Budget Amendment ID: FY2017-S4-106

LOC 106

Affordable Housing Trust

Ms. L'Italien, Mr. Moore and Ms. Creem moved that the proposed new text be amended by inserting the following new section:- SECTION XX: (A) Subsection (a) of section 55C of chapter 44 is hereby amended, in line 5, by adding after the word “households” the words “and for all purposes eligible for community housing funds, as defined in and in accordance with the provisions of chapter 44B.”

(B) Subsection (c)(1) of section 55C of chapter 44 s is hereby amended  by adding the following after ”Chapter 44B”:  “Any such money received from chapter 44B shall remain subject to all the rules, regulations and limitations of that chapter when expended by the trust, and such funds shall be accounted for separately by the trust.  At the end of each fiscal year, the trust shall ensure that all expenditures of funds received from 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."

(C) Subsection (c)(4) of section 55C of chapter 44 is hereby amended  by inserting after the word “releases” the words “, grant agreements”

(D) This section shall be effective on July 1, 2016 and shall apply to all Chapter 44B funds held by a trust as of the effective date and to all Chapter 44B funds received by a trust after that date.