Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. The town of Ipswich may establish a trust to be known as the Ipswich Affordable Housing Trust Fund, hereinafter referred to as the trust. The trust may receive funds appropriated by the town and may also receive the proceeds from any gift, grant or other source of funding. The purpose of the trust is to assist in the creation and preservation of affordable housing in the town for the benefit of low and moderate-income households. The trust shall be an expendable trust fund. The trust shall finance low and no interest loans, grants, subsidies, credit enhancements and other financial assistance for community affordable and mixed-income housing developments located in the town of Ipswich and shall pay for administering the trust.
SECTION 2. There is hereby established a board of trustees, hereinafter referred to as the board, which shall include 5 trustees, including ex officio the town manager or his designee. Those trustees that are not serving in an ex officio capacity shall be appointed by the board of selectmen, after consultation with the Ipswich Housing Partnership. At least 2 of the trustees shall also be members of the Ipswich Housing Partnership, if in existence at the time of appointment. The trustees are designated as public agents, and shall be appointed for terms of up to 3 years each, so arranged that the term of 1/3 of the board or as nearly that number as may be possible, shall expire each year.
SECTION 3. The powers of the board, all of which shall be carried on in furtherance of the proposed set forth in this act, shall include, but not be limited to, the following:-
(a) to accept and receive property on behalf of the trust, whether real or personal, by gift, grant, device, or transfer from any person, firm, corporation or other public or private entity, including without limitation grants of funds or other property rendered to the trust in connection with provisions of the Ipswich zoning by-law or any other town by-law;
(b) to recommend to the board of selectmen the sale, lease, exchange, transfer or conveyance any personal, mixed, or real property of the trust at public auction or by private contract for such consideration and on such terms as to credit or otherwise as the board deems advisable;
(c) to employ advisors or agents, such as accountants, appraisers, planners and attorneys and to delegate to such persons or firms ministerial or discretionary powers as the board deems necessary;
(d) to apportion receipts and charges between income and principle as the board deems advisable, to amortize premiums and establish sinking funds for such purpose, and to create reserves for depreciation depletion or otherwise; and to give proxies or powers of attorney with or without power of substitution to vote any securities or certificates of interest;
(e) to carry property for accounting purposes other than acquisition date values;
(f) to borrow money on such terms and conditions and from such sources as the board deems advisable;
(g) to hold trust property on behalf of the town provided the trust property is at all times identified as such in the books of the trust, and to hold any securities in registered or in bearer form;
(h) to extend the time for payment of any obligation to the trust;
(i) the trust shall be maintained as a separate fund and the board shall cause it to be audited by an independent accountant on an annual basis in accordance with accepted accounting principles. A copy of all audits shall be submitted to the board of selectmen of the town of Ipswich within 30 days of completion.
SECTION 4. This act shall take effect upon its passage.
Approved June 24, 2004.