Affordable Housing Trust Board of Trustees - AHTBT - Charge (Bylaw)

Browse Search

Town of Lexington Motion RECEIVED 2022-3 Special Town Meeting 2023 02 Mar, °dS Ipiry"i TOWN CLERK LEXINGTON MA ARTICLE 12 CREATION OF HOUSING TRUST MOTION: a. That the Town establish a municipal affordable housing trust pursuant to Massachusetts General Laws Chapter 44, Section 55C; and b. That the Code of the Town of Lexington be amended by adding a new Chapter 132, as follows, and that the Town Clerk be permitted to make edits to the Bylaw so that its numbering conforms to the format for the Code: Chapter 21 AFFORDABLE HOUSING TRUST BYLAW § 132-1. MUNICIPAL AFFORDABLE HOUSING TRUST There shall be in the Town of Lexington an Affordable Housing Trust created pursuant to the authority set forth in Massachusetts General Laws c. 44, § 55C and Article 12 of the 2022 Fall Special Town Meeting. § 132-2. NAME of the TRUST The Trust shall be called the "Lexington Affordable Housing Trust" (the "Trust"). § 132-3. PURPOSE The purpose of the Trust shall be to provide for the preservation and creation of affordable housing in the Town of Lexington for the benefit of low and moderate income households and for the funding of community housing, as defined in G.L. c. 44B (the "Community Preservation Act"). § 132-4. TRUSTEES There shall be a Board of Trustees (the"Board"),which shall include no less than five and no more than nine Trustees, including one member of the Select Board, each of whom, to the extent possible, shall have a background or interest in affordable housing, including a resident with a low- or moderate-income, and who,together, shall have a background in finance, law,real estate or real estate development. A. A majority of the Board shall constitute a quorum. B. All Trustees shall be appointed by the Select Board.