Pursuant to the authority of MGL c. 44, § 55C, as
adopted by the Municipal Council, there is hereby created a local
municipal affordable housing trust fund to be known as the "Taunton
Municipal Affordable Housing Trust Fund" (hereinafter "Trust Fund").
The purpose of the Trust Fund shall be:
A. To receive, hold, invest, and/or expend funds for the acquisition,
rehabilitation, construction, financing or refinancing of property
within the City of Taunton so that such property will be substantially
available as residential property for low- and moderate-income persons
and to provide mechanisms to ensure such use;
B. To utilize funds for pre-development, environmental and infrastructure
services that allow the City of Taunton to provide or preserve real
property in the City 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
C. To engage in any lawful purpose or engage in the exercise of any
other power otherwise described in MGL c. 44, § 55C, Subsection
(c)(1) to (16), provided that the purpose or exercise of power is
not in material conflict with the terms of this article.
The Taunton 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 the City's low- and moderate-income individuals and families.
The Trust Fund shall have the powers and duties specified in MGL c.
44, § 55C, provided that it shall have no ability to borrow
money or mortgage or pledge Trust assets without prior Municipal Council
approval. It shall have the following additional powers and duties:
A. To establish criteria and/or qualifications for recipients and expenditures
in accordance with the Trust Fund's above-stated purposes.
B. To employ professional 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 City Solicitor shall serve as legal counsel to the Trust. The
Trust may, upon recommendation of the City Solicitor, appoint additional
legal counsel if necessary.
The City of Taunton's 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 funds in the manner authorized
by MGL c. 44, §§ 55, 55A and 55B. Any income or proceeds
received from the investment of funds shall be credited to and become
part of the Trust.