As used in this act, the following words shall have the following meanings:

SECTION 1. "Cambridge Housing Authority", a public body politic and corporate created within the City of Cambridge pursuant to Section 3 of Chapter 121B of the General Laws or corresponding provisions of earlier laws.

SECTION 2. Notwithstanding the provisions of Section 16 of Chapter 121B of the General Laws, or any other general or special law relative to the tax status of certain land owned by the Cambridge Housing Authority within the City of Cambridge, where the Cambridge Housing Authority sells or transfers ownership of buildings or other structures on land owned by it in the City of Cambridge to an entity created by it for the purpose of rehabilitation, repair, development or redevelopment of low and moderate income housing in the City Cambridge 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 Cambridge Housing Authority and the land, buildings or other structures are used for the purposes of providing low and moderate income housing.

SECTION 3. If any provision of this Act or the application of such provision to any person or circumstance shall be held invalid, the validity of the remainder of this Act and the applicability of such provision to other persons or circumstances shall not be affected thereby.

SECTION 4. The provisions of this Act shall be effective immediately upon passage.