Loading...
HomeMy WebLinkAbout2006 ATM -ARTICLE 33-FORM 2-#1-HOUSING TRUST FUND-EXISTING CHAPTER 28 OF NORTH qti et.lEO is U p 0^yq9 9SSNCHUSES TOWN OF NORTH ANDOVER OFFICE OF THE TOWN CLERK 120 MAIN STREET NORTH ANDOVER, MASSACHUSETTS 01845 Joyce A.Bradshaw,CMMC Telephone(978)688-9502 Town Clerk Fax (978)688-9557 E-mail Bradshaw(dtownofnorthandover.com This is to certify that the following was the text of Chapter 28 Housing Trust Fund of the General Bylaws for the Town of North Andover on May 8, 2006: CHAPTER 28 HOUSING TRUST FUND HISTORY: Adopted by the Town of North Andover May 2, 1988 Annual Town Meeting Article 31. Amendments noted where applicable.] § 28-1. Establishment; administration. § 28-2. Expenditures. § 28-1. Establishment; administration. An affordable Housing Trust Fund ("fund") shall be established in the town treasury and shall be kept separate and apart from other moneys by the Town Treasurer. Any moneys in said fund shall be expended only at the direction of the Board of Selectmen after consultation with the North Andover Housing Authority and the North Andover Housing Partnership or any other public agency deemed appropriate by the Board of Selectmen. All moneys which are collected as a result of any contribution to this fund shall be transferred to the principal of said fund, and the Town Treasurer shall be custodian of the fund and may deposit proceeds in a bank of invest the same in such securities as are legal for the investment of funds of savings banks under the laws of the Commonwealth of Massachusetts or in a federal savings and loan association situated in the commonwealth. Any interest earned thereon shall be creditied to and become part of the fund. The fund shall be administered by the Town Manager. § 28-2. Expenditures. A. Any moneys in the funds may be expended only by a majority voter of the entire membership of the Board of Selectmen and shall be appropriated for the following purposes: (1) Purchasing and leasing of affordable housing as defined by the commonwealth. (2) Providing rental assistance for persons qualified to receive federal or state rental assistance or subsidies. (3) Providing subsidies for reducing mortgage payments in accordance with income and assets limitations established by the authorizing state or federal agencies. (4) Participation in various affordable housing programs that may be made available by the state and federal governments from time to time. B. No moneys in this fund shall be used for any purpose not included or directly related to the purposes noted above.