AN ACT ESTABLISHING AN AFFORDABLE HOUSING TRUST FUND IN THE TOWN OF WELLFLEET.
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 Wellfleet may establish and maintain a special fund to be known as the Affordable Housing Trust Fund. The fund may accept monies obtained through private and public gifts, contributions, and grants and appropriations made by town meeting.
SECTION 2. The town treasurer of the town of Wellfleet shall be the custodian of the fund and may deposit proceeds in national banks or invest them 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 in the commonwealth. Any interest earned on the fund shall be added to and become part of the fund. The trustee of the fund shall be the Wellfleet Housing Authority.
SECTION 3. Expenditures from the Affordable Housing Trust Fund shall be authorized by a majority vote of the Wellfleet Housing Authority in consultation with the Wellfleet local housing partnership. Monies in the fund may be expended at the direction of the trustee without further appropriation for the purpose of promoting and expanding the affordable housing inventory in the town of Wellfleet, including costs and expenses associated with research, acquisition, creation, construction, maintenance, rehabilitation, relocation, program administration, and legal and engineering fees incurred in connection with this purpose.
Approved November 8, 2006.