(a)(1) There is created the Better Places Program within the Department of Housing and Community Development, and the Better Places Fund, which the Department shall manage pursuant to 32 V.S.A. chapter 7, subchapter 5. This shall be the same Fund created under the prior section 2799 of this title.
(2)The purpose of the Program is to utilize crowdfunding to spark community revitalization through collaborative grantmaking for projects that create, activate, or revitalize public spaces.
(3)The Department may administer the Program in coordination with and support from other State agencies and nonprofit and philanthropic partners.
(b)The Fund is composed of the following:
(1)State or federal funds appropriated by the General Assembly;
(2)gifts, grants, or other contributions to the Fund;
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(a)(1) There is created the Better Places Program within the Department of Housing and Community Development, and the Better Places Fund, which the Department shall manage pursuant to 32 V.S.A. chapter 7, subchapter 5. This shall be the same Fund created under the prior section 2799 of this title.
(2) The purpose of the Program is to utilize crowdfunding to spark community revitalization through collaborative grantmaking for projects that create, activate, or revitalize public spaces.
(3) The Department may administer the Program in coordination with and support from other State agencies and nonprofit and philanthropic partners.
(b) The Fund is composed of the following:
(1) State or federal funds appropriated by the General Assembly;
(2) gifts, grants, or other contributions to the Fund; and
(3) any interest earned by the Fund.
(c) As used in this section, “public space” means an area or place that is open and accessible to all persons with no charge for admission and includes village greens, squares, parks, community centers, town halls, libraries, and other publicly accessible buildings and connecting spaces such as sidewalks, streets, alleys, and trails.
(d)(1) The Department of Housing and Community Development shall establish an application process, eligibility criteria, and criteria for prioritizing assistance for awarding grants through the Program.
(2) The Department may award a grant to a municipality, a nonprofit organization, or a community group with a fiscal sponsor for a project that is located in or serves an area designated under this chapter that will create a new public space or revitalize or activate an existing public space.
(3) The Department may award a grant to not more than three projects per calendar year within a municipality.
(4) The minimum amount of a grant award is $5,000.00, and the maximum amount of a grant award is $40,000.00.
(5) The Department shall develop matching grant eligibility requirements to ensure a broad base of community and financial support for the project, subject to the following:
(A) A project shall include in-kind support and matching funds raised through a crowdfunding approach that includes multiple donors.
(B) An applicant may not donate to its own crowdfunding campaign.
(C) A donor may not contribute more than $10,000.00 or 35 percent of the campaign goal, whichever is less.
(D) An applicant shall provide matching funds raised through crowdfunding of not less than 33 percent of the grant award. The Department may require a higher percent of matching funds for certain project areas to ensure equitable distribution of resources across Vermont.
(e) The Department of Housing and Community Development, with the assistance of a fiscal agent, shall distribute funds under this section in a manner that provides funding for projects of various sizes in as many geographical areas of the State as possible.
(f) The Department of Housing and Community Development may use up to 15 percent of any appropriation to the Fund from the General Fund to assist with crowdfunding, administration, training, and technological needs of the Program. (Added 2023, No. 181 (Adj. Sess.), § 66, eff. June 17, 2024.)