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 deposited into the Concord Municipal Affordable Housing Trust Fund established pursuant to section 55C of Chapter 44 of the General laws and used for any purposes permitted thereunder.

SECTION 3.  For the purposes of this act, “affordable housing” shall mean housing with an affordable housing restriction recorded with the Middlesex South Registrar of Deeds that requires the housing to be rented or owned by families and individuals whose income at initial occupancy is no more than 150 per cent of the area mean income as determined by the Federal Department of Housing and Urban Development guidelines and adjusted for family size and that thereafter such units shall be rented or sold, subject to such restrictions on appreciation as determined by the municipality to be reasonable and necessary to maintain long term affordability, to families or individuals at incomes of no more than 150 per cent of the area mean income.

SECTION 4.  Acceptance of this act by the Town of Concord shall be by vote of approval at an annual or special Town Meeting.  Sections 1 to 3, inclusive shall take effect 30 days after such acceptance by the Town.