Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of section twenty-six of chapter one hundred and twenty-one B of the General Laws to the contrary, the Boston Housing Authority is hereby authorized to sell or otherwise dispose of the property located at 444 Harrison avenue in the city of Boston, which is currently leased by the Pine Street Inn, Inc., to the Pine Street Inn, Inc. The executive office of communities and development, hereinafter referred to as the office, shall approve the sale and the terms thereof, which shall be at the fair market value for the proposed reuse of the property.
The office shall insure that the proceeds from such sale shall be reimbursed to the commonwealth in the amount of any grant made with respect to such building pursuant to section forty-one A of said chapter one hundred and twenty-one B or any other provision of law as well as the amount necessary to pay in full any other outstanding obligations of the commonwealth with respect to said facility. Such reimbursements shall be paid to the state treasury and credited to the General Fund.
The office shall further determine that after reimbursement to the commonwealth, as provided for in the prior paragraph, the proceeds of such sale or other funds available to the Boston Housing Authority for said facility, or both, shall not be less than the amount necessary to pay in full the principle of and interest on the outstanding obligations of the Boston Housing Authority with respect to said facility. Such amount of proceeds of the funds not necessary to pay in full said obligations shall be deposited in trust by the office for the benefit of the holders of other outstanding obligations. Until and unless all such outstanding obligations are paid and discharged in full said proceeds and other funds shall be expended solely for payment of principal and interest thereon. All monies remaining after the commonwealth, the Boston Housing Authority and all other outstanding obligations have been settled will be paid to the state treasury and credited to the General Fund.
The office shall insure that such sale complies with the requirements of section forty J of chapter seven of the General Laws, concerning disclosure of direct or indirect beneficial interest in Pine Street Inn, Inc.; provided, however, that such sale shall not be subject to the requirements of section forty E, forty F, forty H, or forty I of said chapter seven.
The office shall enter into a disposition agreement among the office, the Boston Housing Authority and Pine Street Inn, Inc., which shall assure the continued operation of such facility for at least twenty years as a facility providing food and shelter for homeless persons, as defined in paragraph (e) of section two of chapter one hundred and seventeen of the General Laws, to the extent such facility is under contract with or funded by the commonwealth or any department thereof to operate. Said agreement shall provide that if the Pine Street Inn, Inc. sells the facility after twenty years from the date of purchase, any profit shall be used for the provision of homeless shelters or low income housing.