Section 16 of chapter 121B of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by adding the following paragraph:-
The property of an instrumentality or entity created or designated by a housing authority in order to participate in the rehabilitation, repair, development or redevelopment of low and moderate income housing undertaken or assisted pursuant to local, state or federal legislation or resources, including a state or federal low income housing tax credit program, shall be deemed to be public property used for essential public and governmental purposes and shall be entitled to a tax exemption in the same manner as the housing authority under this section, and shall be entitled to make payments in lieu of taxes as provided in this section.
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