Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The board of selectmen of the town of Brookline is hereby authorized to create a property rehabilitation revolving loan program for the purpose of making loans for the rehabilitation of housing for low, moderate and middle income persons and families. Said board shall establish reasonable eligibility standards and rates to be charged for such loans.
SECTION 2. Notwithstanding the provisions of section fifty-three of chapter forty-four of the General Laws, the town of Brookline may establish in the town treasury a revolving fund which shall be kept separate and apart from all other monies by the treasurer and in which shall be deposited all federal or state grants or appropriations made by said town for the purposes of section one and all receipts received in connection with the operation of the property rehabilitation revolving loan program. The principal and interest thereon shall be expended at the direction of the board of selectmen without further appropriation for the purposes of said program.
SECTION 3. This act shall take effect upon its passage.