Amendment ID: S2410-19-R2

2nd Redraft Amendment 19

Increasing Transparency for Municipal Affordable Housing Trust Funds

Ms. L'Italien and Ms. Creem move to amend the amendment "SECTION 78A. Subsection (a) of section 55C of chapter 44, as so appearing, is hereby amended by inserting after the word “households”, in line 7, the following words:- and for the funding of community housing, as defined in and pursuant to chapter 44B.

SECTION 78B. Said section 55C of said chapter 44, as so appearing, is hereby further amended by inserting after the figure “44B”, in line 33, the following words:- ; provided, however, that any money received from said chapter 44B shall be used exclusively for community housing, shall remain subject to all the rules, regulations and limitations of that chapter when expended by the trust; provided further, that such money shall be used exclusively for community housing and such funds shall be accounted for separately by the trust; provided further, that at the end of each fiscal year, the trust shall ensure that all expenditures of funds received from said chapter 44B are reported to the community preservation committee of the city or town for inclusion in the Community Preservation Initiatives Report, Form CP-3, to the department of revenue.

SECTION 78C. Said section 55C of said chapter 44, as so appearing, is hereby further amended by inserting after the word “releases”, in line 44, the following words:- , grant agreements."; and

by adding the following section:-

"SECTION 240. Sections 78A to 78C, inclusive, shall take effect on the effective date of this act and shall apply to all funds held by a trust under chapter 44B of the General Laws on or after the effective date of this act.