Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. 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.

SECTION 2. The Affordable Housing Trust Fund shall be maintained by the town 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 of the General Laws. Any interest earned on the account shall be credited to and become part of the separate account.

SECTION 3. 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 affordable housing.

SECTION 4. The town may deposit proceeds from the sale of town owned property or 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.

SECTION 5. This act shall take effect upon its passage.