AN ACT AUTHORIZING THE TOWN OF READING TO ESTABLISH AN AFFORDABLE HOUSING TRUST FUND.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
The town of Reading may establish a separate fund to be known as the
Housing Trust Fund for the purpose of creating or preserving affordable housing
by the town of Reading, the Reading Housing Authority or a housing trust,
community development corporation or similar entity created under the laws of
commonwealth for the purpose of creating, maintaining or operating affordable
All expenditures from the fund shall be used for low or moderate income
as defined in section 20 of chapter 40B of the General Laws. The funds may
specifically be used to:
(a) purchase and improve land;
(b) purchase dwelling units;
(c) develop new or rehabilitate existing dwelling units for purchase or
by low and moderate income housing purchasers or tenants; and
(d) preserve existing subsidized housing inventory as maintained by the
department of housing and community development pursuant to said chapter 40B.
Expenditures shall follow an allocation plan submitted by the board of
annually to town meeting at the annual town meeting, and approved by town
The allocation plan may be amended by town meeting at any special town
meeting. The board of selectmen may request the advice of the Reading Housing
the community planning and development commission, and others in developing any
allocation plan. The allocation plan shall be a general plan of how funds from
the fund will be expended over the next fiscal year, and a report on how funds
were spent during the previous fiscal year.
All expenditures from the fund, including funds for capital purchases of land or
buildings, shall be in accordance with the allocation plan and approved by a
majority vote of the full combined memberships of the board of selectmen and the
Reading Housing Authority.
The fund may also be the repository of any allocation for affordable housing
purposes made under chapter 44B of the General Laws, if the town votes to
accept sections 3 to 7, inclusive of said chapter 44B.
The town treasurer shall be the custodian of the fund and shall invest the
in the manner authorized by sections 55, 55A and 55B of chapter 44 of the
Laws. Any income or proceeds received from the investment of funds shall be
credited to and become part of the fund.