[Ord. No. 1249, § I, 6-14-2022]
The City of Pittsfield "Affordable Housing Trust Fund" is hereby
established.
[Ord. No. 1249, § I, 6-14-2022]
The Trustees of the 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 Pittsfield 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 Massachusetts
General Laws Chapter 44B.
[Ord. No. 1249, § I, 6-14-2022]
(a)
Composition: The City of Pittsfield Affordable Housing Trust Fund
shall have a Board of Trustees composed of seven Trustees, composed
of the following:
(1)
The Mayor or their designee;
(2)
One member of the Community Preservation Committee appointed
by the Mayor subject to City Council approval, in accordance with
the City Charter;
(3)
One member of the Community Development Board appointed by the
Mayor subject to City Council approval, in accordance with the City
Charter; and
(4)
Four at-large members, with a preference for persons with experience
relevant to the Trust, including, but not limited to: real estate,
housing, banking, fundraising, and/or lived experience. At-large members
shall be appointed by the Mayor subject to City Council approval,
in accordance with the City Charter.
(b)
Term length. Trustees shall serve for a term not to exceed two years,
with the initial terms of the Board of Trustees staggered. Terms shall
be so arranged that as equal a number as possible shall expire each
year.
(c)
Removal; vacancies. A member may resign at any time during the course
of his/her term, and the Mayor shall fill the vacancy as soon as practicable.
Any member appointed in order to fill such vacancy shall serve for
the remainder of the departing member's term. The Mayor may remove
a member subject to City Council approval; in which event the Mayor
shall fill said vacancy as soon as practicable. Any member appointed
in order to fill such a vacancy shall serve for the remainder of the
departing member's term.
[Ord. No. 1249, § I, 6-14-2022]
(a)
Powers. The powers of the Board, all of which shall be carried on in furtherance of the purposes set forth in this act, shall include the following powers, subject to the limitations set forth in Subsection (b):
(1)
To solicit and accept grants, gifts, devises, and bequests,
or otherwise acquire real or personal property;
(2)
To invest any of the Trust property in such manner as it may
deem advisable, without being limited as to the kind or amount of
any investment;
(3)
To sell and exchange any real personal property or any interest
therein for such consideration and upon such terms and conditions
as it deems advisable;
(4)
To join with others in the acquisition of real property or any
interest therein;
(5)
To borrow money and mortgage or pledge any part of the Trust
estate assets and issue notes or other indebtedness;
(6)
To join with others in borrowings, mortgages and pledges, and
to guarantee and become surety on obligations of others in transactions
in which the Trust has an interest;
(7)
To execute, as lessor or lessee, leases, including for terms
expiring after the possible expiration of the Trust;
(8)
To restore, construct, repair and maintain buildings and to
make other improvements and establish such reserves as it deems necessary
therefor;
(9)
To pay, compromise or adjust all obligations incurred and rights
acquired in the administration of the Trust;
(10)
To obtain advice of counsel and to rely thereon;
(11)
To employ such other persons, agents, staff, brokers, managers,
accountants or advisors as it may deem advisable and to pay reasonable
compensation and expenses, apportioning same between income and principal
as the Board deems advisable; and
(12)
To execute, acknowledge, and deliver all such contracts, deeds,
mortgages, leases, discharges, and partial releases of mortgages or
other instruments as it may deem advisable in the course of the administration
of the Trust.
(b)
Limitations. These powers shall be subject to the following limitations:
(1)
Any purchase, sale, lease, exchange, transfer or conveyance
of any interest in real property must be approved by a supermajority
vote (66.6%) of the eligible voting members.
(2)
The Trustees may incur debt, borrow money, grant mortgages and
pledge Trust assets only in an amount not to exceed 80% of the total
value of the Trust's assets.
(3)
Any debt incurred by the Board shall not constitute a pledge
of the full faith and credit of the City of Pittsfield, and all documents
related to any debt shall contain a statement that the holder of any
such debt shall have no recourse against the City of Pittsfield, with
an acknowledgement of said statement by the holder.
(c)
Full powers of MGL c. 44, § 55C. The Trustees shall have
these and all powers set forth in MGL c. 44, § 55C, and
shall refrain from exercising any powers in such manner as to violate
the provisions of said statute.
(d)
Single appropriation. In accordance with MGL c. 44 § 55C(d),
all monies paid to the Trust 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 monies remaining in the Trust at the end of any fiscal year, whether
or not expended by the Trustees within one year of the date that they
were appropriated into the Trust, remain Trust property.
[Ord. No. 1249, § I, 6-14-2022]
The Trust shall meet at least quarterly at such time and such
place as the Trustees shall determine. Notice of all meetings of the
Trust shall be given in accordance with the provisions of the Open
Meeting Law, MGL c. 30A, §§ 18 through 25. A quorum
at any meeting shall be a majority of the voting members.
[Ord. No. 1249, § I, 6-14-2022]
A majority may exercise any and all of the powers of the Trustees hereunder and may execute on behalf of the Trustees any and all instruments with the same effect as though executed by all of the Trustees, subject to the limitations set forth in § 2-312(b)(1). No Trustee shall be required to give bond. No license of court shall be required to confirm the validity of any transaction entered into by the Trustees with respect to the Trust property.
[Ord. No. 1249, § I, 6-14-2022]
The Trust is a public employer, and the members of the Board
are public employees for purposes of MGL Chapter 268A. The Trust shall
be deemed a municipal agency and the Trustees special municipal employees
for purposes of Chapter 268A.
[Ord. No. 1249, § I, 6-14-2022]
The Trust is exempt from MGL Chapters 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.
[Ord. No. 1249, § I, 6-14-2022]
The City Treasurer shall be the custodian of the funds of the
Trust. The books and records of the Trust shall be audited annually
by an independent auditor in accordance with accepted accounting practices
for municipalities. Upon receipt of a copy by the Board, a copy shall
be provided forthwith to the City Council.
[Ord. No. 1249, § I, 6-14-2022]
The Trust is a public body for purposes of MGL c. 30A, §§ 18
through 25.
[Ord. No. 1249, § I, 6-14-2022]
The Trust is a board of the City for purposes of MGL c. 30B
and MGL c. 40, § 15A, but agreements and conveyances between
the Trust and agencies, boards, commissions, authorities, departments
and public instrumentalities of the City shall be exempt from said
MGL Chapter 30B.
[Ord. No. 1249, § I, 6-14-2022]
The Board may adopt such rules and regulations as required to
conduct its affairs, and in keeping with the provisions and intent
of MGL c. 44, § 55C.
[Ord. No. 1249, § I, 6-14-2022]
Trustees shall not receive a salary, stipend, bonus, or other
means of compensation for their service as a Trustee, nor shall they
be eligible for any benefits from the City of Pittsfield. Trustees
may be compensated for reasonable out-of-pocket expenses for travel
and other Trust-related expenses. All such out-of-pocket expenses
shall be fully documented with receipts for expenses prior to payment
by the Trust.
[Ord. No. 1249, § I, 6-14-2022]
The Trust shall be considered a public employer, and the Trustees
shall be subject to the conflict of interest provisions of MGL Chapter
268A.
[Ord. No. 1249, § I, 6-14-2022]
This Trust may be amended from time to time by approval by at
least a supermajority of eligible voting members (66.6%) of the voting
members of the Trustees and approval by the City Council; provided,
however, that no such amendment shall violate the purposes of this
Trust, nor of MGL c. 44, § 55C.
[Ord. No. 1249, § I, 6-14-2022]
The Trustees are hereby authorized to execute a Declaration
of Trust and Certificate of Trust for the Pittsfield Affordable Housing
Trust to be recorded with the Berkshire Middle Registry of Deeds and
filed with the Berkshire Middle Registry District of the Land Court.
[Ord. No. 1249, § I, 6-14-2022]
The Trust shall be of indefinite duration, until terminated
by a vote of the City Council. Upon termination of the Trust, subject
to the payment of or making provisions for the payment of all obligations
and liabilities of the Trust and the Trustees, the net assets of the
Trust shall be transferred to the City and held for affordable housing
purposes. In making any such distribution, the Trustees may, subject
to the approval of the City Council, sell all or any portion of the
Trust property and distribute the net proceeds thereof or they may
distribute any of the assets in kind. The powers of the Trustees shall
continue until the affairs of the Trust are concluded.
