SECTION 1. Notwithstanding the provisions of section 5 of chapter 44B of the Massachusetts General Laws, the town of Wellesley, upon recommendation of its community preservation committee, is hereby authorized to appropriate or expend community preservation funds to the Wellesley Housing Authority, an independent body politic and corporate established pursuant to chapter 121B of the Massachusetts General Laws, for the acquisition, creation, preservation, rehabilitation or restoration, and support of community housing, as such terms are defined in said chapter 44B.

SECTION 2. Funds appropriated or expended for the rehabilitation or restoration of community housing that was not acquired or created pursuant to said chapter 44B shall not count towards the requirement in section 6 of said chapter 44B to spend, or set aside for later spending, not less than a certain percent of the annual revenues for community housing.

SECTION 3. The town shall not appropriate or expend any funds for the rehabilitation or restoration of  community housing that was not acquired or created pursuant to said chapter 44B that were set aside for later spending on community housing projects under section 6 of said chapter 44B.

SECTION 4. The town of Wellesley, acting by and through its community preservation committee, shall execute a grant agreement with the Wellesley Housing Authority concurrent with any appropriation and expenditure of funds under this Act to ensure that all community preservation funds are expended appropriately.

SECTION 5. This Act shall take effect upon its passage.