Mortgage credit certificates In addition to other powers granted in this chapter, the Agency shall have the power to establish a qualified mortgage credit certificate program and to issue mortgage credit certificates as provided in this section. The terms 'qualified mortgage credit certificate program' and 'mortgage credit certificate' shall have the meaning prescribed in Section 25 of the Internal Revenue Code, as amended. Before establishing a qualified mortgage credit certificate program, the Agency shall determine that to do so will effectuate the purposes of this chapter. In carrying out such a program, the Agency shall have the power to take all appropriate actions for such purpose, including formulating and implementing administration procedures, making all necessary reports and filings, and electing not to issue bonds or notes otherwise authorized by this chapter. In lieu of the requirements of this chapter applicable to the purchase and sale by the Agency of mortgage loans and rehabilitation loans, any qualified mortgage certificate program established by the Agency shall comply with and be subject to the provisions of Section 25 of the Internal Revenue Code, as loans and rehabilitation loans, any qualified mortgage certificate program established by the Agency shall comply with and be subject to the provisions of Section 25 of the Internal Revenue Code, as amended, and regulations thereunder as in effect from time to time. Any rule, regulation, practice, policy, or procedure adopted by the Agency for the purpose of implementing or administering a mortgage credit certificate program shall not be subject to the requirements of 3 V.S.A. chapter 25. (Added 1987, No. 8, § 2, eff. April 14, 1987.)
Vermont Legal Code