The Vermont Housing and Conservation Board (VHCB) was created by the Vermont Legislature in 1987. The pace and pattern of development in Vermont in the mid‐1980’s was threatening historic settlement patterns and the rural character of the state. Housing prices were rapidly rising beyond the reach of Vermonters, development pressure on the state’s valuable agricultural and natural lands was escalating at a record pace, and historic properties and downtowns were being abandoned for suburban, sprawl development. In 1986, a coalition of affordable housing, conservation, and historic preservation advocates concerned with this rapid change in the character of the Vermont landscape approached the state legislature with a plan to form a unique agency to review and fund projects addressing a range of community needs. The Legislature responded, passing the Vermont Housing and Conservation Trust Fund Act, enacted in June 1987, and capitalized with $3 million.