[Adopted 2-6-2017 by Ord.
No. 301]
The Beverly Affordable Housing Trust Fund is hereby established.
The Trustees of the Beverly Affordable Housing Trust Fund shall
administer an Affordable Housing Trust Fund to provide for the creation
and preservation of affordable housing within the City of Beverly
for the benefit of low- to moderate-income households and for the
funding of community housing, as defined in and in accordance with
the provisions of MGL c. 44B.
The trust shall meet at regular intervals.
The Trustees shall keep a record of their doings and make a
report thereof to the City annually. The report shall include a description
and source of funds received and expended and the type of affordable
housing programs or properties assisted with the funding. Such report
shall be sent to the Mayor not later than January 15 in each year,
and a copy thereof shall be filed with the Department of Planning
and Community Development. The books and records of the trust shall
also be audited annually by an independent auditor in accordance with
accepted accounting practice. The audit of the trust may be done by
the City's auditors. The Trustees shall also provide the City
Council with a copy of the trust's annual audit.
Notwithstanding any general or special law to the contrary,
all moneys paid to the trust in accordance with any zoning ordinance
or bylaw or private contributions shall be paid directly into the
trust and need not be appropriated or accepted and approved into the
trust. General revenues appropriated into the trust become trust property,
and to be expended these funds need not be further appropriated. All
moneys remaining in the trust at the end of any fiscal year, whether
or not expended by the Board within one year of the date they were
appropriated into the trust, remain trust property.