AN ACT AUTHORIZING THE TOWN OF BREWSTER TO ESTABLISH AN AFFORDABLE HOUSING 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 town of Brewster may establish and maintain a special fund to be known as
the Affordable Housing Fund. Monies obtained through fines, restitution or damages
collected in connection with the administration of any local affordable housing
by-laws and programs may be deposited into the fund, as well as monies obtained
through private and public gifts, contributions and grants, appropriations made
by town meeting, and payments in lieu of affordable unit set asides and development
agreement payments made under section 14 of chapter 716 of the acts of 1989.
SECTION 2. The town treasurer shall be custodian of the Affordable
Housing Fund and may deposit proceeds in national banks or invest the proceeds
in securities that are legal for the investment of funds of savings banks under
the laws of the commonwealth or in federal savings and loan associations located
in the commonwealth. Any interest earned on the fund shall be added to and become
part of the fund.
SECTION 3. To preserve, promote and increase affordable housing within the town of Brewster, the board of selectmen may expend fund monies to pay for research, acquisition, creation, construction, repair, maintenance, rehabilitation, program administration, legal and engineering fees and other costs associated with and incurred for affordable housing, or take any other related action.
Approved February 3, 2006.