AN ACT AUTHORIZING THE TOWN OF TRURO TO ESTABLISH AN AFFORDABLE HOUSING TRUST FUND.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
The town of Truro may establish and maintain a special
account to be
known as the Affordable Housing Trust Fund, and may raise and appropriate money
for this account.
The Affordable Housing Trust Fund shall be maintained by
treasurer as a separate account. The treasurer may invest the funds in such
separate account in the manner authorized in sections 55 and 55B of chapter 44
the General Laws. Any interest earned on the account shall be credited to and
the separate account.
The town may appropriate by a majority vote at any special
or annual town meeting such sums as may be available in the Affordable Housing
Trust Fund for specific capital purchases of land or buildings, and any
acquisition or disposition of real property, for purposes related to affordable
housing. The board of selectmen by a majority vote may authorize other
expenditures from the Affordable Housing Trust Fund for purposes related to
The town may deposit proceeds from the sale of town owned
the sale of tax title foreclosure property directly into its Affordable Housing
Trust Fund established by this act. This section shall not apply to proceeds
from the sale of park land.
This act shall take effect upon its passage.