From Valve Websitethe Steam KB:
All VAC bans are permanent###Important: All VAC bans are permanent - Valve has a zero-tolerance policy for cheating and will not lift >VACVAC bans under any circumstances.
Also,
Any third-party modification to a game designed to give one player an advantage over another is classified as a cheat or hack and will trigger a VAC ban. This includes modifications to a game's core executable files and dynamic link libraries.
And
The following will not trigger a VAC ban:
- Using chat programs like X-Fire
- Playing multi-player mods which do not modify core .EXE and .DLL files
- System hardware configurations
- Updated system drivers, such as video card drivers
- Using custom skins, sounds or map
So if your mod fall into second category but not first, you should be okay :)
It might also be good to know that VAC bans don't happen instantly, usually a random time between a week - 2 months you will see this ban occur. This is to help stop the cheaters from knowing which hacks actually get pass VAC Security.