All applicants are required to show long-term benefit to Vermonters through deed restrictions or other mechanisms that ensure the funds provided will have a lasting effect. Nonprofit housing providers, housing cooperatives, or municipalities that receive VHCB grants and loans must target Vermonters whose incomes are at or below median. Program beneficiaries range from tenants, potential home owners, and farmers, to all who enjoy Vermont's natural, recreational and historic properties. The Board has developed a number of funding programs, detailed below. To conserve agricultural lands, natural areas, public outdoor recreational lands, and historic properties.
Land is protected through fee acquisition or by the purchase of conservation easements.
Easements are recorded in the land records and travel with the land, ensuring that the State's investment will remain intact upon transfer of the property. Housing Projects To develop perpetually affordable housing through the acquisition and rehabilitation or new construction of single family homes, rental housing or cooperative housing, including single family homes or duplexes, multi-unit apartment buildings, rental or ownership cooperatives, single room occupancy, shared elderly housing and mobile home parks. The housing subsidy covenant is the legal document recorded in the land records that travels with the property, ensuring that the State's investment will remain intact. Many housing projects supported with VHCB funds are undertaken by a housing development organization working together with a social service agency to provide support services to residents. Dual Goal Projects incorporate more than one goal, i.e., affordable housing developed in an historic building, or conserved farmland with public access to a trail or river.