SECTION 1. (a) Notwithstanding section 5 of chapter 44B of the General Laws or any other general or special law to the contrary, the town of Wellesley, upon recommendation of the town’s community preservation committee, may appropriate or expend community preservation funds to the Wellesley Housing Authority for the acquisition, creation, preservation, rehabilitation or restoration and support of community housing, as those terms are defined in said chapter 44B.

(b) Funds appropriated or expended for the rehabilitation or restoration of community housing that was not acquired or created pursuant to chapter 44B of the General Laws 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 per cent of the annual revenues for community housing; provided, however, that in addition to the requirement under said section 6 of said chapter 44B, for each dollar appropriated or expended pursuant to this act for the rehabilitation or restoration of community housing that was not acquired or created pursuant to said chapter 44B, the town shall spend, or set aside for later spending, a dollar for the acquisition, creation, preservation and support of community housing or for the rehabilitation or restoration of community housing that was acquired or created pursuant to said chapter 44B.

(c) 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 chapter 44B of the General Laws that were set aside for later spending on community housing projects under section 6 of said chapter 44B.

(d) 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 pursuant to this act to ensure that all community preservation funds are expended appropriately.

SECTION 2. This act shall take effect upon its passage.