The city of Revere shall establish an affordable housing trust
fund board of trustees consisting of nine members appointed by the
mayor, and who shall serve without compensation. The mayor shall ensure,
to the extent feasible, that the composition of the board reflects
the geographic and ethnic mix that exists in the city. All board members
should have some working interest in the city. Members shall be appointed
as follows:
A.
The
mayor, or a designee, who may serve as chair. The board may annually
elect a new chair;
B.
1.
There
shall be at all times appointed to the board at least one individual
with financial/lending experience.
3.
At
least two individuals referred to the mayor by a community organization
conducting supportive housing or other anti-poverty work in the city
of Revere.
4.
At
least two individuals who are tenants in the city of Revere. One member
must live in an affordable housing property, and the other must live
in a market-rate unit.
5.
One
board membership shall be reserved for the city council president
or their designee.
C.
A minimum
of five of the nine trustees shall be Revere residents.
D.
All
members, excluding the mayor or their designee, are subject to confirmation
by the city council.
E.
Trustees
shall be appointed for a two-year term.
F.
Members
shall be eligible for reappointment in the same manner as the original
appointment. If a vacancy occurs, it shall be filled for the balance
of the unexpired term in the same manner as the initial appointment
was made.
G.
Trustees
may be removed by the mayor.
(C.O. 23-057, § I. 1—4, 5/8/2023; C.O. 21-172, § 1, 7/12/2021)
A.
The
trustees shall administer an affordable housing trust fund to provide
for the creation and preservation of affordable housing within the
city of Revere for the benefit of low- to moderate-income households,
as defined by income limits published from time to time by the U.S.
Department of Housing and Urban Development, and to pursue other strategies
to support the city's affordable housing goals.
B.
The
specific powers and duties of the trustees, all of which shall be
carried on in furtherance of the purposes set forth in this ordinance,
are as follows:
1.
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 without limitation grants
of funds or other property tendered to the trust in connection with
provisions of any zoning ordinance or bylaw or any other ordinance
or bylaw;
2.
To
purchase and retain real or personal property, including without restriction
investments that yield a high rate of income or no income;
3.
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;
4.
To
execute, acknowledge and deliver deeds, assignments, transfers, pledges,
leases, covenants, contracts, promissory notes, releases, grant agreements
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;
5.
To
employ advisors and agents, such as accountants, appraisers and lawyers
as the board deems necessary;
6.
To
pay reasonable compensation and expenses to all advisors and agents
and to apportion such compensation between income and principal as
the board deems advisable;
7.
To
apportion receipts and charges between incomes 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;
8.
To
participate in any reorganization, recapitalization, merger or similar
transactions; and 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;
9.
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;
10.
To carry property for accounting purposes other than acquisition
date values;
11.
To borrow money on such terms and conditions and from such sources
as the board deems advisable, to mortgage and pledge trust assets
as collateral;
12.
To make distributions or divisions of principal in kind;
13.
To comprise, 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 this act, to continue to hold the same for such period of time
as the board may deem appropriate;
14.
To manage or improve real property; and to abandon any property which
the board determines not to be worth retaining;
15.
To hold all or part of the trust property uninvested for such purposes
and for such time as the board may deem appropriate; and
16.
To extend the time for payment of any obligation to the trust.
C.
The
powers and duties enumerated above are intended to encompass all powers
and duties of the trustees. Any action, power or duty not enumerated
above shall require prior approval of the city council.
(C.O. 21-172, § 1, 7/12/2021)
The trustees shall keep a record of its doings and at the close
of every fiscal year make a report thereof to the city council. 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. The trustees shall also provide the city
council with a copy of the trust's annual audit.
(C.O. 21-172, § 1, 7/12/2021)
There is hereby created, pursuant to M.G.L. c. 44, § 55C,
an affordable housing trust fund. The city treasurer shall be the
custodian of such fund. The fund shall be utilized to provide for
the creation and preservation of affordable housing in Revere for
the benefit of low and moderate-income households and for the funding
of community housing.
(C.O. 21-172, § 1, 7/12/2021)
Within ninety days of the certification of free cash by the
department of revenue, the mayor shall present to the city council,
and the city council shall approve, a transfer to the affordable housing
trust fund of a sum equal to but not less than ten percent of the
total free cash amount certified by the department of revenue.
(C.O. 21-172, § 1, 7/12/2021)
