Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Section 34 of chapter 121B of the General Laws, as appearing in the 1984 Official Edition, is hereby amended by striking out the third paragraph and inserting in place thereof the following two paragraphs:-
If the department shall determine that an acute shortage of housing for veterans constituting a public exigency, emergency or distress no longer exists and that a shortage of low-rent housing no longer exists in a particular city or town, any project, or a part of any project with the land appurtenant thereto, constructed under this section may, with the approval of the department, be sold for the fair market value thereof as determined by the department, but for not less than the total of the outstanding obligations of the housing authority with respect to such project if the whole is sold, or not less than that percentage of the total outstanding obligations of the authority with respect to such project which the cost of the part sold bears to the total cost of the entire project if a part is sold.
There is hereby established the Housing Authority Bonds Sinking Fund and the state treasurer is hereby designated custodian thereof. He shall administer such fund in accordance with the provisions of chapter twenty-nine. So long as any bonds issued by a housing authority to finance the cost of a project under this section or section thirty-five and guaranteed by the commonwealth are outstanding, the proceeds of any sale of such project shall be paid by the housing authority into such fund and shall be expended from time to time by the state treasurer to pay interest and principal of any bonds issued by such housing authority to finance such project.