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 housing authority of the town of Nantucket may sell and transfer certain land in the town, described in section 2, for the development and use in perpetuity as housing for low or moderate income households for such consideration as the authority considers reasonable. The authority shall retain the proceeds from any such sale and transfer for use in administration, monitoring and enforcement of affordable housing restrictions on the property. The restrictions shall be recorded in the Nantucket registry of deeds. Notwithstanding section 34 of chapter 121B of the General Laws, the housing authority need not pay such proceeds to the commonwealth, and the approval of the department of housing and community development shall not be required.
For purposes of this act, the housing authority or its designee shall be in compliance if at least 25 per cent of the units to be developed on the land are for use in perpetuity by households earning below 80 per cent of the median income for Nantucket county, as defined periodically by the United States Department of Housing and Urban Development and the remaining 75 per cent of the units shall be developed to be affordable to households earning 80 per cent to 150 per cent of the median income for Nantucket county, as defined by the United States Department of Housing and Urban Development.
SECTION 2. The property to which section 1 applies is shown in the aggregate as lots 3, 9-17 on a plan of land entitled "Plan of Land in Nantucket Island, Mass." dated March 14, 1994, drawn by Charles W. Hart & Associates, Inc., and recorded in the Nantucket registry of deeds in plan file 44-Y.
SECTION 3. This act shall take effect upon its passage.
Approved October 20, 2006.