SECTION 1. The Town of Concord, hereafter referred to as "the Town," may, by bylaw, require the payment of an affordable housing surcharge for any construction that: (i) requires a building permit; and (ii) exceeds a minimum construction value to be determined by the Select Board of the Town. The bylaw shall specify the amount of said affordable housing surcharge, the method by which the surcharge may be increased from time to time, and any types of construction or uses to which the affordable housing surcharge shall not apply.
SECTION 2. All fees received pursuant to this act shall be dedicated to the Concord Housing Development Corporation established by the Town or deposited in the Concord Affordable Housing Trust Fund established pursuant to section 55C of Chapter 44 of the General Laws.
SECTION 3. For the purposes of this act, "affordable housing" shall mean as defined under section 1 of chapter 60 of the General Laws.
SECTION 4. Acceptance of this act by the Town of Concord shall be first by vote of approval at an annual Town Meeting, to be followed by an affirmative vote of a majority of the voters at any regular or special election at which the question of acceptance is placed on the ballot. Sections 1 to 3, inclusive shall take effect 30 days after such acceptance by the Town.
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