of funds or contributions, and alternative sources of funding under past or current consideration;

(c) Timetable for completion of the project and repayment schedule to fund if applicable;

(d) Specific use to be made of assistance from the fund;

(e) Statement of specific reasons why an allocation from the fund is necessary for the project's viability;

(f) Statement of short and long term impacts;

(g) Statement of how the project furthers the goals set forth in Section 322 of the act;

(h) Such other specific materials that the board may request.

Section 4 Consideration of Applications and Decisions of the Board

The board will consider applications when they are submitted and, when an application contains all information deemed necessary by the board for a decision, shall grant or deny an application, in whole or in part, as necessary to respond in a timely way to unpredictable circumstances or special opportunities to serve the purposes of the Housing and Conservation Trust Fund Act.

Section 5 Project Evaluation

(A) Every application shall be evaluated in light of the priorities and factors set out at Section 322 of the Housing and Conservation Trust Fund Act.

(B) In addition, each project proposed in an application shall be evaluated using a 30-point system which considers the need for the project (10 points), its impact (10 points), and its quality (10 points). The highest possible rating shall be 30 points. The board shall use the point system as guidance to prioritize projects for funding.

In assessing need, impact and quality of proposed projects, the Board will consider, but not be limited to, the following factors:

Need:

* The need for swift action to preserve a significant resource.

* The extent to which the resource is scarce or unique in a community, region or state.

* The economic need of the residents or proposed residents of a housing project.

* The extent to which alternative sources of funding are available to underwrite the project.

Impact:

* The number of acres protected, the scarcity of the species protected, or the extent to which recreational opportunities or historic properties are preserved or enhanced.

* The number of housing units protected or created, and the degree to which such units are affordable.

* The persons, groups or communities which will benefit from the project.

* The extent to which the project will result in perpetual use of the resource in the manner described by the applicant.

* The impact of lack of action by the Board or the applicant.

* The relative costs of the benefits to be secured.

Quality:

* The extent to which the project meets the dual goals of the Vermont Housing and Conservation Trust Fund Act.

* The capacity of the applicant to carry out the project.

* The availability of other resources to make the project work effectively and to sustain it.

* The importance of the resource to the community, region or the state.

Section 6 Incorporation by Reference

Any provision of the Housing and Conservation Trust Fund Act not specifically addressed in these regulations is hereby incorporated by reference.

Notes

80-001 Code Vt. R. 80-130-001-X

EFFECTIVE DATE:
January 5, 1987 (Secretary of State Rule Log #87-069)
AMENDED:
October 15, 2018 [Renumbered from 11 080 001]

STATUTORY AUTHORITY:

3 V.S.A. § 844