Affordable Housing Trust Fund Ordinance Section 2-620 A+H'ICU�-XL!l[ NORTI·IAi\•W-TON-AFFORDAB6EHOUSINGTRUST
Section 2-620. Purpose
The purpose of the Trust shall be to create, in accordance with the provisions of the Affordable Housing Trust Fund Resolution, a permanent Affordable Housing Fund to provide:
a.funds for the acquisition, renovation, construction, financing or refinancing of property
within the City of Northampton so that such property would be substantially available as
residential property for low and moderate income persons and to further provide
mechanisms to ensure such use; and
b, funds to provide rental subsidies and loans and/or guarantees of first month's rent, last month's rent, security deposits, mortgage payments, utility or other expenses that threaten
the security of housing for City Residents and to further provide mechanisms to ensure
such use; and
c.funds for temporary consulting services that allow the City to provide or preserve real
property in the City of Northampton so that such property would be substantially availableas residential property for low and moderate income persons and to further provide
mechanisms to ensure such use.
Section 2-621. Establishment, Composition, Term of Office
a.Establishment: There shall be established in the City of Northampton, an Affordable
Housing Trust Fund. The Trust shall have five (5) Trustees at all times.
b.Composition: The Mayor of the City of Northampton shall serve as Trustee by virtue of
the office held. The four ( 4) remaining Trustees shall be appointed by the Mayor subject to
confirmation by the City Council and shall include: two (2) members of the Housing
Partnership of the City of Northampton who have been duly appointed in accordance withthe Ordinances of the City of Northampton, one (1) person who is currently a resident of
low and/or moderate income residential housing in the City ofNorthampton and one (I)
person who repr_esents the Northampton business community and who has knowledge in
the area of housing .
C.. Term of Office: The Mayor's term as Trustee shall begin on the day that the Mayor is
sworn into office and will end when the Mayor completes his/her Mayoral term. The four( 4)other Trustees shall be appointed for five (5) year terms or until such time as a
successor is qualified, provided however that the initial terms of office shall be the
follO\ving: one member of the Housing Partnership shall be appointed for a term of two
(2)years; the resident oflow and/or moderate income housing shall be appointed for a
term of three (3) years; the business community representative shall be appointed for a
term of four ( 4) years; and one member of the Housing Partnership shall be appointed for
a term of five (5) years.
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S eciio n 2-622. O rgan iza iion The Trustees of the Northampton Affordable Housing Trust Fund shall annually elect one Trustee to serve as Chairperson for a one year term. The Chairperson may establish sub-committees and/or ad hoc task related committees to carry out the purposes of the Trust. Chairpersons of the sub-committees may be selected by the members of the sub-committees. Section 2-623. Filling of Vacancies ln the event of a vacancy in the position of Trustee, the appointment shall be made in the same manner as the original appointment. If the vacancy is for an unexpired term, the appointment shall be for the remainder of said unexpired term. In the event that a vacancy occurs and is not filled within three (3) months, any other Trustee may petition the Judge of the Probate and Family Court of the Trial Court of the County of Hampshire to make such appointment. Section 2-624. Meetings, Quorum Meetings of the Affordable Housing Trust Fund will be held on a regular basis. Special meetings may be called by the Chairperson or by any two (2) Trustees. Notice of any meeting of the Commission shall be filed with the City Clerk and posted in accordance with M.G.L. ch. 39 §23, the Open Meeting Law. A quorum shall consist of 51 % of the active voting members. A majority vote of a quorum s_hall be sufficient to approve any motion. Section 2-625. Powers and Duties The Northampton Affordable Housing Trust 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 shall have the powers and duties as outlined in the Northampton Affordable Housing Trust Resolution. PAGE 2
The purpose of the Trust shall be to create a permanent Affordable Housing Fund to provide:
(1)Funds for the acquisition of real property in the City of Northampton so that suchproperty would be substantially available as residential property for low andmoderate income persons and to further provide mechanisms to ensure s�ch use;
and
(2)Funds for the renovation of real property in the City of Northampton so that such
property would be substantially available as residential property for low and
moderate income persons and to further provide mechanisms to ensure such use;and
(3)Funds for the construction of new property within the City of Northampton so that
such property would be substantially available as residential property for low andmoderate income persons and to further provide mechanisms to ensure such use;
and
(4)
(5)
(6)
(7)
Funds to provide loans and/or guarantees of first month's rent, last month's rent,
security deposits, mortgage payments, utility or other expenses that threaten thesecurity of housing for City Residents and to further provide mechanisms to ensure
such use; and
Funds to provide rental subsidies for residential rental property in the City of
Northampton for City Residents who meet the requirements of eligibility as
determined by the Trustees as persons of low or moderate income; and
Funds for the financing ()r refinancing of real property in the City of Northamptonso that such property would be substantially available as residential property for
low and moderate income persons and to further provide mechanisms to ensure
such use; and
Funds for temporary consulting services that allow the City to provide or preserve
real property in the City ofNorthampton so that such property would be
substantially available as residential property for low and moderate income persons
and to further provide mechanisms to ensure such use.
GOVERNING BODY:
The Trust shall have five (5) Trustees at all times. The Mayor of the City of Northampton shall
serve as Trustee by virtue of the office held. The four (4) other Trustees shall be appointed by the
Mayor subject to confirmation by the City Council and shall include:
(1)Two (2) members of the Housing Partnership of the City of Northampton who
have been duly appointed in accordance with the Ordinances of the City of
Northampton; and
(2)One (1) person who is a resident oflow and/or moderate income residentialhousing in the City of Northampton; and
(3)One (1) person who represents the Northampton business community and who has
knowledge in the area of housing.
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TERM OF OFFICE:----
The Mayor's ten11 as Trustee sl1a.U15egirt on the daytliatthe Mayor is swonr into office a11d will end when the Mayor completes his/her Mayoral term. The four ( 4) other Trustees shall be
appointed for a term of five (5) years or until such time as a successor is qualified, provided
however that the initial terms of office shall be the following: one member of the Housing
Partnership shall be appointed for a term of two (2) years; the resident oflow and/or moderate
income housing shall be appointed for a term of three (3) years; the business community--representative shall be appointed for a term of four ( 4) years; and one member of the Housing
Partnership shall be appointed for a term of five (5) years.
BE IT FURTHER RESOLVED,
The City Council authorizes the Mayor to establish this Trust as stated above and to create the
governing instrument with certain Trust provisions; and
BE IT FURTHER RESOLVED,
The Trust shall be established as a Charitable Trust able to accept gifts which are tax deductible to
the donors under the Internal Revenue Code; and
BE IT FURTHER RESOLVED,
That the Trustees may establish criteria or qualifications to accept and expend such funds in accordance with the stated purposes herein; and
BE IT FURTHER RESOLVED,
That the City Treasurer shall be the custodian and shall invest and re-invest said funds and expend
therefrom moneys as directed by the Trustees.
BE IT FURTHER RESOLVED,
That the interest and investment earnings on the funds shall remain with and become a part of the
fund account and may be expended as part of the funds.
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