HomeMy WebLinkAboutM_G_L - Chapter 44, Section 55C M_G_L - Chapter 44, Section 55C
M.G.L - Chapter 44, Section 55CGENERAL LAWS OF MASSACHUSETTS
PART I.
ADMINISTRATION OF THE GOVERNMENT
TITLE VII.
CITIES, TOWNS AND DISTRICTS
CHAPTER 44. MUNICIPAL FINANCE
MISCELLANEOUS PROVISIONS
Chapter 44: section 55C Municipal Affordable Housing Trust Fund
[ Text of section added by 20049 491, Sec. 1 effective April 7, 2005.]
section 55C. (a) Notwithstanding section 53 or any other general or
special law to the contrary, a city or town that accepts this section may
establish a trust to be known as the Municipal Affordable Housing Trust
Fund, in this section called the trust. The purpose of the trust is to
provide for the creation and preservation of affordable housing in
municipalities for the benefit of low and moderate income households. For
the purposes of this section, acceptance shall be in a town by vote of an
annual town meeting, and in any other municipality in accordance with
section 4 of chapter 4.
(b) There shall be a board of trustees, in this section called the
board, which shall include no less than 5 trustees, including the chief
executive officer, as defined by section 7 of chapter 4, of the city or
town. Trustees shall be appointed in a city by the mayor or by the city
manager in a Plan D or Plan E municipality, subject in either case, to
confirmation by the city council , and in a town by the board of selectmen,
shall serve for a term not to exceed 2 years, and are designated as public
agents for purposes of the constitution of the commonwealth.
(c) The powers of the board, all of which shall be carried on in
furtherance of the purposes set forth in this act, may include, but not be
limited to, the following:--
(1) to accept and receive property, whether real or personal , by gift,
grant, devise, or transfer from any person, firm, corporation or other
public or private entity, including without limitation grants of funds or
other property tendered to the trust in connection with provisions of any
zoning ordinance or by-law or any other ordinance or by-law;
(2) to purchase and retain real or personal property, including without
restriction investments that yield a high rate of income or no income;
(3) to sell , lease, exchange, transfer or convey any personal , mixed, or
real property at public auction or by private contract for such
consideration and on such terms as to credit or otherwise, and to make
such contracts and enter into such undertaking relative to trust property
as the board deems advisable notwithstanding the length of any such lease
or contract;
(4) to execute, acknowledge and deliver deeds, assignments, transfers,
pledges, leases, covenants, contracts, promissory notes, releases and
other instruments sealed or unsealed, necessary, proper or incident to any
transaction in which the board engages for the accomplishment of the
purposes of the trust;
(5) to employ advisors and agents, such as accountants, appraisers and
lawyers as the board deems necessary;
(6) to pay reasonable compensation and expenses to all advisors and
agents and to apportion such compensation between income and principal as
the board deems advisable;
(7) to apportion receipts and charges between incomes and principal as
the board deems advisable, to amortize premiums and establish sinking
funds for such purpose, and to create reserves for depreciation depletion
or otherwise;
(8) to participate in any reorganization, recapitalization, merger or
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M_G_L - Chapter 44, Section 55C
similar transactions; and to give proxies or powers of attorney with or
without power of substitution to vote any securities or certificates of
interest; and to consent to any contract, lease, mortgage, purchase or
sale of property, by or between any corporation and any other corporation
or person;
(9) to deposit any security with any protective reorganization
committee, and to delegate to such committee such powers and authority
with relation thereto as the board may deem proper and to pay, out of
trust property, such portion of expenses and compensation of such
committee as the board may deem necessary and appropriate;
(10) to carry property for accounting purposes other than acquisition
date values;
(11) to borrow money on such terms and conditions and from such sources
as the board deems advisable, to mortgage and pledge trust assets as
collateral ;
(12) to make distributions or divisions of principal in kind;
(13) to comprise, attribute, defend, enforce, release, settle or
otherwise adjust claims in favor or against the trust, including claims
for taxes, and to accept any property, either in total or partial
satisfaction of any indebtedness or other obligation, and subject to the
provisions of this act, to continue to hold the same for such period of
time as the board may deem appropriate;
(14) to manage or improve real property; and to abandon any property
which the board determined not to be worth retaining;
(15) to hold all or part of the trust property uninvested for such
purposes and for such time as the board may deem appropriate; and
(16) to extend the time for payment of any obligation to the trust.
(d) Notwithstanding any general or special law to the contrary, all
moneys paid to the trust in accordance with any zoning ordinance or
by-law, exaction fee, or private contributions shall be paid directly into
the trust and need not be appropriated or accepted and approved into the
trust. General revenues appropriated into the trust become trust property
and to be expended these funds need not be further appropriated. All
moneys remaining in the trust at the end of any fiscal year, whether or
not expended by the board within 1 year of the date they were appropriated
into the trust, remain trust property.
(e) The trust is a public employer and the members of the board are
public employees for purposes of chapter 268A .
(f) The trust shall be deemed a municipal agency and the trustees
special municipal employees, for purposes of chapter 268A.
(g) The trust is exempt from chapters 59 and 62, and from any other
provisions concerning payment of taxes based upon or measured by property
or income imposed by the commonwealth or any political subdivision
thereof.
(h) The books and records of the trust shall be audited annually by an
independent auditor in accordance with accepted accounting practices.
(i) The trust is a governmental body for purposes of sections 23A, 23B
and 23C of chapter 39.
(j) The trust is a board of the city or town for purposes of chapter 30B
and section 15A of chapter 40 ; but agreements and conveyances between the
trust and agencies, boards, commissions, authorities, departments and
public instrumentalities of the city or town shall be exempt from said
chapter 30B.
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