Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
The town of Orleans may establish a separate fund to be known as the Affordable Housing Trust Fund for the purpose of creating or preserving affordable housing by: (a) the town of Orleans or the Orleans Housing Authority; or (b) a housing trust or community development corporation created under the laws of the commonwealth. The funds may specifically be used to purchase and improve land, to purchase dwelling units or to develop new or rehabilitate existing dwelling units for purchase or rental by qualified affordable housing purchasers or tenants or to preserve existing affordable housing in the affordable housing inventory. Expenditures shall follow an allocation plan submitted by a joint committee made up of the housing task force and the Orleans Housing Authority commissioners as appointed by the board of selectmen. The allocation plan and any specific capital purchases for land or buildings shall be approved at a town meeting. Any acquisition or disposition of real property shall be subject to approval at a town meeting. Other expenditures from the Affordable Housing Trust Fund shall be authorized by a majority vote of the board of selectmen and such expenditures shall be used for affordable housing purposes.