[Adopted 9-26-2006 STM, Art. 27; amended in its entirety 11-13-2012 STM, Art.
6]
In accordance with the provisions of MGL c. 44, § 55C,
as amended, the Town of Dennis hereby establishes a trust to be known
as the "Dennis Affordable Housing Trust Fund" (the "Trust").
A.
The purpose of the Trust shall be to provide for the preservation
and creation of affordable housing in the Town of Dennis (the "Town")
for the benefit of low and moderate income households. In furtherance
of this purpose, the Trustees are hereby authorized, in accordance
with the procedures set forth herein, to acquire by gift, purchase
or otherwise real estate and personal property, both tangible and
intangible, of every sort and description; to use such property, both
real and personal, in such manner as the Trustees shall deem most
appropriate to carry out such purpose; provided however, that all
property held by the Trust and the net earnings thereof shall be used
exclusively for benefit of all the inhabitants of the Town for the
preservation and creation in the Town of affordable housing for the
purposes for which this Trust was formed, and no part of the activities
of the Trust shall consist of propaganda or otherwise an attempt to
influence legislation, or participation in or intervention in (including
the publication or distributions of statements) any political campaign
on behalf of any candidate for public office and no part of the net
earnings of this Trust shall inure, or be payable to or for the benefit
of any private individual or corporation.
B.
To achieve this purpose the Trust shall employ a broad range of housing
initiatives, including but not limited to (a) provide rental assistance,
(b) purchase real property to be managed by an outside agency for
affordable housing, (c) undertake new construction which may include
outside not-for-profit agencies, and (d) undertake buy-downs, which
may include taking subordinate mortgages on properties that will be
deeded in perpetuity as affordable housing with note payments based
on the family's income levels.
[Amended 10-3-2020 STM by Art. 12]
There shall be a Board of Trustees (the "Board") consisting
of seven Trustees who shall be appointed by the Select Board. Only
persons who are residents and registered voters of the Town shall
be eligible to hold the office of Trustee. Trustees shall serve for
a term of two years. Any Trustee who ceases to be a resident of the
Town shall cease to be a Trustee hereunder and shall promptly provide
a written notification of the change in residence to the Board and
to the Town Clerk. Any Trustee may resign by written instrument signed
and acknowledged by such Trustee and duly filed with the Town Clerk.
If a Trustee shall die, resign, or for any other reason cease to be
a Trustee hereunder before his/her term of office expires, a successor
shall be appointed by the Select Board to fill such vacancy provided
that in each case the said appointment and acceptance in writing by
the Trustee so appointed is filed with the Town Clerk. No such appointment
shall be required so long as there are at least five Trustees in office.
Upon the appointment of any succeeding Trustee and the filing of such
appointment the title to the Trust estate shall thereupon and without
the necessity of any conveyance be vested in such succeeding Trustee
jointly with the remaining Trustees. Any Trustee may be removed by
the Select Board for cause, or no cause. Reference to the Trustee
shall mean the Trustee or Trustees for the time being hereunder.
[Amended 2-27-2013 STM, Art. 5]
The Trust shall meet at least quarterly at such time and at
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 to 25. A quorum
at any meeting shall be a majority of the Trustees qualified and present
in person.
A.
The Board of Trustees shall have the following powers which shall
be carried out in accordance with and in furtherance of the provisions
of MGL c. 44, § 55C:
(1)
To accept and receive property, whether real or personal, by
gift, grant, 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 bylaw or any other bylaw or any general
law or special act of the commonwealth or any other source including
money from MGL c. 44B;
(2)
To purchase and retain real or personal property, including
without restriction investments that yield a high rate of income or
no income, subject to the Select Board's approval of the Trustees'
recommendation thereof;
[Amended 10-3-2020 STM by Art. 12]
(3)
To sell, lease, exchange, transfer or convey any 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 undertakings relative to Trust real property as
the Trustees deem advisable notwithstanding the length of any such
lease or contract, subject to the Select Board's approval of the Trustees'
recommendation thereof;
[Amended 10-3-2020 STM by Art. 12]
(4)
To execute, acknowledge and deliver deeds, assignments, transfers,
pledges, leases, covenants, contracts, promissory notes, releases
and other instruments, sealed or unsealed, necessary, proper or incidental
to any transaction in which the Board engages for the accomplishment
of the purposes of the Trust, subject to the Select Board's approval
of the Trustees' recommendation thereof;
[Amended 10-3-2020 STM by Art. 12]
(5)
To employ advisors and agents, such as accountants, appraisers
and lawyers as the Trustees deem necessary;
(6)
To pay reasonable compensation and expenses to all advisors
and agents and to apportion such compensation between income and principal
as the Trustees deem advisable;
(7)
To apportion receipts and charges between income and principal
as the Trustees deem 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 Trustees deem advisable, and to mortgage and pledge Trust assets
as collateral to the extent of the value of the Trust's assets, subject
to the Select Board and Finance Committee's approval of the Trustees'
recommendation thereof; and if the amount to be borrowed, mortgaged,
pledged is greater than the value of the Trust's assets, then it will
be subject to a favorable 2/3 vote of a special or annual town meeting;
to make distributions or divisions of principal in kind;
[Amended 10-3-2020 STM by Art. 12]
(12)
To compromise, 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 MGL c. 44, § 55C, to continue to hold
the same for such period of time as the Board may deem appropriate;
(13)
To construct, manage or improve real property and to abandon
any property which the Trustees determine not to be worth retaining,
subject to the Select Board's approval of the Trustees' recommendation
thereof;
[Amended 10-3-2020 STM by Art. 12]
(14)
To hold all or part of the Trust property uninvested for such
purposes and for such time as the Trustees may deem appropriate;
(15)
To extend the time for payment of any obligation to the Trust;
(16)
To become the lottery and monitoring agent for affordable housing
and accept compensation for those services into the Fund; and
(17)
To monitor the expiring use of any affordable housing in the
Town.
(18)
To be authorized to review, supplement and assist in the implementation
of policies that affect the availability of affordable housing; to
institute guidelines and coordinate Town-sponsored affordable housing
proposals; to promulgate equal access to housing of a wide range of
housing types in the Town of Dennis;
(19)
To encourage and assist the Town toward meeting its ten-percent
goal for affordable housing units as set forth in Chapter 40B of the
General Laws; assist in the preparation of housing plans as provided
in the Town of Dennis Comprehensive Plan; and to encourage development
of affordable housing for low- and moderate-income persons and families
using various types of situations and ownership programs, zoning,
legislation and rentals;
(20)
To be authorized to review and comment on all affordable housing
proposals brought before the Town of Dennis, act on fair housing issues
and encourage affordable housing projects relating to existing housing
stock; and
(21)
To employ a broad range of housing initiatives, including but
not limited to: rental assistance vouchers; Renter's Revolving Loan
Program; mortgage buy-downs for affordable units; purchase of affordable
units for rental to qualified individuals; land acquisition for production
of both scattered site and multi-unit housing with non-profit and
for-profit developers.
(22)
Other such duties and responsibilities as may from time to time
be authorized by the legislative body of the Town of Dennis.
B.
Notwithstanding any general or special law to the contrary, all moneys
paid to the Trust in accordance with any zoning bylaw, exaction fee,
or private contribution 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 these funds need not be further appropriated to be expended. 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.
A majority of Trustees may exercise any or 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 the Trustees. 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.
The Trust is a public employer and the Trustees are public employees
for the purposes of MGL Chapter 258. The Trust shall be deemed a municipal
agency and the Trustees special municipal employees for the purposes
of MGL Chapter 268A. Notwithstanding the foregoing, neither the Trustees
nor any agent or officer of the Trust shall have the authority to
bind the Town, except in the manner specifically authorized herein.
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 subdivision thereto.
[Amended 10-3-2020 STM by Art. 12]
A.
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 the audit by the Trustees, a copy
shall be provided forthwith to the Select Board.
B.
Rental income that the Trust receives from properties within its
portfolio shall be deposited into a separate account (the Account),
managed by the Town Treasurer. Trust members shall approve all expenses
prior to Treasurer's disbursement of funds for projects already approved
by the Select Board. The Trust shall have unrestricted access to the
accounting and financial records for funds dedicated for Trust use.
The Trust is a governmental body for purposes of MGL c. 39,
§§ 23A, 23B and 23C.
The Trust is a board of the Town for purposes of MGL Chapter
30B and MGL c. 40, § 15A, but agreements and conveyences
between the Trust and agencies, boards, commissions, authorities,
departments and public instrumentalities of the Town shall be exempt
from said MGL Chapter 30B.
[Amended 10-3-2020 STM by Art. 12]
This Trust shall be of indefinite duration. However, it may
be terminated by a majority vote of an annual or special Town Meeting,
in accordance with MGL c. 4, § 4B, provided that an instrument
of termination together with a certified copy of the Town Meeting
vote are recorded with the Barnstable County Registry of Deeds and
the Barnstable Registry District of the Land Court. 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 Town and held
by the Select Board for affordable housing purposes. In making any
such distribution, the Trustees may, subject to the approval of the
Select Board, 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.
This Trust may be amended from time to time except as to those
provisions specifically required under MGL c. 44, § 55C,
by an instrument in writing signed by all of the Trustees and approved
at a meeting called for that purpose, provided that in each case,
a certificate of amendment has been recorded with said Deeds and said
Registry District of the Land Court.
The titles to the various sections herein are for convenience
only and are not to be considered part of said sections nor shall
they affect the meaning or the language of any such section.
