Vermont Housing & Conservation Board - Vermont Legislature

h5 t2012 Annual Report to the General AssemblyVermont Housing & Conservation Board25 t

Vermont Housing & Conservation BoardChristine H. Hart, Chair; Executive Director, Brattleboro Housing AuthorityEmily Wadhams, Vice-Chair, Consultant with the Preservation Trust of VermontSarah E. Carpenter, Executive Director, Vermont Housing Finance AgencyRoy Folsom, Farmer, Crooked Brooks Farm, CabotDavid Marvin, Butternut Mountain Farm, MorrisvilleNeil Mickenberg, BurlingtonDouglas A. Racine, Secretary, Agency of Human ServicesBill Roper, WeybridgeChuck Ross, Secretary, Agency of Agriculture, Food and MarketsMichael C. Snyder, Commissioner, Department of Forests, Parks and RecreationThomas Yahn, BrattleboroAgricultural Advisory CommitteeChuck Ross, Chair; Secretary, Agency of Agriculture, Food and MarketsSam Burr, Monkton farmerAbbie Corse, Whitingham farmerDennis Kauppila, UVM Extension ServiceRobert Paquin, USDA Farm Service AgencyRachael Phillips, USDA Natural Resources Conservation ServiceJohn Peters, Yankee Farm Credit25Vermont Farm Viability Program Advisory BoardChuck Ross, Chair; Secretary, Agency of Agriculture, Food and MarketsGary Braman, Loan Officer, USDA Farm Service AgencyRusty Forgues, Addison farmer, The Rusty John FarmAlex Ibey, Economic Development Specialist, Department of Economic DevelopmentSarah Isham, Senior Agricultural Loan Officer, Vermont Economic Development AuthorityDouglas Lantagne, Dean, UVM ExtensionHannah Noel, Highgate farmer, Maplewood Natural OrganicsEarl Ransom, Strafford farmer, Rock Bottom Farm & Strafford CreameryBill Suhr, Shoreham apple grower, Champlain OrchardsVHCB StaffExecutive Director: Gus SeeligFinancial: Anne Duffy, Kathy Barrows, Marcy Christian, John GrosvenorAdministration: Larry Mires, Pam Boyd, Laurie GravesConservation: Karen Freeman, Nancy Everhart, Kris Hammer, Ethan ParkeHousing: Polly Nichol, Willa Ruth Davidian, Rick DeAngelis, Kathleen Kanz,Ariane Kissam, Craig PeltierHealthy Homes Program: Ron Rupp, Marty Bonneau, Diane Mackay, Bob Zatzke,Marc CompanionVHCB AmeriCorps Program: Francis Sharpstene, Joan Marie Misek, Melissa SchlobohmVermont Farm Viability Program: Ela Chapin, Liz GleasonLegal: Jim Libby, Elizabeth EganPhotography: staff, grantees, and as creditedWriting: VHCB staffDesign: Pam BoydPrinting: Leahy Presss The Stowe Land Trust purchased and conserved 258 acresof the Cady Hill Forest and donated the land to the Townof Stowe with a conservation easement held by the StoweLand Trust and the Vermont Housing & Conservation Board.Eleven miles of trails are used for hiking, biking, running,hunting, Nordic skiing and snowshoeing. The trail systemlinks to other trails in the area. A trail map with public accesspoints is posted on the Stowe Land Trust website (www.stowelandtrust.org/conserved). Stowe Land Trust photo.front cover photos, clockwise from top left: Cy and AndreaNelson purchased the conserved Johnson dairy farm inCanaan (Caleb Kenna photo); the award-winning BrattleboroFood Co-op/Canal and Main Housing development(Windham & Windsor Housing Trust photo); Thayer Houseresidents Beverly Muir and Joyce Dusharm (CathedralSquare Corporation photo); Cady Hill Forest (Stowe LandTrust photo).back cover photo: Gilmore Farm, Tinmouth (Vermont LandTrust photo)

January 31, 2013A. Blake Gardner photos The Brattleboro Food Co-op, the Windham& Windsor Housing Trust and Housing Vermontteamed up to construct an award-winning,energy effiicient building for the co-op with 24apartments on the upper floors.s The Kempton Farm in Peacham, conservedby the Vermont Land Trust in 1990 with VHCBfunding. Today, the next generation of Kemptonsis shipping milk to Cabot for their award-winningcloth bound cheddar that is aged at the Cellarsat Jasper Hill in Greensboro.sGovernor Shumlin, Senators Hartwell andSears celebrating with the Regional AffordableHousing Corporation and Housing Vermont atthe ribbon cutting for Roaring Branch Apartmentsin Bennington.Congratulations to the Vermont Housing & Conservation Board andits many community partners for 25 years of investment in Vermont,improving the quality of our lives and the economic vitality of ourcommunities. Through a network of organizations, Vermonters have usedvhcb funding to secure almost 11,000 affordable homes and 400,000 acresof land for food and forest productivity, wildlife habitat protection and publicrecreation.These investments reinforce our multi-generation land use policy of compactvillage settlement surrounded by a working landscape. To complement vhcbinvestments, the Board’s community partners have generated more than a billiondollars in private equity loans and federal grants. The results are evidentin vibrant communities with revitalized historic downtown buildings, moreaffordable housing, an investment in our agricultural sector, and increasedrecreational opportunities for Vermonters, whether one loves to hunt, fish,snowmobile, ski, cycle or go for a quiet walk in the woods.In this last year, the Board’s housing partners have been busy assistingVermonters who lost their homes in Hurricane Irene. Additionally, the Boardhas invested $2 million to match the fema Hazard Mitigation Grant Program,helping homeowners who need to rebuild. Likewise, the Board’s conservationpartners have been working with farmers whose fields were devastated by Ireneand making certain that we conserve the natural floodplains that rivers needto avoid future devastation of our communities.Over the summer and fall, I’ve had the opportunity to visit housing developmentsfrom Bennington to Burlington. These projects combat climate changewith high levels of energy efficiency and smart growth locations. I continueto enjoy, as all Vermonters do, the simple pleasures provided by our countrysideof farmland and forested hills. The Board’s work helped set in motionmy administration’s first new program, the Working Lands Enterprise Board,which will build on our state’s investment in the infrastructure of our workingland enterprises, both agriculture andforestry.Finally, the 25 th anniversary wouldnot be complete without acknowledgingthe national recognition that cameto my home county after the Boardnominated the new Brattleboro FoodCo-op Building for the epa’s SmartGrowth Achievement Award as theBest Main Street Project in the UnitedStates—and we won!We all look forward to another 25 years of great success. Congratulations toall involved, and happy anniversary.Sincerely,Peter Shumlin, GovernorState of Vermont

Champlain Housing Trust photoCross Vermont Trail Association photos The Champlain Housing Trust and HousingVermont completed development of 33 newenergy effiicient homes with solar hot waterat Avenue Apartments in the New North Endneighborhood of Burlington. Cathedral Squaredeveloped 64 apartments, Thayer SeniorHousing, at the same site on North Avenue.s VHCB AmeriCorps members and staffcreating a new section of the Cross VermontTrail in East Montpelier. The trail easement runsalong the boundary of a Habitat for Humanityhouse lot.VHCB25 hAnniversaryDear Members of the General Assembly,We are pleased to present the 25 th Anniversary Report of the Vermont Housing &Conservation Board. We thank the successive bienniums of the General Assembly,members of five Administrations and our Congressional delegation that haveall joined in supporting vhcb’s mission to build and strengthen the economicvitality and quality of life of our communities and citizens by investing in affordablehousing, conservation and historic preservation. Senator Leahy invented twofederal programs to supplement our conservation efforts. Senator Sanders’ supportof the Community Land Trust model gave rise to a state policy prioritizingpermanent affordability. Congressman Welch was among the 30 Vermont Houseand Senate members to sponsor creation of vhcb in 1987.While each of these supporters was key in establishing vhcb, the program hasgrown and flourished primarily because of your constituents and the non-profitcommunity organizations they work with to implement our programs. They areat the heart of our work because they design and develop the projects we fund.Farmers choose to sell development rights; communities choose to develop therecreational resources that enhance our quality of life; citizens work to maintainthe vitality of our historic downtowns and village centers.The numbers tell a story of effectiveness. Vermonters have used the appropriationsyou provided to raise an additional $1 billion in private equity, philanthropicgifts and federal grants. The stories of the last 25 years include both the biggesthousing and conservation deals ever done in Vermont—336 homes at Northgatein Burlington or conservation of the former Champion lands protecting 133,000acres for hunting, fishing snowmobiling, hiking and biodiversity—but also heroiccommunity efforts that have revitalized downtowns in places as diverse as Richford,Groton and Bellows Falls.Farmers have led our conservation effort, utilizing the proceeds from the sale ofdevelopment rights to invest in expansion, efficiency and diversification along withtransfers to the next generation, who are key to a nascent local food movement. Asour partner Bob Klein retires after a 34-year career with the Nature Conservancy,the imprint of his organization is seen in dozens of state parks and wildlife areasand some very exciting preserves they own and manage that are recorded in their50 th Anniversary edition of Places to Walk, Paddle and Explore in Vermont.Across the state, Vermonters enjoy premier historic and cultural resources suchas the Latchis, Paramount and Flynn Theaters along with facilities like the LamoilleGrange Hall, the Montpelier Senior Center and the General Store in Algiers, andsmart growth housing built in walking distance of those facilities.The goals of the Board have remained constant for 25 years—to help buildcommunity through investment in permanently affordable housing and conservation.We consider our work to be an ongoing conspiracy of good will. We thankthousands of Vermonters who have participated. There is much to be proud ofand much more to do.Sincerely,2 / Celebrating 25 YearsChristine HartBoard ChairGustave SeeligExecutive Director

HOUSING PROGRAMSOver 25 years, vhcb has funded a broad array of housing opportunitiesfor Vermonters. Revitalizing downtowns and historic neighborhoodsthrough community and economic development has been a steadyundercurrent, supporting growth in town and village centers and sites withmunicipal infrastructure. Vermont’s non-profit housing developers have createda range of housing types, serving young families, renters and homeowners, seniorsand those with physical, mental or developmental disabilities. We are fortunate tohave so many talented and experienced staff and dedicated board members amongthese groups. Together, they have identified and acted on the needs apparent in theircommunities to improve housing situations for many thousands of Vermonters.The Board has been proud to support their efforts.In this past year, vhcb’s housing activities continued to be shaped by thelingering effects of the recession, including higher vacancy rates in some parts ofthe state, an increase in the number of homeless families, and loss of owner occupiedhomes due to foreclosure. This atmosphere led the board and the non-profithousing organizations to focus on preserving and stewarding existing assets whilecreating new dwellings in appropriate areas of the state and for certain populationswith service-supported housing needs.The Board committed funds for the acquisition and preservation of four developmentswith project-based rental assistance built in the late 1970s and early 1980sin the towns of Benson, Morrisville, Burlington and Swanton. Other 2012 fundinghighlights include awards for new developments in Shelburne, Newport, andBrandon and for the redevelopment of a distressed public housing developmentin Rutland along with continued support for various homeownership initiativesincluding the buyer-initiated Homeland Program, Habitat for Humanity housesand a condominium conversion project in Burlington. With federal funds, vhcbestablished and made funding commitments from a land bank that will hold a keypiece of property in Shelburne Village and a fire damaged site in downtown St.Johnsbury until development can occur.Fiscal Year 2012HOUSINGState Funding Commitments$5,453,500330 units; 18 projectsFederal Funding CommitmentsHOME Program$3,024,156Lead-Based PaintHazard Reduction Program$ 733,001Neighborhood Stabilization Program$511,000S. McCay photos Armory Lane Apartments in Vergennes,25 apartments for seniors developed bythe Addison County Community Trust andHousing Vermont, won a national competitionfor the most innovative use of HUD programfinancing.sThe Regional Affordable Housing Corporationand Housing Vermont developed 14 newapartments and rehabilitated 12 apartments attwo locations in Bennington.Regional Affordable Housing Corporation photo3 / Celebrating 25 Years

s The Randolph Area Community DevelopmentCorporation cleaned up a brownfield andcompleted 14 new family rental apartmentsadjacent to the downtown on this vacant industrialsite sold to them at minimal cost by EthanAllen Furniture. t Following a fire, the City ofMontpelier donated this vacant, former schoolbuilding to the Montpelier Senior Center and theCapital City Housing Foundation. Fourteen newapartments (12 with project-based rental assistance)were developed for seniors and personswith disabilities; the Senior Center operates onthe ground floors. Highly energy-efficient, thebuilding has a wood-pellet burning furnace anduses solar photovoltaics to generate electricity.Gossens Bachman Architects photovhcb undertook a significant amount of policy work in 2012, adopting newmulti-family energy efficiency standards, a policy for service-supported housing,updating the core vhcb housing policy, and adopting new standards and guidelinesfor administration of home program funds. vhcb also led a policy initiative tofind energy efficient alternatives for older, energy-inefficient mobile homes, andworked with the State’s Thermal Efficiency Task Force to advance the delivery ofenergy efficiency services to the affordable multi-family housing sector.In 2012 we wrapped up a few grant-funded special projects: an ARRA-fundedenergy efficiency initiative, MacArthur Foundation housing preservation activitiesand a Doris Duke Charitable Foundation initiative tracking energy usage in permanentlyaffordable housing with deep energy retrofits. Federal housing resourcesavailable for housing production, renovation and preservation diminished significantlyduring 2012, increasing the competition for resources that remain. In lightof these substantial federal cuts, vhcb remains extremely grateful for the State ofVermont’s support of housing programs that serve lower-income Vermonters.25• Supporting the acquisition, renovation,and preservation of subsidized,federally assisted affordable housingdevelopments in perpetuity• Revitalizing downtowns and historicneighborhoods• Supporting innovative ideas (theHomeland program for shared appreciationhousing, the SASH programthat uses housing as a platform forservice delivery to frail elders, alternativeenergy systems, and assistedliving)• Encouraging projects that meet multipleVHCB goals, often includinghistoric preservation and, in somecases, land conservation• Correcting environmental or healthissues to create safer, healthierliving environments (remediation ofbrownfields, lead paint hazard reduction,replacement of failing septic orwater systems, especially in mobilehome parks, mold and fire hazardremediation)Years Investing in Vermont’s Housing10,780 affordable homes and apartments• Responding to urgent communityneeds such as funding redevelopmentafter a fire has destroyed a keydowntown structure• Expanding existing programs anddeveloping new programs to meetidentified needs• Building, expanding, and improving astrong professional housing deliverysystem• Helping the State of Vermont meetits overall objectives (Irene recovery,energy conservation, and housingthe poorest and most vulnerableVermonters)• Promoting conservation and theefficient use of resources in affordablehousing (energy efficiency,water conservation, renovation ofexisting buildings to create affordableapartments)• Increasing our focus on asset managementand stewardship to ensurethe public investment is protectedover time4 / Celebrating 25 Years

CONSERVATION PROGRAMSThe cumulative impact of 25 years of vhcb investments in Vermont’sagricultural sector, working forests, natural areas, historic resources andrecreational lands has complemented the Board’s affordable housingmission, helping to build vibrant communities, bolstering local and regional economies,revitalizing historic downtown buildings, and contributing to communityhealth and wellness. Conserving 400,000 acres of land has secured food andforest productivity, enhanced the Vermont brand, provided outdoor recreationopportunities for visitors and residents, protected wildlife habitat, and createdopportunities for renewable energy production. The vhcb Farm Viability programhas a strong history of increasing the profitability and production of Vermont farmsand ag-related businesses, having served 439 farms and ag-related businesses inthe program’s 10-year history.During fiscal year 2012, vhcb committed funds to conserve 25 farms. vhcbinvestments also protected ten conservation properties and contributed to thepurchase and/or restoration of two historic buildings. Over this same period,vhcb’s strong public/private conservation partnerships leveraged an additional$9.2 million in federal funding, private foundation funding, bargain sales and localfundraising, multiplying the impact of the state’s investment.Recovery from Tropical Storm Irene continues. vhcb and its partners areassisting farmers devastated by Irene and working with landowners and communitiesto conserve land along river corridors and in floodplain areas. The destructionbrought by of Irene illuminates the challenges presented by global climate changeand highlights the need to prepare for future storms by limiting development inkey areas, and by maintaining healthy forests, wetlands, and floodplains so thatsurface water runoff can be slowed and absorbed.AGRICULTURAL LAND CONSERVATIONDespite continued challenges in the dairy sector due to volatile milk pricesand high input costs, Vermont’s agricultural economy is in the midst of a renaissance,fueled by creative agricultural entrepreneurs working to meet the growingconsumer demand for healthy, locally produced food. The ten-year vision forVermont’s food system presented in the Farm to Plate Initiative and the WorkingLandscape Action Plan have engaged hundreds of citizens and multiple partnersin a collaborative effort to strengthen our agricultural and forest economies whilestepping up the conservation of the working landscape. vhcb and its farmlandconservation partners assist increasingly diverse farm operations, ranging fromconventional and organic dairies, to orchards, vineyards, beef farms, diversifiedlivestock and vegetable operations, crop farmers and csas (community supportedagriculture operations).Farmers sell conservation easements to help facilitate transfers, both within thefamily and to new farm buyers (more than one-third of all projects), to pay downdebt, and to expand and diversify their operations.The federal Farmland Protection Program administered by the USDA NaturalResources Conservation Service continues to provide a key source of matchingfunds for all of vhcb’s farmland conservation projects, providing roughly half ofthe funding for every conserved farm.s Cy and Andrea Nelson worked with the VermontLand Trust, The Nature Conservancy and theVermont Fish and Wildlife Department to purchase583 acres of the conserved Johnson dairy farm inCanaan. A 266-acre Wildlife Management Areawith public access is established along 6 miles ofConnecticut River frontage.Fiscal Year 2012CONSERVATIONState Funding CommitmentsAgricultural Land:$2,616,79425 farms; 4,890 acresNatural Areas, Recreational Lands,& Historic Properties:$1,372,48510 projects; 1,104 acres2 historic propertiesFederal FundSCaleb Kenna/Vermont Land Trust photoUSDA Natural ResourcesConservation Service Farmand Ranchland Protection Program:$3,969,2505 / Celebrating 25 Years

NATURAL AREAS and RECREATIONAL LANDSRecent conservation projects include support for acquisition and conservation ofover 1,100 acres of recreation land in Bolton; creation of a new town forest withan extensive mountain biking trail network in Stowe; riparian projects with theVermont River Conservancy protecting habitat and providing public access inEnosburg, Johnson and Bristol; additions to Nature Conservancy Preserves inDummerston, Maidstone and the North Pawlet Hills; conservation of over 1,200feet of Lake Champlain shoreline in Benson; acquisition of flood prone land fora new town park adjacent to the Village of Jeffersonville’s historic district and thecreation of the first Abenaki Tribal Forest in Barton.HISTORIC PROPERTIESvhcb has invested in 57 historic buildings with public use, helping to protectVermont’s built heritage, a critical component of our state’s identity and appeal toresidents and visitors alike. vhcb works with the Preservation Trust of Vermont,towns and historical societies to protect historically significant public buildings inVermont’s downtowns and village centers. These restoration projects can encourageother community development investment, leading to economic revitalization. Ourstate’s cultural landscape is also defined by what lies beneath, with vhcb’s portfolioof conserved properties also protecting significant archeological resources.s The Vermont Land Trust and local partnersare working to raise more than $1 million topurchase and conserve 1,161 acres of unfragmentedforest in Bolton with 90 kilometers ofNordic and backcountry ski trails. The landprovides important wildlife habitat and will beadded to the Mt. Mansfield State Forest and beowned and managed by the Vermont Departmentof Forests, Parks and Recreation.s The 65-acre Nulheganaki Tribal Forest inBarton is conserved for forest management,traditional tribal uses, and for recreational use bythe public. The Nulhegan Abenakis will also usethe land for community gardens, a sugarhouse,and youth cultural programs.Vermont Land Trust photos25There is an increasing recognition of themultiple benefits of protecting Vermont’snatural resources. Farm and forestproducts, natural resource-based manufacturing,energy production, flood hazardmitigation, habitat connectivity, carbonsequestration, recreation and healthylifestyles, tourism, connecting people tonature and cultural values—all dependon our natural resource base.Conservation helps maintain theworking landscape, treasured by bothlocals and tourists and contributingsignificantly to the state’s economy.Investments in our working landscapestrengthen the agricultural and forestryeconomies. Protecting recreational landsreaps economic benefits as well—theYears of Conservation InvestmentsYields Economic and Environmental BenefitsLong Trail, the Catamount Trail andthe Cross Vermont Trail attract hikers,skiers and cyclists, bringing millions intourist dollars into the state. A study ofone popular mountain bike center in EastBurke estimated that bikers contribute$1.5 to $2 million to the local economyeach year. VHCB’s contribution to majorconservation and recreation projectssuch as mountain bike trails in Barreand Stowe will help to support multiplebusinesses in those areas. Protectingpublic access to trails and to wateralso augments public health efforts byproviding opportunities for Vermontersto get outside and exercise, whetherby walking, swimming, biking, huntingor skiing.6 / Celebrating 25 Years

Vermont FarmViability ProgramThe mission of the Vermont Farm Viability Program is to enhance the economicviability of Vermont farms by providing farmers and ag-related businesses withindividualized business planning and technical services. Businesses receivetailored services designed to improve management skills from advisors at theIntervale Center, the Northeast Organic Farming Association of Vermont,uvm Extension or through private consultants. The program builds Vermont’sagricultural infrastructure and increases the supply and distribution of Vermontagricultural products while also improving the viability of Vermont farms.2012 Program Highlights• The program enrolled 48 farms for in-depth business and transfer planning.Farmers reported significant improvements in their ability to manage theirbusiness, generate income, manage production and understand the directionthey would like to take their business.• Staff of the Vermont Farm Viability Program played an active and integralrole in the Farm to Plate network, participating in the steering committee,the Meat Processing Task Force, the Dairy Development Working Group,and chairing the Technical Assistance Working Group.• The Vermont Farm Viability Program provided our network of serviceproviders and consultants with four days of professional developmenttraining, covering topics from food safety regulations and practices, to thelegal implications of farm employment, to helping farmers manage socialmissions in the context of profitability.• Using awards from the Vermont Agriculture Innovation Center, which wascreated with funding secured by Senator Leahy, the Vermont Farm ViabilityProgram partnered with the Vermont Food Venture Center, the Center foran Agricultural Economy and Northeast Organic Farming Association ofVermont to extend business planning and technical assistance services toag-related businesses and value-added enterprises across the state, as wellas assisting 33 meat producers and processors in scaling up to raise livestockmore year-round and increase processing capacity at farms and facilitiesstatewide.“We are thrilled to be moving our operation to more secureground while still being able to support and expand uponexisting markets due to the land’s close proximity to Burlington.We can’t wait to invite our loyal and new customersdown to our beautiful new farmland over the next coupleof seasons.”— Adam HausmannVermont Land Trust photos Renting land for 10 years in Burlington’sIntervale, Adam Hausmann built up a strongcustomer base for his organic berries and tablegrapes, sold through restaurants, markets, andpick-your-own sales. Working with advisorsthrough the Intervale Center, he completed abusiness plan with the Vermont Farm ViabilityProgram in 2006. A Farm Viability grant helpedhim construct a greenhouse, increasing theprofitability of his strawberry crop. He alsoreceived technical assistance from the programto plan for the development of a value-addedenterprise. His fields were flooded more thanonce, however, and in 2012, he purchased 56acres of conserved farmland on higher ground inCharlotte and moved his operation. The farmlandwas conserved by the Vermont Land Trust withVHCB and NRCS funding.7 / Celebrating 25 Years

Vhcb AmeriCorpsNow celebrating it’s 15th year of service to Vermont communities, vhcbAmeriCorps enlists members to serve with housing, environmentaland energy conservation organizations around the state. AmeriCorpsmembers expand the ability of these groups to mobilize volunteers and provideservices including emergency shelter, housing placement, financial literacy,environmental education, weatherization and energy effiiciency. While providingessential services, members attend trainings, develop leadership qualities, andgain employment skills.Upon completion of the program, nearly all members report feeling betterequipped to secure employment, having greater understanding of the challengesfacing Vermont, and believing their participation in vhcb AmeriCorps hasmotivated them to act as volunteers in the future. Each year, several membersare hired on as employees by their sponsoring organization at the end of theirservice term. In 2012, nearly one third of the VHCB AmeriCorps crew reuppedfor another year of service.s Lara Langaweiler, the AmeriCorps memberat left, served with the Windham & WindsorHousing Trust. She was able to coordinatefuel assistance, home repairs and cellphoneservice for a resident affected by TropicalStorm Irene.2012 highlights• In 2012, vhcb AmeriCorps placed 32 members with 25 sponsoring organizationsaround the state for a total of 47,087 service hours. The members“HomeShare Vermont would not bemobilized 1,737 volunteers who logged 5,228 hours.• In the aftermath of Tropical Storm Irene, AmeriCorps members havewhere it is today if it were not for these helped more than 1,000 individuals with home repair, case management,by procuring donations, distributing food, and other activities.amazing AmeriCorps members assistingwith outcomes, working with clients,• Members helped almost 1,500 individuals find housing and repaired 520homes for low-income individuals. They assisted with energy assessmentsand increased energy efficiency in more than 500 homes by installing cfls,developing trainings and much more.” faucet aerators, solar panels, insulation, mobile home skirting, and repairingleaks. Members offered financial literacy workshops to more than 1,000— Kirby Dunn, Executive Director, HomeShare Vermont individuals.• AmeriCorps members served as stewardship agents for trails and parks,maintaining 96 miles of trails, removing tree hazards and invasive species,digging drainage ditches, cleaning up parks, restoring land, planting trees,removing snow, and more.• Thousands of students and youth (many from economically disadvantagedfamilies) attended environmental or energy conservation workshops,natural history programs and presentations, nature camps, school outreachprograms, after school programs, and special community events led byAmeriCorps members.• In October, at a celebration for HomeShare’s 30 th anniversary, HomeShareVermont presented vhcb with a “Decades Award” for sponsoring AmeriCorpsmembers to serve and support HomeShare programs for eleven years.For more information, visit:www.vhcb.org/acorps8 / Celebrating 25 Years

Vhcb healthy homeshealthy homesWe are excited to announce that with a new hud Healthy HomesProduction Grant our services are expanding to assess the homesof low-income Vermonters for health and safety issues and providefunding to treat the most pressing problems. Administered in partnership withNeighborWorks® HomeOwnership Centers throughout the State, vhcb HealthyHomes will take a comprehensive approach to identifying and addressing homehealth and safety hazards. Homes and apartments will be inspected using astandardized rating tool to prioritize the identified hazards and to utilize theintervention funds most effectively. Outreach and public education activities andwork with the Vermont Department of Health will lead to healthier home environmentsfor vulnerable populations like the elderly and young children. The projectwill also work with the Rutland Regional Medical Center and other partners toaddress the high rate of asthma in Rutland County by mitigating potential triggersin the homes of asthmatics.lead paint hazard reductionBecause the majority of Vermont’s housing stock was built before lead paintwas banned in 1978, continued vigilance is needed to protect Vermont’schildren. The most common pathway for childhood lead poisoningis ingestion of contaminated dust and soil in and around older homes. Ongoingresearch continues to show there is no safe level of lead and that even small amountsof lead in a child’s blood are associated with iq loss, neurological and behavioralproblems. vhcb’s Lead Hazard Reduction Program reduces lead paint hazards bytreating the most common sites of lead dust: window sills, windows and doors,using paint stabilization strategies and limited component replacement to helpfamilies achieve and maintain lead safe homes.vhcb provides lead hazard control services to low-income families throughoutthe state. Since 1994 the program has assisted more than 2,100 homes and apartments.Enrolled properties receive a comprehensive lead paint inspection and riskassessment, project design, bidding and construction oversight, and clearancetesting. Awards to property owners are a combination of grants and zero percent,interest deferred loans payable upon sale or transfer of the property. The programassists private owner-occupied homes and rental housing, and it works with vhcb’snon-profit housing partners to insure rehabilitation projects address all lead painthazards and comply with applicable state and federal regulations. vhcb is currentlyadministering its 8 th hud Lead Hazard Control Grant. With the new Healthy Homesgrant, a comprehensive healthy homes assessment will be conducted in additionto lead hazard evalutation.s As illustrated by this completed project inBarton, older Vermont homes can be madelead-safe for children while preserving historicarchitectural details.Parents, landords, property managers,contractors and others: for information aboutlead paint safety, applicable regulations, and aschedule of free training sessions for essentialmaintenance practices, please visit:www.leadsafevermont.orgHomeowners and in-home day care providers:to learn more about technical and financialassistance from v h c b Healthy Homes, call:1-800-290-0527 or 802-828-5064 or visitwww.vhcb.org| healthyhomesRemember, lead poisoning is always preventable.9 / Celebrating 25 Years

Vermont Housing &Conservation BoardBalance SheetJune 30, 2012General FundsRestricted FundsASSETSCash Accounts $ 6,547,932 $ 1,121,378Due from Other Funds 420,128 785,020Receivables 29,851 48,275Loans Receivables 98,423,324 54,294,585Due from State of Vermont - 2,071,706Grant Reimbursements Receivable - 2,242,032Anticipated Grant Revenues 6,947,193 12,903,806TOTAL ASSETS $ 112,368,428 $ 73,466,802LIABILITIES and FUND EQUITYLIABILITIESAccrued Liabilities and Payables $ 165,136 $ 19,815Due to Other Funds 787,520 417,628Due to the State of Vermont - 2,016,835Deferred Revenue – Grants and Loans 98,423,324 54,050,273Anticipated Grants Committed 6,947,193 12,903,806Long-term Debt - 271,695TOTAL LIABILITIES 106,323,173 69,680,052FUND EQUITYFund BalancesRestricted for Project Commitments 5,910,959 2,948,062Restricted for Programs - 838,688Assigned 73,371 -Unassigned 60,925 -TOTAL FUND EQUITY 6,045,255 3,786,750TOTAL LIABILITIES and FUND EQUITY $ 112,368,428 $ 73,466,802To receive a copy of the audited financial statement, please contact VHCB.10 / Celebrating 25 Years

Revenues$27,847,332Other Income1%Federal GrantRevenue55%State PropertyTransfer Tax29%State Capital BondAppropriation15%Expenditures$26,835,796Grants and Loans84%Administration9%Other ProjectRelated Expense7%11 / Celebrating 25 Years

s In 1989, Governor Madeleine Kunin celebratedwith residents following the purchase ofNorthgate apartments in Burlington, home to336 households. VHCB funding was also used topurchase Applegate, Westgate, and Highgate,three other federally-subsidized developmentsat risk of conversion to market rate—a total of657 apartments.t Historic downtown buildings like this one onPortland Street in Morrisville have been restoredfor housing and commercial space, revitalizingtown centers in the process. Locating housingin growth centers and maintaining open land foragricultural and recreational use is a hallmark ofthe Board’s mission and policy.12 / Celebrating 25 YearsWith support from the Stateof Vermont, federal programs,donations, fundraising and privatefoundations, VHCB has collaboratedwith state agencies, municipalitiesand non-profit organizationsto create and conserve:• 10,780 homes & apartments• 594 farms with 144,000 acresof agricultural land• 253,200 acres of recreationland & natural areas• 57 historic buildings restoredfor community useCaleb Kenna/VLT photos Since 1987, VHCB has supported the conservationof nearly 600 farms with 144,000 acresof agricultural land, helping farmers expand,diversify, reduce debt and plan for retirement.The Vermont Farm Viability Program, now in its10 th year, has assisted more than 500 farmersand ag-related businesses with business planningand technical assistance, helping to buildVermont’s agricultural infrastructure.s Conservation of the Champion Lands in theNortheast Kingdom, completed in 1999, wasthe largest public/private conservation easementto date in Vermont. More than 133,000acres were conserved for public access, forestmanagement, and watershed protection withland held by the State, the U.S. Fish and WildlifeDepartment and by a private forestry investmentcompany.t In 1989, The Nature Conservancy purchased1,500 acres of farmland with high, exposedledges at the southern end of Lake Champlainin West Haven. Today, with 4,010 acresconserved, the property is part of the largest andmost ecologically diverse natural area managedby The Nature Conservancy in Vermont. Theproperty features trails and views and providesprotection for rare species, wetlands and wildlifehabitat. TNC/Murray McHugh photo

s VHCB has invested in the acquisition andrestoration of 57 historic buildings such as theAdams House and Carriage Barn in Fair Haven,which was converted to 14 bedrooms with sharedcommon areas. Many historic preservation projectsare public buildings such as town halls orformer institutional buildings converted to newuses. A significant portion of the housing VHCBhas invested in are historic buildings.Establishing or adding land to state parks, townforests and municipal or non-profit owned parksand natural areas with public access has beenthe target of many VHCB awards. s Above,Burlington's bike path along Lake Champlain—45acres purchased and conserved in1991 for public access and limited development.t Below, Green River Reservoir in Morrisvilleand Hyde Park, with 5,110 acres acquired in1999. The state established a new state parkwith 19 miles of undeveloped shoreline and 28remote, primitive campsites accessible only bynon-motorized boat.Bob Klein/The Nature Conservancyt Following fires in downtowns and towncenters, VHCB has often been one of the firstto commit funding towards new infill development,helping to leverage additional investment.Brattleboro, St. Johnsbury, Enosburg, Lyndonvilleand Burlington each have a new or restoreddowntown building with housing and commercialspace in this category. Below, Passumpsic Viewapartments on Railroad Street in St. Johnsburywith 28 units for seniors, is one such example.Happy heifers at Guy and Beth Choiniere'sfarm in Highgate. The farm was conserved byGuy's parents in 1997, reducing the purchaseprice for Guy & Beth. Guy has collaboratedwith NRCS and UVM Extension to pilot innovativepractices related to pasturing and manurecomposting. He worked with the Farm ViabilityProgram for business planning assistance whileconverting his farm to an organic dairy in 2003.sBob Eddy photoTom Berry photos Senator Leahy (pictured here with MarcelleLeahy and Guy Choiniere on Guy's farm in Highgate)has been a strong supporter of Vermont'sFarmland Conservation Program, beginningwith creating the national Farms for the Futureprogram launched in 1990. Leahy then initiatedthe federal Farm and Ranch Lands ProtectionProgram (FRPP) that is managed by the USDANatural Resources Conservation Service andthe Forest Legacy Program. VHCB has administerednearly $50 million in federal funding forfarmland conservation, providing roughly half ofthe funding for every conserved farm. SenatorLeahy has also helped secure funding for theVermont Farm Viability Program and, on thehousing side, for the federal HOME Program,which increases the affordability of rentalhousing. Since 1987, VHCB has administered$63.5 million in HOME Program funds and $25million in HUD EDI grants.Green Mountain Habitat for Humanityselected the Orndorff family for a new home ina development on Venus Avenue in Burlington.Since 1987, VHCB has supported 101 Habitat forHumanity and Vocational Education-built homesaround the state. The Board's HOMELANDProgram has provided funding for purchasesubsidies for nearly 1,000 single family homeswith shared equity. The HOMELAND programis administered by the statewide network ofnon-profit housing organzations and Neighbor-Works ® HomeOwnership Centers.s

25 tthtelephone: 802 828 3250VermontHousing &ConservationBoard58 East State StreetMontpelier, VT 05602www.vhcb.orgsince 1987, supportingthe creation ofaffordable housingand the conservationof agricultural andrecreational lands,historic properties,and natural areas.

Vermont Housing & Conservation BoardAnnual Report to the General AssemblyFunding Commitmentsfy 2012 and July–December 2012

Housing Awards July 2011– December 2012Addison County Community TrustMountain View Apartments, Hancock.$140,000 VHCB award for acquisitionand moderate rehabilitation of five apartmentsin two buildings, one historic.$320,216 federal HOME Program award.Total development costs: $701,320.Organizational Development Grant.$41,584 award for fy12 organizationaldevelopment costs. $16,782 federal CHDOaward.Burlington Housing Authorityand Housing VermontBobbin Mill, Burlington. $956,250 VHCBaward to redevelop 51 apartments withrental assistance occupied by seniors,persons with disabilities and families.Rehabilitation to include a new naturalgas-fired heating system, additional insulation,new windows, energy star appliances,flooring, kitchen and bathroomcabinetry. BHA will construct a newstand-alone community center for socialservice programs and an onsite propertymanagement office. Total developmentcosts, housing: $12,728,111.Wharf Lane Commons, Burlington.$725,000 VHCB award for acquisitionand rehablitiation of 37 units of federallyassissted units of rental housing at risk ofconversion to market rate. $200,000 HUDSpecial Purpose Grant. Total developmentcosts: $8,655,835Thayer Senior Housing Phase II, Burlington.$610,000 VHCB award to developan additional 36 units of new construction,infill senior housing in the NewNorth End adjacent to Leddy Park. Partof a larger, intergenerational developmentwith family rental housing and marketrate housing.Organizational Development Grant.$41,594 award for fy12 organizationaldevelopment costs.Central Vermont Community Land TrustLimehurst Mobile Home Park, Williamstown.$200,000 VHCB award to makemajor capital improvements to the 33-lotmobile home park. Replacement of on-sitewater distribution system, improvementsto the wastewater and drainage systems,paving and regrading the roads and refinancing.VHCB funding provides a matchfor $356,000 in NeighborWorks financing.Total development costs: $556,185.Central Vermont Phoenix House, Barre.$170,000 VHCB award for acquisition andreconfiguration of an apartment buildingto 10 bedrooms with common areas for 19ex-offenders recovering from substanceabuse and a project manager. Managed byPhoenix House, a non-profit that operatesaddiction recovery programs nationwide.Fire safety upgrades, sprinkler system,new interior finishes, new heating system,and energy efficiency improvementsincluding solar hot water. VT Departmentof Corrections $259,000. Total developmentcosts: $1,074,500.Champlain Housing TrustSouth Meadow Condominiums, Burlington.$648,000 VHCB award to increasethe affordability of 24 condominiums in a148-unit condominium complex with 40affordable units. Total development costs:$6,432,000.Harrington Village, Shelburne. $500,000VHCB award for construction of 42affordable apartments in Shelburnevillage. $950,000 HOME Program award.Total development costs: $10,070,715Organizational Development Grant.$80,500 award for fy12 organizationaldevelopment costs. $16,782 federal CHDOaward.Housing Foundation, Inc.Abenaki Acres Apartments, Swanton.$300,000 VHCB award for rehabilitationof 12 units of family housing with rentalassistance. Originally developed by theAbenaki Self-Help organization. Renovationwork will include painting, energyefficiency and code updates as well asnew flooring, fixtures and cabinets andreplacement of siding and roofs. $409,500federal HOME Program award. Totaldevelopment costs: $2,746,131.Housing Trust of Rutland CountyBenson Heights Apartments, Benson.$375,000 VHCB award for acquisition andrehabilitation of a 15-unit senior housingcomplex with project based rental assistance.Rehabilitation to upgrade energyefficiency, new boilers & possibly a photovoltaicelectricity generating system, newroof and siding, new kitchens, baths,flooring, & appliances, new windows,upgrades of electrical and life safetyequipment, resurfacing of the courtyardand paving the parking areas, andupgrades to the community water system.$510,000 in HOME funds. Total developmentcosts: $2,402,950.Cathedral Square CorporationShelburne House, Shelburne. $175,000VHCB award for new construction of36 units of senior housing on a 22-acre Organizational Development Grant.site in the Designated Village Center of $39,187 award for fy12 organizationalShelburne. Conservation of 13.2 acres development costs. $16,782 federal CHDOwith frontage on the LaPlatte River to be award.donated to the Town of Shelburne. Partof a larger development including affordablehousing for families, creating a newneighborhood with a total of 83 homes.2 $590,000 HOME Program award. Totaldevelopment costs: $9,051,000.2

Housing Awards July 2011–December 2012Green Village Apartments, Brandon.$250,000 VHCB award for a scatteredsiteproject with 27 family apartments.The proposed development includes thepurchase and rehabilitation of the fomeradministration building of the BrandonTraining School into 18 units of housingand rehabilitation of Erastus ThayerHouse, an existing, historic, 9-unitapartment building. $550,000 HOMEProgram award. Total development costs:$4,993,500Homeownership Portfolio Transfer.$10,000 VHCB award to assist with legalcosts associated with the transfer of stewardshipof their homeownership portfolioto Neighborworks of Western Vermont.Tuckerville Mobile Home Park, Ludlow.$220,000 VHCB award to purchase this22-lot mobile home park and make infrastructureimprovements to the waterdistribution system and pump house,roads and drainage system. Total developmentcosts: $1,011,872.Organizational Development Grant.$41,594 award for fy12 organizationaldevelopment costs. $16,782 federalCHDO award.Lamoille Housing PartnershipOrganizational Development Grant.$41,594 award for fy12 organizationaldevelopment costs. $16,782 federalCHDO award.Lamoille Housing Partnership andHousing VermontAruthur’s Main Street, Morrisville.$150,000 VHCB award for demolition,cleanup and gut rehab and reconfigurationof three vacant, historic buildingswith commercial space on the first floor,creating 18 apartments on the secondand third floors. Rehabilitation InvestmentTax Credits. Brownfield remediation.Energy efficiency upgrades andsolar domestic hot water system. $550,000HOME Program award. Total developmentcosts, housing: $4,648,090.Lamoille View, Morrisville. $490,000VHCB award for acquisition and rehabilitationof 25-unit apartment complexon Park Street housing seniors and peoplewith disabilities. 25 project-based Section8 rental assistance vouchers. Three-acresite with a historic 5-unit building withcommunity space and a 20-unit buildingwith a view of the Lamoille River valley.Within walking distance to downtownMorrisville. Rehab includes energy efficiencyupgrades, code updates, repavingthe parking lot, new roofs, new heatingsystems, window replacement and somerefurbishment, accessibility improvementsincluding an elevator, and interiorfinish upgrades. $350,000 HOMEProgram award. Total development costs:$3,032,008.Regional Affordable Housing Corp.Roaring Branch Apartments,Bennington. $311,536 VHCB award todevelop 14 new units and rehabilitate andreconfigure 12 existing units owned byRAHC. Construction of 7 energy efficientduplexes on North Branch Street.Existing units to be weatherized andinsulated, with new interior finishes.$438,464 HOME Program award.$200,000 HUD EDI award. Total developmentcosts: $6,473,000Organizational Development Grant.$41,594 award for fy12 organizationaldevelopment costs. $16,782 federal CHDOaward.Rural EdgeCaledonia Housing Partnership, St.Johnsbury. $169,794 VHCB award toprovide energy efficiency upgrades for ascattered site family rental housing projectwith 28 apartments in eight historicbuildings. Installation of central heatingsystems, basement insulation, structuraland drainage system improvements.VHCB award provides matching fundsfor commitments from Vermont FuelEfficiency Program and Neighborworks®.Total project costs: $636,122.Newport Family Housing. $135,847 VHCBaward for costs related to redeveloping7 existing units and construction of 14new units of multi-family rental housingon 3 contiguous properties in the designateddowntown area to create a moreefficient and attractive site plan. $279,539HOME Program award. $87,500 federalNSP funds. Total development costs:$6,100,000St. Johnsbury Housing, St. Johnsbury.$450,000 HOME Program award for rehabilitationof 24 rental apartments. USDARural Development rental assistance.Total development costs: $7,753,790.Organizational Development Grant.$39,187 award for fy12 organizationaldevelopment costs. $16,782 federal CHDOaward.3

Housing Awards July 2011– December 20124Rutland Housing Authority andHousing VermontHickory Street Phase II, Rutland City.$100,000 VHCB award to redevelop 23apartments and construct a communitybuilding in a multi-family public housingdevelopment formerly known as ForestPark. $1,687,500 federal NeighborhoodStabilization Program funds. Total developmentcosts: $7,232,919.Twin Pines Housing TrustAnna Pluhar House, Hartford. $30,000VHCB award for energy efficiencyupgrade to building to be utilized byDismas House as transitional housing forex-offenders.Organizational Development Grant.$41,594 VHCB award for fy12 organizationaldevelopment costs. $16,782 federalCHDO award.Twin Pines Housing Trust andHousing VermontGraystone Village Energy Retrofit, Hartford.$162,500 award for energy conservationmeasures for 34 apartments.$150,000 HOME Program award. Totaldevelopment costs: $3,061,677.Valley CaresWest River Valley Assisted Living,Townshend. $100,000 VHCB award toconstruct a new wing with 12 assistedliving units, common space, and theoffices of Valley Cares. Onsite woodpellet boiler system and domestic solarhot water. $425,000 HOME Programaward. Total development costs:$2,783,750.Vermont Community Loan FundOrganizational Development Grant.$20,000 VHCB award for fy12 organizationaldevelopment costs.Windham & Windsor Housing TrustChester Gage Preservation, Chester andWestminster. $436,000 VHCB award torehabilitate two existing buildings with10 apartments. Reconfiguration andupdating of interiors; addition of twounits; remediation of moisture issues;energy efficiency improvements; additionof solar hot water and a sprinkler system.$213,336 federal HOME Program award.Total development costs: $2,822,054.Evergreen Mobile Home Park, Rockingham.$160,000 VHCB award topurchase and make improvements to the11-lot park. Refinancing; improvements topaving, landscaping, and drainage; capitalizationof operating and replacementreserves. $5,000 of this award is designatedfor the development of a masterlong-term site plan to accommodatereplacement of mobile homes over time.Total development costs: $160,000.Red Maple Mobile Home Park, Springfield.$396,460 VHCB award to purchaseand improve a 7-lot mobile home parkwith a 2-unit rental building withinwalking distance of downtown Springfield.Rehabiltiation of the duplex toreplace the boiler, upgrage ventilationand insulation, new roof, interiorfinishes where needed, repair or replaceexterior siding and trim, new plumbingfixtures, reconfigure units. Capitalizationof a sinking fund and replacementreserves and development of a long-termsite plan. $6,000 Vermont Fuel EfficiencyProgram award. Total development costs:$402,400.Organizational Development Grant.$80,500 VHCB award for fy12 organizationaldevelopment costs. $33,563 federalCHDO award.STATEWIDE PROGRAMSFeasibility Fund$75,000 recapitalization of the VHCBfeasibility fund, which provides awardsof up to $15,000 for predevelopment costsincluding surveys, options, appraisals,market and engineering studies, architect’sfees, etc.FEMA Hazard Mitigation Program$2 million commitment for Irene floodrelief as part of the State’s match inbuying out destroyed homes and assistingtowns in developing public access torivers where appropriate.Flood Mitigation Services$50,000 VHCB award to assist the CentralVermont Community Land Trust andthe Windham & Windsor Housing Trustwith costs due to increased staffing toassist households with recovery fromTropical Storm Irene.For Sale Inventory Fund$40,000 VHCB award to recapitalize afund to provide assistance to non-profitgroups for carrying costs, real estate fees,advertising or other transactional costsassociated with homes that are difficult tomarket or sell.Habitat and Vocational EducationBuilding Fund$105,000 to recapitalize the Habitat andVocational Building Fund, to providegrants for 6 homes built by Habitat forHumanity chapters or vocational educationalprograms.HOMELAND$325,000 recapitalization of programproviding purchase subsidies and rehabilitationloans to low- and moderateincomeVermont households purchasingpermanently affordable homes throughcommunity-based housing organizationsand NeighborWorks® HomeOwnershipCenters. Will provide approximately 9purchase subsidies.Organizational Development Grants$473,334 VHCB award to provide FY 2013Organizational Development grants to11 non-profit housing development organizationsaround the state. $150,000 inHUD funds for organizational developmentgrants to 9 Community HousingDevelopment Organizations.

Housing Awards July 2011–December 2012Purchase Subsidy Program$25,000 VHCB award to the ChamplainHousing Trust to recapitalize a revolvingloan fund that assists buyers of mobilehomes in non-profit or cooperativelyowned mobile home parks with downpaymentsand closing costs and with foreclosureprevention.Single Family Assistance Program$10,000 VCHB award to recapitalize afund providing up to $4,000 per loanfor closing costs available to purchasersof VHCB-restricted homes. These zeropercent interest loans are deferred untiltransfer and are matched by 50% of theborrower’s own cash investment.Technical Assistance Fund$60,000 recapitalization of the VHCBTechnical Assistance fund to assisthousing development and conservationorganizations with organizationalsustainability, long-term propertymanagement, asset management andstewardship of long-term restrictions onproperties.Transitional Housing Fund$120,000 recapitalization of fund forthe development of transitional housingstatewide.Vermont Center for Independent LivingHome Access Program. $435,000 VHCBaward for program and operating costsproviding grants for accessibility modificationsto approximately 50 homes occupiedby low-income people with physicaldisabilities throughout the state, allowingindividuals to live independently. Five$5,000 grants to be made to non-profitswith higher than standard costs toprovide for accessibility in affordablerental housing developments.VHCB Land Bank Fund$500,000 HUD EDI grant to capitalizeland bank fund.5

Conservation Awards July 2011– December 20126Catamount Trail AssociationOrganizational Development Grant.$11,000 award for organizational developmentcosts.Cross Vermont Trail AssociationKlein-Ziegler Stewardship, Plainfield.$1,160 award for stewardship of a traileasement on the Klein-Zeigler farm.Organizational Development Grant.$16,000 award for organizational developmentcosts.The Green Mountain ClubOrganizational Development Grant.$26,000 award for organizational developmentcosts and stewardship activities.Isle La Motte Reef Preservation TrustGoodsell Ridge Enhancement Project, IsleLa Motte. $28,000 VHCB award for additionof one acre to existing fossil preserveconserving the world’s oldest reef. Totalproject costs: $45,000Lake Champlain Land TrustOrganizational Development Grant.$25,500 award for organizational developmentcosts and stewardship activities.Middlebury Area Land TrustOrganizational Development Grant.$12,072 award for organizational developmentcosts and stewardship activities.Preservation Trust of VermontMoravian Cabin Stewardship, Stowe$7,500 VHCB award for documentationand stewardship of historic preservationeasement.Marble Museum, Proctor. $107,500 VHCBaward to assist with acquisition and preservationof the Vermont Marble Museum.Once the main manufacturing plant of theVermont Marble Company, the museumwill be an educational center and touristdestination based upon the history of themarble industry and the study of geology.Total project costs: $926,500STATEWIDEFeasibility Fund. $25,000 recapitalizationof fund to provide awards of up to $8,000for predevelopment costs includingsurveys, options and appraisals.Organizational Development Grants$241,000 for FY2013 organizational developmentgrants to 9 conservation organizationsoperating around the state.VHCB Farm Viability Program$380,000 for service providers offeringbusiness planning and technical assistanceto farmers.Stowe Land TrustCady Hill, Stowe. $350,000 VHCB awardto acquire, conserve and convey 257acres to the town. Nine miles of mountainbike and walking trails add to a trailnetwork being developed by the VermontRide Center, providing economic stimulusthrough tourism. $250,000 Townof Stowe; $1 million private fundraisingcampaign. Total project costs: $1,525,500Mill Trail Moravian Cabin Restoration,Stowe. $60,000 VHCB award for stabilizationand restoration of historic cabinwith significance to Vermont’s ski history.Total project costs: $123,500The Nature ConservancyBlack Mountain, Dummerston. $73,630VHCB award to purchase and conserve25 acres on Black Mountain, addingto 583-acre nature preserve. Rare andunique natural communities. Publictrail for hunting, walking, hiking, andsnowshoeing. Frontage on Black MountainRoad will allow for development of aparking area and the addition of a kiosk.Total project costs: $85,155.Davitt Property, Maidstone Bends,Maidstone. $58,500 VHCB award foracquisition of 68 acres of ConnecticutRiver frontage in partnership with theUpper Connecticut River Mitigation andEnhancement Fund.Hicks Property, North Pawlet Hills,Pawlet. $375,000 VHCB award towardsacquisition of 524 acres for addition to921-acre North Pawlet Hills Natural Areawith public trails and access for walking,hunting, skiing. Total project costs:$697,500.Morelli Property, Pawlet. $230,700 VHCBaward to purchase conservation easementon 181 acres for addition to North PawletHills Preserve, an ecological area of statewidesignificance. Total project costs:$299,200Windsor County Fen Watershed, Phase2, Barnard. $34,000 VHCB award topurchase conservation easement on 30acres for addition to project protectingwatershed of a fen of statewide significance.Total project costs: $123,500Organizational Development Grant.$28,000 award for organizational developmentcosts and stewardship activities.Town of Wells and Vermont Land TrustDelaney Project, Wells. $91,000 VHCBaward to purchase and conserve 186 acresforest and lakeshore land for the Town ofWells. 17-acre lakeshore parcel includes2,000 feet frontage on Lake St. Catherine.Total project costs: $463,000

Conservation Awards July 2011– December 2012Trust for Public LandBarre Town Forest, Barre Town. $308,000VHCB award towards acquisition andconservation of 343 acres of formerquarry lands with extensive trail system.Wildlife habitat protection, potential fortimber management, and protection ofsource water for two municipal waterdistricts. Total project costs: $1,263,500Upper Valley Land TrustAllen Farm, Newbury and Ryegate.$13,250 VHCB grant to purchase conservationeasement on a 63-acre organicdairy farm. Highly visible and scenicproperty along I-91 will be sold byretiring dairy farmers Alice and LarryAllen to Walter Morse and Joseph Mahr,organic dairy farmers from Barre. $35,000federal NRCS funds; $48,250 ConnecticutRiver Mitigation and EnhancementFunds. Total project costs: $99,000Alschuler Farm, Thetford. $110,000VHCB award to purchase conservationeasement on 60 acres to be sold toVaughn Farms LLC for addition to their425 acres of farmland. Local trail networkpasses through the property. Conservationwill provide a buffer for the ConantSwamp, a wetland in the watershed ofthe Connecticut River. $125,000 in NRCSfunding. Total project costs: $235,000Cook Farm, Bradford. $61,500 VHCBaward to conserve 70 acres for an expanding,diversidifed meat goat operation.$39,000 federal NRCS funds. Total projectcosts: $100,500.East Hill, South Woodstock. $75,500VHCB award to purchase conservationeasement and public trail easement on 71acres in the village. Farm and forestlandconservation, riparian resources. Totalproject costs: $494,500Organizational Development Grant.$32,500 award for organizational developmentcosts and stewardship activities.Vermont Agency of Agriculture,Food & MarketsDaniel and Helen Branon Farm, Fairfield.$137,500 VHCB award to conserve 152acres agricultural land abutting the FairfieldSwamp Wildlife Management Area.$122,500 federal NRCS funding. Totalproject costs: $260,000.Thomas & Mary Machia, St. AlbansTown. $75,000 VHCB award to purchaseconservation easement and Option toPurchase at Agricultural Value on 77acres agricultural land. Transfer of croplandto dairy farmers; 100% prime andstatewide soils. $60,000 NRCS award.Total project costs: $135,000Organizational Development Grant.$30,000 award for organizational developmentcosts and stewardship activities.Vermont Land TrustAllen Farm Stewardship, Addison. $2,500VHCB award for stewardship costs associatedwith conservation of the farm.Alschuler Stewardship, Thetford. $2,500VHCB award for stewardship costs associatedwith conservation of the farm.Andrews Farm, Richmond. $80,000VHCB award to purchase conservationeasement on 184 acres farmland.Transfer to a diversified livestock andvegetable operation that has been leasingthe farm. Riparian buffer along tributaryof the Winooski River; historic barn.$92,500 federal NRCS funds. Total projectcosts: $207,500.Matthew & Daniel Baldwin, Hinesburg.$80,836 VHCB award to purchase conservationeasement and Option to Purchaseat Agricultural Value on 97 acres agriculturalland, part of a hay operation.River corridor protection on Lewis Creekfrontage with public access along river.$222,500 NRCS award. Total project costs:$465,500.Amerigo & Jill Balzano, Wells. $124,500VHCB award to purchase conservationeasement and an Option to Purchase atAgricultural Value on 103 acres agriculturalland. Facilitates purchase by youngfarmers for diversified fruit and vegetableoperation. $128,000 NRCS award. Totalproject costs: $277,500Berthiaume Brothers Farmland, Salisbury.$231,000 VHCB award to conserve335 acres farmland and facilitate transferof farm to adjacent farm operation.$206,000 federal NRCS funds. Totalproject costs: $437,000.Bolton Valley Nordic and Backcountry,Bolton. $800,000 VHCB award to conserve1,161 acres of forested uplands, tobe conveyed to the state and added to theMt. Mansfield State Forest. 90 kilometersof cross country ski trails; wildlife habitatprotection. Crossed by the CatamountTrail and bordered to the north by theLong Trail. The Green Mountain Clubwill build spur trails to two existing, historiccabins on the property. Total projectcosts: $2,400,000Choiniere II, Bristol. $73,300 VHCBaward to conserve 42 acres for additionto previously conserved acreage on homedairy farm, operated in conjunction withfamily’s expanding dairy goat operationin Addison. $71,000 federal NRCS funds.Total project costs: $144,300.L & A Clark farmland, Pawlet. $83,850VHCB award to conserve 99 acres farmland,facilitating transfer to dairy farmers.Prime farmland; riparian buffer andpublic access along the Mettowee Riverfrontage. $155,000 federal NRCS funds.Total project costs: $326,350.7

Conservation Awards July 2011– December 20128Vermont Land TrustColette Case, Swanton. $192,500 VHCBaward to purchase conservation easementon 224 acres agricultural land. Optionto Purchase at Agricultural Value; 84%prime and statewide soils; near LakeChamplain. $172,500 NRCS award. Totalproject costs: $367,500Jonathan & Mary Ann Connor, Addison.$71,660 VHCB award to purchaseconservation easement and an Optionto Purchase at Agricultural Value on 87acres agricultural land abutting the DeadCreek Wildlife Management Area. Croplandfor dairy. $50,000 NRCS award. Totalproject costs: $121,660Cook Farm Stewardship. $2,500 award forstewardship costs associated with conservationof the Cook Farm.Corse Farm, Whitingham. $259,000VHCB award to conserve 290 acres farmland.Grass-based organic dairy operation;project facilitates family transfer.$263,500 federal NRCS funds. Totalproject costs: $549,500.Farris/Bourque, Blue Heron Farm, GrandIsle. $62,500 VHCB award to purchaseconservation easement and Option toPurchase at Agricultural Value on 30acres agricultural land. Transfer of landto vegetable farmers. $15,201 ag mitigationfunding. $65,000 NRCS award. Totalproject costs: $229,770Allan, Norman & Catherine Fisher, Salisbury.$70,500 VHCB award to purchaseconservation easement and Option toPurchase at Agricultural Value on 105acres agricultural land. Landownerbargain sale. $60,000 NRCS award. Totalproject costs: $142,500Gervais farmland, Isle La Motte. $43,750VHCB award to conserve 57 acres farmlandto be used in a vegetable and poultryoperation. Simultaneous transfer to newowners. $46,500 federal NRCS funds.Total project costs: $115,500.Gilmore Farm, Tinmouth. $190,000VHCB award to purchase conservationeasement and Option to Purchase at AgriculturalValue on 245 acres agriculturalland. 692 acres of easements and landdonated; public ridgeline trail included.$332,500 NRCS award. Total project costs:$1,877,150Goodrich Farm LLC, II, Salisbury.$117,500 VHCB award to purchaseconservation easement and Option toPurchase at Agricultural Value on 172acres agricultural land for addition toconserved acreage. $95,000 NRCS award.Total project costs: $212,500Harris/McNaughten Farm, Wolcott.$36,000 VHCB award to purchase conservationeasement and Option to Purchaseat Agricultural Value on 93 acres agriculturalland abutting the East Hill WildlifeManagement Area. 70% prime and statewideagricultural soils. $57,000 NRCSaward. Total project costs: $141,000Adam Hausmann Farmland, Charlotte.$22,500 VHCB award to conserve 58 acresfarmland that simultaneously transfers toa pick-your-own berry farmer. $200,000federal NRCS funds. Total project costs:$410,200.Bruce Hennessey & Beth Whiting farmland,Huntington. $31,500 VHCB awardto purchase conservation easement on136 acres farmland. Diversified livestockand vegetable operation; will useproceeds to purchase conserved Andrewsfarm. Includes public access to woodland;abuts Camel’s Hump State Park. $206,000federal NRCS funds. Total project costs:$482,500.Hodgdon Farmland, Randolph. $230,000VHCB award to conserve 116 acresfarmland. Ayers Brook Goat Dairy haspurchased the farm to establish a demonstration,large-scale, goat dairy, withsupport from the Vermont Creamery,Vermont’s premier and long-establishedmaker of goat cheese. $212,500 federalNRCS funds. Total project costs: $447,500.Hulett III, Pawlet. $22,500 VHCB awardto conserve 44 acres farmland. Includesriparian buffer and public access alongMettowee River frontage. Owners usingproceeds to purchase conserved farmlandin Wells (Hulett IV project). $67,500federal NRCS funds. Total project costs:$157,500.Hulett IV, Wells. $167,000 VHCB awardto conserve 126 acres farmland, facilitatingtransfer to established Pawlet dairy.Project includes significant archeologicalresources with special easement protections,as well as 25' riparian buffer alongWells Brook frontage, and public accessalong the brook. $144,500 federal NRCSfunds. Total project costs: $311,500.Jewell Estate Farmland, Ferrisburgh.$95,000 VHCB award to conserve 78 acresfarmland that simultaneously transfersto a nearby dairy farmer. $77,500 federalNRCS funds. Total project costs: $177,500.Johnson Farm, Canaan and Lemington.$198,750 NRCS award to purchase conservationeasement and Option to Purchaseat Agricultural Value on 584 acres agriculturalland with prime soils. Riparianbuffers and public access along ConnecticutRiver. Transfer to next generationfarm buyer. Total project costs: $500,330

Conservation Awards July 2011– December 2012Steven and Jane Johnson Farm, Newbury.$45,000 VHCB award to conserve 148acres farmland for diversified beef operation.Public pedestrian access andriparian buffer along the banks of theConnecticut River. $97,500 federal NRCSfunds. $70,000 Mitigation EnhancementFunds; $5,000 town funds. Total projectcosts: $142,500.Kinney Farm, Enosburgh and Berkshire.$112,500 VHCB award to conserve151 acres of farmland on a 160-cowdairy farm on the Trout River. $90,000federal NRCS funds. Total project costs:$202,500.Klein-Ziegler Farm, Plainfield. $47,500VHCB award to conserve a 32-acrevegetable farm on the Winooski River.The project includes public trail access.$73,500 federal NRCS funds. Total projectcosts: $168,000.Leach II, Pawlet. $75,000 VHCB awardto purchase conservation easement andOption to Purchase at Agricultural Valueon 140 acres agricultural land. Proceedsenabled farmers to acquire Leach IIIproperty. $142,500 NRCS award. Totalproject costs: $292,500Leach III, Pawlet. $88,000 VHCB awardo purchase conservation easement andOption to Purchase at Agricultural Valueon 297 acres agricultural land. Acquiredby farmers as addition to home farmconserved acreage. $142,500 NRCS award.Total project costs: $307,500Geordie & Emery Lynd, Walden. $135,250VHCB award to purchase conservationeasement and Option to Purchase at AgriculturalValue on 228-acre organic dairyoperation. $165,000 NRCS award. Totalproject costs: $351,250Diane Montagne, St. Albans. $71,500VHCB award to conserve 55 acres farmland,adding to the largest block ofconserved farmland in Franklin County.$52,000 federal NRCS funds. Total projectcosts: $74,500.David and Diane Nichols Farmland,Charlotte. $22,500 VHCB award toconserve 226 acres farmland. The projectalso protects a clayplain forest andprovides public access for a proposedpedestrian trail. $475,000 federal NRCSfunds. Total project costs: $944,900.Nulheganaki Tribal Forest, Barton.$112,000 VHCB award to conserve65 acres of forest and open land to bemanaged as a working forest, for traditionaltribal uses, and for educationaland recreational uses by the public. Totalproject costs: $185,081.Greg & Debra O’Bryan, Addison. $167,500VHCB award to purchase conservationeasement and Option to Purchase at AgriculturalValue on 309 acres agriculturalland, facilitating transfer to large goatoperation. Protection of 24 acres clayplain forest. $147,500 NRCS award. Totalproject costs: $322,500Paul & Mary Ouellette Farmland, Bridport.$175,000 VHCB award to conserve265 acres farmland and facilitate transferof farm to a nearby farmer. $152,500federal NRCS funds. Total project costs:$629,000.Ronald & Lynn Paradis, Franklin.$185,000 VHCB award to purchaseconservation easement and Option toPurchase at Agricultural Value on 302acres agricultural land. 170-cow dairyoperation. $162,500 NRCS award. Totalproject costs: $347,500Stephen & Carolyn Perley, Enosburgh.$169,500 VHCB award to purchaseconservation easement and Option toPurchase at Agricultural Value on 378acres agricultural land. Grass hay andsugarbush. $186,000 NRCS award. Totalproject costs: $388,500Justin & Angie Poulin Farmland,Randolph. $32,750 VHCB award topurchase conservation easement on 75acres farmland for diversified mapleand beef operation. Easement includesriparian buffer along the Third Branch ofthe White River as well as public accessalong the river. $50,000 federal NRCSfunds. Total project costs: $121,000.Roberts Farm, Weathersfield. $150,250VHCB award to purchase conservationeasement and Option to Purchase at AgriculturalValue on 59 acres agriculturalland. Riparian buffer and public accessalong Connecticut River. Transition tovegetable operation with new owner.$19,637 ag mitigation funding. $159,000NRCS award. Total project costs: $410,178Gavin & Cynthia Ryan, Fairfield. $132,500VHCB award to purchase conservationeasement and Option to Purchase at AgriculturalValue on 170 acres agriculturalland. Transfer of land to organic dairy.$110,000 NRCS award. Total project costs:$242,500J. Ryan Farm, Wolcott. $15,000 VHCBaward to purchase conservation easementand Option to Purchase at AgriculturalValue on 108 acres agricultural land.Farmland abuts Bear Swamp NaturalArea. Landowner bargain sale. $50,000NRCS award. Total project costs: $129,000Spooner-Muzzy Farm, Ferrisburgh.$181,500 VHCB award to conserve 206acres farmland with a rare pitch pinenatural community on Fuller Mountain.$165,000 federal NRCS funds. Totalproject costs: $271,175,000.9

Conservation Awards July 2011– December 2012Vermont Land TrustStearns Farmland, Hardwick. $48,500VHCB award to conserve 40 acres farmlandwith frontage on the Lamoille River.$26,000 federal NRCS funds. Total projectcosts: $74,500.Wayne Stearns (Kimball Farm, LLC),Ferrisburgh. $107,500 VHCB award topurchase conservation easement on 92acres agricultural land near Lake Champlainfacilitating affordable transfer todairy farmer. Landowner bargain sale.$255,000 NRCS award. Total project costs:$545,500Norman & Kim St. Pierre Farmland,Enosburg. $237,000 VHCB award toconserve a 506-acre dairy farm, includinga large sugarbush. $280,500 federal NRCSfunds. Total project costs: $552,500.Sunset Lake Farm II LLC, Alburg.$111,500 VHCB award to purchaseconservation easement and Option toPurchase at Agricultural Value on 127acres agricultural land. Tillage for anoperating dairy; 90% prime and statewidesoils; near Lake Champlain. $89,000NRCS award. Total project costs: $200,500Sussman/Pollack; Orbweaver Farm,Monkton. $114,500 VHCB award toconserve 99 acres farmland that supportsa diversified organic dairy operation withvegetable and farmstead cheese production.2,300' on Little Otter Creek; clayplainforest to be protected in a specialtreatment area. $115,000 federal NRCSfunds. Total project costs: $229,500.Torrey Estate, Shoreham and Bridport.$164,000 VHCB award to conserve 302acres farmland. and facilitate transfer ofproperty to adjacent farmer. $152,0000federal NRCS funds. Total project costs:$326,500.Tyler & Melanie Webb, Fairfield. $117,500VHCB award to purchase conservationeasement and Option to Purchase atAgricultural Value on 100 acres agriculturalland for transfer to organic dairy.$125,000 NRCS award. Total project costs:$273,500Organizational Development Grant.$81,000 award for organizational developmentcosts and stewardship activities.Vermont River ConservancyFletcher Access, Enosburgh. $120,285VHCB award to purchase 9 acres onthe Missisquoi River to be conservedand conveyed to the Village of EnosburghFalls for a public fishing accessand launching site for the NorthernForest Canoe Trail. Donation of land toHabitat for Humanity for development of2 affordable homes. $20,000 grant froma private foundation; $41,965 in privatefundraising. Total project costs: $182,250New Haven River at Bristol Flats, Bristol.$28,000 VHCB award to conserve 39 acresof floodplain along the New Haven River.The project will enable river corridormanagement for flood protection andprovide public access to the river. Totalproject costs: $106,500.Journey’s End, Johnson. $124,000 VHCBaward to conserve 30 acres of undevelopedforestland, including spectacularswimming hole and 2,500 feet of frontageon Foot Brook. Total project costs:$222,250.Organizational Development Grant.$19,000 award for organizational developmentcosts.10

Federal Housing Funds Awards Supplement vhcb Awards July 2011–December 2012conjunction with state funds, vhcbIn administers federal funding forprograms to develop housing, increaseaffordability, add support services, providetechnical assistance, and leverage state andprivate dollars for land conservation inVermont.h o m e ProgramFederal home Program funds are aimedat serving low- and very low-incomeVermonters in housing developmentsmeeting the priorities of the StateConsolidated Plan. These funds help tocover project development costs, to creategreater affordability in the projects, andto supplement vhcb funds. The Boardadministers the program on behalf of theDepartment of Economic, Housing andCommunity Development. Since 1992vhcb has administered $63.5 million inhome funds.Healthy Homes ProgramFunded by the u.s. Department ofHousing and Urban Development, thisprogram has been operating since 4,administering $22.6 million to reduce leadhazards in more than 2,000 homes andapartments statewide. Beginning in 2013,services will expand to include assessmentand treatment of other housing safety andhealth concerns such as asthma and mold.v h c b AmeriCorps Programvhcb has operated this program for15 years, co-sponsoring AmeriCorpsmembers to serve with nonprofit housingand conservation entities statewide. vhcbhas administered $4.7 million in fundsfor this program since . In 2012 theprogram placed 32 AmeriCorps members.Agency of Transportation te-21vhcb has been awarded $2.5 million inte-21 funds to conserve land in proximityto state highways and enhance alternativetransportation systems such as trailsand bike paths. The “transportationenhancement” funds leverage state funds,providing another source of funds toconserve farmland and open land.Farmland Protection ProgramThrough the usda Natural ResourcesConservation Service, vhcb administersfunds from this federal programto conserve farmland. These fundssupplement Vermont’s state and privateefforts, increasing the amount of farmlandconserved. The Board has received$37.2 million in fpp funds for farmlandconservation. A previous program,Farmland for the Future, brought $14.2million in federal funds to Vermont forfarmland conservation.Vermont Farm Viability Programvhcb funding for this program issupplemented by federal fundingadministered by the usda NaturalResources Conservation Service and byusda Rural Development Rural BusinessDevelopment grant funding. vhcbhas served more than 439 farms andagriculture infrastructure businesses withthis program.h u d Economic DevelopmentInitiative Special Project GrantsThe Board administers these onetimefederal grants that are designatedby Congress for specific affordablehousing, community and economicdevelopment, historic preservation andland conservation projects statewide. Since8, the Board has administered nearly$25.5 million in Special Project Grants.Housing Opportunities forPersons with h i v/a i d shopwa funds provide rental subsidies,emergency assistance and supportiveservices to persons living with hiv/aids. This program was developed incollaboration with the Vermont hiv/aidsCare Consortium, the Department ofHealth, the Persons with aids Coalition,the Vermont Center for IndependentLiving, and the aids service organizations.To date, vhcb has administered more than$7 million in hud hopwa funds.h u d Technical Assistance Programvhcb has administered more than$400, in various hud funds to providetraining, operating support and technicalassistance to nonprofit developers ofaffordable housing. vhcb uses hudtechnical assistance funds to develop andco-sponsor trainings.Neighborhood StabilizationProgram Fundsvhcb has administered $5.3 million inNeighborhood Stabilization ProgramFunds for housing developmentsinvolving the redevelopment of blightedor foreclosed upon properties in certaintarget areas of the state.a r r a State Energy ProgramThe legislature allocated $2 millionto vhcb in American Recovery andReinvestment Act State Energy Programfunds to improve the energy efficiencyand add renewable energy systems toaffordable multi-family housing. TheARRA funds have been utilized in 725apartments across the state, improvingenergy efficiency in those units by anaverage of 30 percent.11

VermontHousing &ConservationBoardVERMONT HOUSING & CONSERVATION BOARDFINANCIAL STATEMENTSAs of and for the Six Months Ended December 31, 201258 East State StreetMontpelierVermont 05602tel 802 828 3250fax 802 828 3203web www.vhcb.orgemail info@vhcb.orgBoard of DirectorsChristine H. HartChairEmily WadhamsVice ChairSarah E. CarpenterRoy FolsomDavid R. MarvinNeil MickenbergDoug RacineWilliam RoperChuck RossMichael C. SnyderThomas C. YahnGustave SeeligExecutive DirectorThe attached financial statements present the financial activities of the Board forthe six month period July 1 through December 31, 2012. These statements havebeen compiled on the modified accrual basis of accounting and include all fundsof the Board, summarized for presentation. These are not audited financial statementsas they are for a six-month period. The audited financial statements for theyear ended June 30, 2012, prepared in accordance with Governmental AccountingStandards Board (GASB), have been presented separately to the General Assembly.The attached Balance Sheet and Statement of Revenues and Expenditures combinesimilar funds for presentation. These funds are briefly detailed as follows:Trust Fund includes the Trust fund and the Operations fund of the Board.Bond Fund – open Capital Bill funds committed but not yet disbursed.Home Program – restricted federal grant program: US Department of Housing& Urban Development HOME program administered by the Board.Farmland Preservation Program – restricted federal grant program: US Departmentof Agriculture Natural Resources Conservation Service.Miscellaneous Grants – various restricted federal and supplementary awards.Fund EquityCommitted for Projects – this represents encumbrances which are not yetdisbursed. These commitments are legal obligations of the Board that arisewhen the Board adopts resolutions to fund specific projects. The Boardcommitments are evidenced by grant agreements, which are the contractsthat the grantees rely upon to incur costs and proceed to closing.Restricted for Programs – these reserves represent portions of the fundequity which have been legally segregated for specific purposes.Reserved for Operations – this reserve represents funds for current fiscalyear program operations.Questions regarding this financial information may be directed to the office of theVermont Housing and Conservation Board.

Vermont Housing Conservation BoardBalance SheetAs of 12/31/2012(In Whole Numbers)Trust Bond HOMEFarmlandPreservationProgramMiscellaneousGrant FundsTotalAssetsCashCash Accounts & Petty Cash 34,612 - - - - 34,612State Accounts 6,784,879 - - - 1,566,280 8,351,159Total Cash 6,819,491 - - - 1,566,280 8,385,771Other AssetsDue from other funds 420,580 - - - 18,679 439,259Security Deposit & Prepaids 15,000 - - - - 15,000Loans Receivable 101,374,280 - 45,470,056 - 10,726,741 157,571,077Due from State of Vermont 6,154,238 755,269 - - - 6,909,507Anticipated Grant Revenue 800,159 - 5,719,105 4,422,500 3,369,247 14,311,011Miscellaneous receivables 6,303 - - - 1,618 7,921Total Other Assets 108,770,560 755,269 51,189,160 4,422,500 14,116,285 179,253,775Total Assets 115,590,052 755,269 51,189,160 4,422,500 15,682,565 187,639,546Liabilities and Fund EquityLiabilitiesAccrued liabilities & payables 112,505 - - - - 112,505Due to other funds 29,998 - 78,269 - 330,991 439,259Due to State of Vermont - - 113,161 1,877,000 198,851 2,189,013Deferred revenue - loans 101,374,280 - 45,470,056 - 10,455,046 157,299,382Deferred revenue - grants - - - - 9,343 9,343Anticipated grants committed 800,159 - 5,527,674 2,545,500 2,848,067 11,721,400Long-term debt - - - - 271,695 271,695Total Liabilities 102,316,942 - 51,189,160 4,422,500 14,113,994 172,042,596Fund EquityCommitted for Projects 10,944,275 755,269 - - 887,629 11,690,775Restricted for Programs 1,247,883 - - - 680,942 -Reserved for Program Operations 1,080,952 - - - - 3,906,175Total Fund Equity 13,273,110 755,269 - - 1,568,571 15,596,950Total Liabilities and Fund Equity 115,590,052 755,269 51,189,160 4,422,500 15,682,565 187,639,546

Vermont Housing Conservation BoardStatement of Revenues and ExpendituresFrom 7/1/2012 Through 12/31/2012(In Whole Numbers)Trust Bond HOMEFarmlandPreservationProgramMiscellaneousGrant FundsTotalRevenuesLoan repayment - principal 44,820 - - - 17,154 61,974Loan repayment - interest 8,381 - - - - 8,382Other income 1,698 - - - 6,350 8,048Interest income 6,890 - - - - 6,890Property transfer tax revenues 13,688,640 - - - - 13,688,640Mitigation Revenues 369,069 - - - - 369,069Grant revenues 50,000 - 1,897,388 1,718,000 2,264,247 5,929,636AmeriCorps Sponsor Share - - - - 69,679 69,679Donations 8,550 - - - 1,000 9,550Total Revenues 14,178,048 - 1,897,388 1,718,000 2,358,430 20,151,867ExpendituresSalaries and Related ExpendituresSalaries 367,313 - 72,852 - 277,520 717,685Related Payroll Expenses 197,193 - 26,767 - 101,567 325,527Total Salaries and RelatedExpendituresOther Expenditures564,506 - 99,619 - 379,088 1,043,212Consulting Services 8,929 - - - 250 9,179Board Expenses 7,509 - - - 244 7,753Administrative Expenses 86,597 - 18,291 - 71,955 176,843Grant & Loans 4,951,841 1,316,436 1,774,096 1,718,000 1,117,599 10,877,973Flood recovery grant expense 1,000,000 - - - - 1,000,000Other Direct Program Expenses 44,519 - 5,384 - 1,222,059 1,271,962Total Other Expenditures 6,099,395 1,316,436 1,797,770 1,718,000 2,412,107 13,343,709Total Expenditures 6,663,901 1,316,436 1,897,388 1,718,000 2,791,195 14,386,921Operating Transfers in(out) (540,167) - - - 540,167 -Rev over (under) Exp's & Transfers 6,973,980 (1,316,436) - - 107,402 5,764,945Beginning Fund Balance 6,299,130 2,071,706 - - 1,461,169 9,832,005Ending Fund Balance 13,273,110 755,269 - - 1,568,571 15,596,950