§ 280a. Eligible projects; authorized financing programs

(a) The Authority may develop, modify, and implement any existing or new financing program, provided that any specific project that benefits from such program shall meet the criteria contained in the Vermont Sustainable Jobs Strategy adopted under section 280b of this title, and provided further that the program shall meet the criteria contained in the Vermont Sustainable Jobs Strategy adopted under section 280b of this title. These programs may include:

(1) the Mortgage Insurance Program, administered under chapter 12, subchapter 2 of this title;

(2) the Loans to Local Development Corporations Program, administered under chapter 12, subchapter 3 of this title;

(3) the Industrial Revenue Bond Program, administered under chapter 12, subchapter 4 of this title;

(4) the Direct Loan Program, administered under chapter 12, subchapter 5 of this title;

(5) the SBA 504 Certified Development Company and Small Business Loan Programs of the Authority's Vermont 504 Corporation, administered by the Authority under subdivision 216(13) of this title;

(6) the Small Business Development Corporation Program, administered by the Authority under subdivision 216(14) of this title;

(7) one or more programs targeting economically distressed regions of the State, and specifically including the Authority to develop a program to finance or refinance up to 100 percent of the existing assets or debts of a health, recreation, and fitness organization that is exempt under Section 501(c)(3) of the Internal Revenue Code, the income of which is entirely used for its exempt purpose, that owns and operates a recreation facility located in a distressed region of the State;

(8) an Export Finance Program, administered by the Authority under chapter 12, subchapter 9 of this title;

(9) a Vermont Sustainable Energy Loan Fund and any programs created thereunder, administered by the Authority under subchapter 13 of this chapter;

(10) any other program implemented after the adoption of the sustainable jobs strategy pursuant to section 280b of this title designed to meet Vermont's need for sustainable economic development;

(11) a program that would award grants made to eligible and qualified recipients as directed by the Agency of Agriculture, Food and Markets or the Agency of Natural Resources for the purpose of funding water quality initiatives approved by the agencies, provided that the maximum amount of grants awarded by the Authority pursuant to the program shall not exceed $1,340,238.00 in the aggregate.

(b) This section shall not apply to the Job Start Program authorized by chapter 12, subchapter 7 of this title, and the agricultural finance programs authorized by chapter 16 of this title. (Added 1995, No. 46, § 14; amended 2003, No. 122 (Adj. Sess.), § 281, eff. June 10, 2004; 2011, No. 63, § E.800; 2013, No. 87, § 5, eff. June 17, 2013; 2015, No. 39, § 20.)