SECTION 1. Section 2 of chapter 44B of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting after the definition of “Maintenance” the following definition:-

“Market rate housing”, housing priced consistently with prevailing rents or sale prices in the city or town administering the Community Preservation Fund.

SECTION 2. Section 6 of said chapter 44B of the General Laws, as so appearing, is hereby amended by inserting after the word “housing”, in line 7, the following words:- , provided, however, that a city or town may spend said 10 per cent of annual revenues for community housing  on community housing or market rate housing, if the city or town’s inventory of low or moderate income housing units, as determined by the department of housing and community development, was at least 100 per cent of the statutory minima pursuant to chapter 40B, as currently calculated pursuant to the applicable rules and regulations of the department; provided, further, that market rate housing acquired with monies from the Community Preservation Fund shall not be subject to section 12 .