AN ACT AUTHORIZING THE CITY OF QUINCY 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, as follows:
SECTION 1. Notwithstanding any general or special law to the contrary, the city of Quincy shall establish an Affordable Housing Trust Fund, in this act called the "fund". The city of Quincy shall appropriate into the fund any monies received by the city under the city of Quincy's affordable housing ordinance. Monies appropriated into the fund shall be used by the city of Quincy for any purpose consistent with the city of Quincy's affordable housing ordinance and: (1) the creation of affordable housing units through a variety of means including, but not limited to, the provisions of favorable financing terms or direct write down of costs for either nonprofit or for-profit developers or to subsidize the purchase of sites, existing structures, or affordable units within a larger development; (2) multifamily rehabilitation programs; (3) limited equity cooperatives; and (4) condominium conversions.
SECTION 2. Monies appropriated into the fund may be expended for purposes other than those contained in the city of Quincy's affordable housing ordinance upon a determination by the city of Quincy affordable housing trust fund committee that the expenditure is in the public interest and unanimous vote by the committee for the expenditure with the approval of the mayor of the city of Quincy.
SECTION 3. The fund shall be administered by the city of Quincy affordable housing trust fund committee, and the director of the city of Quincy's department of planning and community development or his designee, shall serve as trustee of the fund.
The members of the Quincy affordable housing trust fund committee may vote to accept, purchase, and disburse the trust funds, pursuant to the Quincy affordable housing ordinance. In the case of the acceptance, purchase, sale or disbursement of any housing units, land or property under the affordable housing ordinance, such acceptance, purchase, sale or disbursement is referred to the Quincy city council and approved consistent with all the requirements of law.
SECTION 4. Notwithstanding any general or special law to the contrary, the city of Quincy shall establish an Affordable Housing Trust, in this act called the "trust". The city of Quincy shall place into the trust any housing units, land or property received by the city under the city of Quincy's affordable housing ordinance. Trust property shall be used by the city of Quincy for any purpose consistent with the city of Quincy's affordable housing ordinance and: (1) the creation of affordable housing units through a variety of means including, but not limited to, the provisions of favorable financing terms or direct write down of costs for either nonprofit or for-profit developers or to subsidize the purchase of sites, existing structures, or affordable units within a larger development; (2) multifamily rehabilitation programs; (3) limited equity cooperatives; and (4) condominium conversions.
SECTION 5. Trust property may be used for purposes other than those contained in the city of Quincy's affordable housing ordinance upon a determination by the city of Quincy affordable housing trust fund committee that the use is in the public interest and unanimous vote by the committee for the use with the approval of the mayor of the city of Quincy.
SECTION 6. The trust shall be administered by the city of Quincy affordable housing trust fund committee, and the director of the city of Quincy's department of planning and community development or his designee, shall serve as trustee of the trust.
The members of the Quincy affordable housing trust fund committee may vote to accept, purchase, sell or disburse housing units, land or property conveyed to the city of Quincy pursuant to the Quincy affordable housing ordinance. In the case of the acceptance, purchase, sale or disbursement of any housing units, land or property under the affordable housing ordinance, such acceptance, purchase, sale or disbursement shall be referred to the Quincy city council and approved consistent with all the requirements of law.
SECTION 7. This act shall function in conjunction with the city of Quincy's affordable housing ordinance.
SECTION 8. This act shall take effect upon its passage.