[HISTORY: Adopted by the Town Council of the Town of Franklin 5-18-2005 by Bylaw Amendment 05-567. Amendments noted where applicable.]
Pursuant to the authority of Chapter 491 of Legislative Acts of 2004 and the Town of Franklin Home Rule Charter, there is hereby created a local municipal affordable housing trust fund to be known as the "Franklin Municipal Affordable Housing Trust Fund" (hereinafter, "Trust Fund").
The purpose of the Trust Fund shall be:
To receive, hold, invest, and/or expend funds for the acquisition, rehabilitation, renovation, construction, financing or refinancing of property within the Town of Franklin so that such property will be substantially available as residential property for low- and moderate-income persons and to further provide mechanisms to ensure such use; and
To utilize funds for temporary consulting services that allow the Town of Franklin to provide or preserve real property in the Town so that such property will be substantially available as residential property for low- and moderate-income persons and to further provide mechanisms to ensure such use.
The Trust Fund shall have seven Trustees at all times. The Franklin Town Administrator shall serve as a Trustee by virtue of the office held. The six remaining Trustees shall be appointed by the Town Administrator, subject to ratification by the Town Council. In making the appointments, the Town Administrator shall endeavor to provide a broad-based membership including legal, banking, financial and real estate professionals, other members of the local business community, affordable housing advocates, and other interested residents.
The Town Administrator's term as Trustee shall begin on the day that the Town Administrator is appointed and shall end upon the date that the Town Administrator's resignation or termination is effective. Each of the six other Trustees shall be appointed for a one-year term commencing on July 1 and ending on June 30 or until such time as a successor is appointed, should said appointment be delayed.
The Trustees shall annually elect one Trustee who shall not be the Town Administrator to serve as Chairperson. The Chairperson may establish subcommittees and/or ad hoc task related committees to carry out the purposes of the Trust Fund. Chairpersons of the subcommittees may be selected by the members of the subcommittees.
In the event of a vacancy in the position of Trustee, the appointment shall be made in the same manner as the original appointment.
Meetings of the Trust Fund shall be held on a regular basis. Special meetings may be called by the Chairperson or by any two Trustees. Notice of any meeting of the Trust Fund shall be filed with the Town Clerk and posted in accordance with MGL c. 39, § 23, the Open Meeting Law. Four Trustees shall constitute a quorum but a majority vote of the full membership shall be required to approve any motion.
Editor's Note: See MGL c. 39, § 23B.
The Franklin Municipal Affordable Housing Trust Fund shall have the responsibility to support the construction and preservation of affordable housing in order to secure rental and home ownership opportunities for our community's low- and moderate-income individuals and families in the future. The Trust Fund shall have the powers and duties specified in Chapter 491 of the Legislative Acts of 2004, provided that it shall have no ability to borrow money, or mortgage or pledge trust assets without prior Town Council approval. It shall have the following additional powers and duties:
To establish criteria and/or qualifications for recipients and expenditures in accordance with the Trust Fund's above-stated purposes.
To employ consultants and full- or part-time staff, to contract for administrative and support goods and services, and to expend up to 10% of the Trust Fund's receipts for these purposes.
The Town of Franklin Treasurer-Collector shall be the custodian of the Trust's funds and shall maintain separate accounts and records for said funds. He or she shall invest the funds in the manner authorized by §§ 55, 55A and 55B of Chapter 44 of the General Laws. Any income or proceeds received from the investment of funds shall be credited to and become part of the Trust.