Pursuant to the authority of Chapter 491 of Legislative Acts of 2004[1] and the Town of Carver Home Rule Charter, there is hereby created a local municipal affordable housing trust fund to be known as the "Carver 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, renovation, construction, financing or refinancing of property within the Town of Carver 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
B.
To utilize funds for temporary consulting services that allow the Town of Carver 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 five Trustees at all times. One member shall be ex officio, chosen from the Carver Select Board, and one member shall represent the Carver Housing Authority. The three remaining Trustees shall be appointed by the Select Board. In making the appointments, the Select Board 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.
Each Trustee shall serve for a term of two years; however, commencing at the initial creation of the Board, two members shall be appointed for a one-year term and three members shall be appointed for a two-year term.
The Trustees shall annually elect one Trustee who shall not be the Select Board member 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 Massachusetts General Laws Chapter 39, § 23, the Open Meeting Law.[1] Three Trustees shall constitute a quorum but a majority vote of the full membership shall be required to approve any motion.
The Carver 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,[1] provided that it shall have no ability to borrow money, or mortgage or pledge trust assets without prior Select Board 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 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 Carver 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 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.