SECTION 1: Construction and development activity related to development by the Holyoke Housing Authority of the South Holyoke Homes in Holyoke, Massachusetts, or any part thereof, shall not be subject to any general or special law related to the procurement and award of contracts for the planning, design, construction management, construction, reconstruction, installation, demolition, maintenance or repair of buildings by a public agency but shall be subject to sections 26 to 27H, inclusive, of chapter 149 of the General Laws. Contracts for the construction, reconstruction, alteration, remodeling or repair of any publicly-owned public works that services this project and that would otherwise be subject to section 39M of chapter 30 of the General Laws shall be subject to said section 39M of said chapter 30 if the redevelopment of the project is funded, in part, by a state or federal low-income housing tax credit, grant or loan or pursuant to the issuance of tax-exempt bonds authorized by law. A conveyance of the project, whether by leasehold or fee estate, to an urban redevelopment corporation organized under chapter 121A of the General Laws or to a nonprofit state and federally tax-exempt corporation organized to revitalize the project shall be subject to chapter 30B of the General Laws to the extent that the project is conveyed to an entity that is not owned, controlled or managed by the Holyoke Housing Authority on the date of the conveyance. Subject to compliance with the requirements of said chapter 30B, the project may be conveyed to and may be owned, maintained and operated by an entity that is not owned, controlled or managed by the Holyoke Housing Authority provided that such entity enters into a binding legal contract and land use restriction with the Holyoke Housing Authority and with the department of housing and community development that requires compliance with chapter 121B of the General Laws and 760 CMR §§ 4.00 et seq., 5.00 et seq. and 6.00 et seq. in the same manner and to the same effect as if such entity were a housing authority, subject to such regulatory waivers given by the department of housing and community development as may be necessary to secure financing.

SECTION 2: This act shall take effect immediately upon passage.