Section 16 of chapter 121B of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by adding the following paragraph:-

“Where an operating agency sells or transfers ownership of buildings or other structures on land owned by it to an entity created by it for the purpose of rehabilitation, repair, development or redevelopment of low and moderate income housing undertaken or assisted pursuant to state or federal legislation or resources, including a state or federal low income housing tax credit program, such land, buildings or other structures shall be deemed to be public property used for essential governmental purposes and shall be exempt from taxation and subject to the payment in lieu of taxes as provided in this section, provided such land is owned by the operating agency and the land, buildings or other structures are used for the purposes of providing low and moderate income housing.”