City of Waltham, MA City of Waltham Municipal Affordable Housing Trust Fund

There is hereby created in the City of Waltham, pursuant to the authority granted by MGL c. 44, § 55C, an affordable housing trust to be known as the "City of Waltham Municipal Affordable Housing Trust Fund," hereafter referred to in this section as the "trust."

The terms of the trust, which shall be consistent with the provisions of this chapter, shall be set forth in a declaration of trust, which shall be subject to the approval of the Mayor and City Council. The trust shall have only those powers established by this chapter and/or amendments hereto.

The purpose of said trust is to provide for the creation and preservation of affordable housing in the City of Waltham to benefit low- and moderate-income households, including but not limited to senior housing, senior disabled housing, and disabled housing. An additional purpose of said trust is to give a preference in the distribution of individual affordable housing units to veterans and Waltham residents, as defined below, to the extent permitted by applicable state and federal law.

WALTHAM RESIDENTS PREFERENCE

To the extent that such preferences do not violate the requirements of other funding programs used to carry out specific projects, any project receiving trust funds or other trust assets shall, to the maximum extent possible, implement a veteran and resident preference policy giving priority as follows in the allocation of housing opportunities:

(1)

First: to low- and moderate-income families of disabled Waltham veterans whose disability has been determined by the Veterans Administration to be service-connected;

(2)

Second: to low- and moderate-income families of deceased Waltham veterans whose death has been determined by the Veterans Administration to be service-connected;

(3)

Third: to low- and moderate-income families of all other Waltham veterans;

(4)

Fourth: to low- and moderate-income families of Waltham residents;

(5)

Fifth: to low- and moderate-income families of disabled veterans whose disability has been determined by the Veterans Administration to be service-connected;

(6)

Sixth: to low- and moderate-income families of deceased veterans whose death has been determined by the Veterans Administration to be service-connected;

(7)

Seventh: to low- and moderate-income families of all other veterans.

Sec. 24-2 Definitions.

[Ord. No. 30814, 1-14-2008]

As used in this chapter, the following terms shall have the meanings indicated:

AFFORDABLE HOUSING

Housing affordable by a family having an income of not more than 80% or not more than 120% (depending on whether low- or moderate-income housing is at issue) of the median family income for the Boston Metropolitan Statistical Area, adjusted for family size, the rent for which (including utilities) does not exceed 30% of the income of the renting household or the mortgage payment for which (including insurance, utilities and real estate taxes) does not exceed 30% of the income of the purchasing household.

DISABLED HOUSING

Housing occupied by a household in which at least one family member is disabled as defined by state or federal law.

HOUSEHOLDS

Shall include individuals or families.

LOW INCOME

Income equal to or less than 80% of the median family income for the Boston Metropolitan Statistical Area, adjusted for family size.

MODERATE INCOME

Income of at least 81% but not more than 120% of the median family income for the Boston Metropolitan Statistical Area, adjusted for family size.

SENIOR DISABLED HOUSING

Senior housing as defined below, but with the additional requirement that at least one member of the household occupying an individual senior disabled unit must be disabled as defined by applicable state and federal law.

SENIOR HOUSING

Shall be defined in accordance with the provisions, where applicable, of The Housing for Older Persons Act of 1995, as it exists and may be amended [housing designed and operated for occupancy by persons who are 55 years of age or older and i) at least 80% of the occupied units are occupied by at least one person who is 55 years of age or older; and ii) the housing facility or community publishes and adheres to policies and procedures that demonstrate its intent to qualify for the exemption, and the facility or community also complies with rules issued by the Secretary of HUD for verification of occupancy].

VETERAN

Any current or former member of the Armed Forces of the United States who meets the definition of "veteran" contained in MGL c. 4, § 7, as it may be amended. "Family of a veteran" shall mean a household which contains such a veteran. "Family of a disabled veteran" shall mean a household which contains a disabled veteran whose disability has been determined by the Veterans Administration to be service-connected. "Family of a deceased veteran" shall mean the surviving spouse of a deceased veteran whose death has been determined by the Veterans Administration to be service-connected, who has not remarried (such a surviving spouse, with or without children, shall be included in this category).

VETERANS PREFERENCE

To the extent permitted by state and federal law, selection of tenants or buyers of individual affordable housing units shall require the use of a procedure which gives preference to families of Waltham disabled veterans, Waltham deceased veterans, Waltham veterans, non-Waltham disabled veterans, non-Waltham deceased veterans and non-Waltham veterans as defined above. The procedures to be utilized for such preference shall be adopted by the Board as rules of said Board, subject, however, to approval of the Mayor and City Council.

WALTHAM RESIDENT

A household that, at the time of application for an affordable housing unit, is a full-time resident of the City of Waltham, as established by documentation, including utility bills, bank statements, credit card bills or driver's licenses. (A driver's license alone shall not be sufficient evidence of full-time residency.) A nonresident City of Waltham employee who seeks to become a resident of the City shall be assigned resident status.

To the extent permitted by state and federal law, selection of tenants or buyers of individual affordable housing units shall require the use of a procedure which gives preference to Waltham residents as defined above. The procedures to be utilized for such preference shall be adopted by the Board as rules of said Board, subject, however, to approval of the Mayor and City Council.

WALTHAM VETERAN

Any current or former member of the Armed Forces of the United States who meets the definition of "veteran" contained in MGL c. 4, § 7, as it may be amended, who, at the time of application for an affordable housing unit, is a full-time resident of the City of Waltham, as established by documentation including utility bills, bank statements, credit card bills or driver's licenses. (A driver's license alone shall not be sufficient evidence of full-time residency.) "Waltham veteran" shall also include any veteran who was a Waltham resident at the time of his or her enlistment in the armed forces.

Sec. 24-3 The Board of Trustees.

[Ord. No. 30814, 1-14-2008]

The trust shall be administered and controlled by a Board of Trustees, to be known as the "Board of Trustees of the City of Waltham Municipal Affordable Housing Trust Fund," hereafter referred to in this section as "the Board."

The Board shall consist of five trustees. The Mayor shall be a member of said Board.

The Mayor shall be the Chair of the Board.

All other members of the Board shall be appointed by the Mayor, subject to confirmation by the City Council, for a term of two years, commencing on the first day of March and terminating on the last day of February. Appointments shall be made by the Mayor on or before the first day of February.

(e)

The Mayor shall endeavor to make such appointments from among members of the banking, real estate, or legal professions, housing advocates, individuals who are moderate income, individuals who are low income, and/or seniors.

(f)

All Trustees shall be current residents of the City of Waltham. If any Trustee ceases to be a resident of the City of Waltham, such Trustee's position shall be deemed vacant and filled as described below.

(g)

The initial terms of the members shall be staggered so that two members shall be appointed for a one-year term with their successors appointed for a two-year term, and two members shall be appointed for a two-year term. Subsequent to the original terms, all appointments shall be for a two-year term.

(h)

In the event of a vacancy on the Board, the position shall be filled in the same manner as the original appointment, and the person selected to fill said vacancy shall continue in said position until the expiration of the term of the person whose departure created said vacancy. The Mayor shall appoint a person to fill such a vacancy within 60 days of receipt of notice of the vacancy.

(i)

There shall be no limits on the number of terms a Board member may serve.

(j)

Members of the Board shall serve without compensation, but trust funds may be used to reimburse a member for actual, documented, out-of-pocket expenses incurred in the performance of his/her official duties as such member.

(k)

The members of the Board shall be considered public agents.

(l)

The trust is a public employer, and the members of the Board are public employees for purposes of MGL c. 258.

(m)

The trust is deemed a municipal agency and the members of the Board are designated, for purposes of MGL c. 268A, as special municipal employees.

Sec. 24-4 Meetings.

[Ord. No. 30814, 1-14-2008]

For purposes of the Public Meeting Law, so-called, MGL c. 39, § 23A, et seq., the trust is a governmental body.

The trust shall meet at least quarterly each year. The board shall establish its own schedule for the dates and times of meetings and shall publicly notice the same as required by MGL c. 39.

Special meetings may be called at the request of the Chair or any two members.

Three members shall be considered a quorum. An affirmative vote of three members shall be required for the Board to take any action.

(e)

Copies of the minutes of all meetings shall be filed with and maintained in the City Clerk's office.

(f)

For purposes of MGL c. 30B and MGL c. 40, § 15A, the trust is a board of the City of Waltham, but agreements and conveyances between the trust and agencies, boards, commissions, authorities, departments and public instrumentalities of the City shall be exempt from said c. 30B.

(g)

The trust is exempt from MGL cc. 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 principles. The auditing firm to be used for such audits shall not be used for more than three consecutive years, to the extent permitted by law.

(i)

The cost of such audit shall be paid out of the funds of the trust.

Sec. 24-5 Powers and duties of the Board of Trustees; custodian of funds.

[Ord. No. 30814, 1-14-2008]

All powers of the Board shall be exercised in such a way as to further the purposes of the trust.

The powers of the Board are as follows:

(1)

To establish criteria and/or qualifications for recipients and expenditures in accordance with the stated purpose of the trust. Towards this end, the Board shall be responsible for establishing rules and regulations for the use of trust funds. Such rules shall include a requirement that a minimum percentage of units be affordable in any affordable housing project developed using trust resources, whether said resources be land, funds, or otherwise, such that as many units as possible shall be eligible for inclusion in the state affordable housing inventory. Such rules shall further provide that the number of market-rate units in any affordable housing project developed using trust resources shall not exceed the number required to make such a project viable. Such rules must be approved by the Mayor and City Council and must be filed with the City Clerk;

(2)

To review and approve or disapprove all proposals submitted for the use of the trust assets, subject to such policies and standards for such determinations as the Board shall develop;

(3)

To accept and receive real property, personal property or money, by gift, grant, contribution, devise or transfer from any person, firm, corporation, or other public or private entity, including but not limited to money, grants of funds or other property tendered to the trust in connection with any ordinance or any general or special law or any other source, including money from c. 44B;

(4)

To purchase and retain real or personal property, including, without restriction, investments that yield a high rate of income or no income;

(5)

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; provided, however, that any such sale, lease, exchange, transfer or conveyance of any real property held by the trust shall not be effective unless and until a favorable vote by 2/3 of the City Council and approval of the Mayor are obtained and the Mayor's signature, pursuant to such a City Council vote, is affixed to any document required for such transfer of an interest in the real property; except that, if the Trustees hire a management company to operate any real property under the Board's control and such operation includes the leasing of individual units, the approval of the Mayor and City Council will not be required for leases of said individual units within such real property during the term of the contract with said management company.

(6)

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; provided, however, that any document relating to the sale, lease, exchange, transfer or conveyance of any real property held by the trust shall not be effective unless and until a favorable vote by 2/3 of the City Council and approval of the Mayor are obtained and the Mayor's signature, pursuant to such a City Council vote, is affixed thereto, except as provided above with respect to the leasing of individual units where a management company has been hired to engage in such leasing.

(7)

To employ, from time to time, subject to availability of funding, advisors and agents, such as accountants, appraisers and lawyers, as the Board deems necessary. If the Board wishes to hire any advisors or agents, such as accountants, appraisers and lawyers, the Board shall first obtain the approval of the Mayor and City Council, and the funds to pay for such individuals, including unemployment, retirement and health benefits, shall come from the trust; provided that, for purposes of funding for unemployment, retirement and health benefits, the term "agents" shall not include management companies, or employees thereof, hired through the MGL c. 30B process to maintain and operate properties held by the trust; and the amount available for such employment, in any particular year, of advisors and agents, shall not exceed 10% of the amount held in the fund during that year.

(8)

To apportion receipts and charges between income 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;

(9)

To participate in any reorganization, recapitalization, merger or similar transactions; 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;

(10)

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;

(11)

To carry property for accounting purposes other than acquisition date values;

(12)

To borrow money on such terms and conditions and from such sources as the Board deems advisable, and/or to mortgage and pledge trust assets as collateral; provided, however, that any such borrowing or mortgaging or pledging of any trust assets as collateral by the Board shall be subject to the prior favorable vote of 2/3 of the City Council and approval of the Mayor, as evidenced by the signature of the Mayor affixed to any document required to effectuate any such action;

(13)

To make distributions or divisions of principal in kind;

(14)

To compromise, 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 MGL c. 44, § 55C, to continue to hold the same for such period of time as the Board may deem appropriate;

(15)

To manage or improve real property, and to abandon any property which the Board determines not to be worth retaining;

(16)

To hold all or part of the trust property uninvested for such purposes and for such time as the Board may deem appropriate;

(17)

To extend the time for payment of any obligation to the trust; and

(18)

To perform such other duties and responsibilities as the Mayor and City Council may direct by ordinance, including, but not limited to, reviewing special permit applications which have an affordable housing component and comprehensive permit applications.

The City Treasurer shall be the custodian of the funds held by the trust and shall maintain separate accounts and records for said funds. With the exception of any funds the Board determines in writing to keep uninvested, he shall invest all other funds held by the trust in the manner authorized by MGL c. 44, §§ 55, 55A and 55B.