SECTION 1. Chapter 40H of the General Laws is hereby amended by adding the following section:-

Section 10.

There is hereby established a Massachusetts center for housing cooperatives within CEDAC. The Massachusetts center for housing cooperatives shall provide education, conduct outreach and promote efforts to create an overall environment in the commonwealth to: (i) expand and enhance cooperative resident ownership; (ii) preserve the existing and increase the number of cooperatively owned properties; (iii) publicize and promote the benefits of resident cooperative housing to policy makers and the general public; (iv) encourage collaborative outreach efforts regarding involvement and cooperative housing ownership; (v) research and evaluate cooperative housing ownership in the commonwealth; (vi) showcase cooperative housing initiatives in the commonwealth; (vii) facilitate and coordinate the sharing of existing information and resources; and (viii) provide grants pursuant to this chapter. The Massachusetts center for housing cooperatives within CEDAC shall focus its efforts to promote housing cooperatives for low to moderate income people in the commonwealth.

(1) The director of the Massachusetts center for housing cooperatives shall have the power to hire staff, appoint any specific committee or task force and contract with consultants, agents or advisors deemed necessary to further the purposes of this section.

(2) The director may accept gifts or grants of money or property from any source to further the work of the center; provided, however, that any money received shall be deposited with the state treasurer to be kept in a separate fund in the treasury to be named the Massachusetts Center for Housing Cooperatives Fund dedicated to the center and for expenditure without appropriation by the director of the center in accordance with the conditions of such a gift or grant. Amounts remaining in the fund at the end of a fiscal year shall not revert to the General Fund and shall be available for expenditure in subsequent fiscal years.

(3) The director shall issue rules, regulations and procedures governing the application for and delivery of services which are deemed necessary for the proper performance of the duties of the center.

(4) Annually, the director shall file a report with the clerks of the house of representatives and senate, including an inventory of housing cooperatives in the state and the specific activities taken by the center to support and promote the transition of traditionally structured properties to a cooperative resident ownership model.

(5) The director shall be a full-time employee of CEDAC and shall be appointed by and report directly to the director of CEDAC.

SECTION 2. The commonwealth shall appropriate $100,000,000 in fiscal year 2024 for a reserve to promote housing cooperatives throughout the commonwealth for low to moderate income people, including, but not limited to acquiring real estate to establish housing cooperatives, preserving, rehabilitating and satisfying the capital needs of existing cooperatives through programs administered by the department of housing and community development directly or through 1 or more of the following: (i) Massachusetts Housing Finance Agency; (ii) Massachusetts Housing Partnership; and (iii) Community Economic Development Assistance Corporation; provided further, that within 180 days of the effective date of this Act, the department shall submit a report to the house and senate committees on ways and means and the joint committee on economic development and emerging technologies on recommendations for creating and preserving housing cooperatives throughout the commonwealth.