AN ACT ESTABLISHING AN AFFORDABLE HOUSING TRUST FUND IN THE TOWN OF PROVINCETOWN.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
The town of Provincetown may establish a separate fund to
be known as
the Affordable Housing Trust Fund for the purpose of creating or preserving
affordable housing by: (a) the town of Provincetown or the Provincetown
Authority; (b) a housing trust or community development corporation created
the laws of the commonwealth; or (c) an applicant for affordable housing
program funds to the United States Department of Housing and Urban Development,
Massachusetts department of housing and community development, or the
county home consortium subject to the subsequent approval of funding by that
agency. Expenditures from the Affordable Housing Trust Fund shall be
by a majority vote of said housing authority, in consultation with the
Provincetown housing partnership. Such expenditures shall be used for the
creation, preservation, and support of affordable housing, and for
or restoration of such land for affordable housing that is acquired or created
said town, including the reuse of existing buildings or construction of new
buildings on previously developed sites, and shall include funds to defray the
cost of hiring of an affordable housing specialist by said town.
The town of Provincetown shall establish said fund as a separate account to be maintained by the town treasurer. The following monies shall be deposited in said account: (i) 25 per cent of the proceeds generated by the sale of any land acquired by the town through tax title foreclosure, and (ii) any gifts made to the town for the express purpose of the creation, preservation or support of affordable housing. The treasurer may invest the funds in such separate account in the manner authorized by sections 55 and 55A of chapter 44 of the General Laws. Any interest earned on the fund shall be credited and become part of such separate account.
This act shall take effect upon its passage.