There shall be a Rockport affordable housing trust that shall provide for the preservation and creation of affordable housing in the Town for the benefit of low- and moderate-income households and for the funding of community housing as defined in and in accordance with the provisions of MGL c. 44B, Community Preservation. The Trust shall be governed by a Board of Trustees in accordance with MGL c. 44, § 55C, Municipal Affordable Housing Trust Fund, as revised from time to time, and the authority granted by Town Meeting.
[HISTORY: Adopted by the Town Meeting of the Town of Rockport 9-11-2023 (Ch. 7E of the 1997 Code of By-laws). Amendments noted where applicable.]
The Trust shall be called the "Rockport Affordable Housing Trust" herein referred to as the "Trust" and known by the acronym "RAFHT."
A.
There shall be a Board of Trustees (the "Board") consisting of five to seven Trustees who shall be appointed by the Select Board. The members of the Board shall include one member of the Select Board and four to six members at large, who, to the extent possible, shall have backgrounds or interests in affordable housing, and specifically those with financial, legal, real estate, architectural, social service or development expertise.
B.
Only residents of the Town shall be eligible to hold the office of Trustee. The Trustees shall serve for a term of two years, with initial terms of two or three, as the case may be, of the at-large members being for two years and for the other two or three, as the case may be, at-large members being for one year, to provide staggered terms. Any Trustee may resign by filing with the Town Clerk a written resignation, signed under the pains and penalties of perjury. Any vacancy in the office of Trustee shall be filled by the Select Board, in writing, for the remainder of the unexpired term. Upon the appointment of any Trustee and the filing of such appointment and Trustee's acceptance with the Town Clerk, 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. Reference to the "Trustee" shall mean the Trustee or Trustees for the time being hereunder. Trustees may be removed by the Select Board at any time for cause following the opportunity for a hearing. For purposes of this by-law (in addition to the definition of "cause" under Chapter 1, Article I, § 1-2C, of the by-laws), the term "cause" shall include but not be limited to violation of any local, state, or federal law.
The Board shall meet at least quarterly in the Town at such time and at such place as the Trustees shall determine.
The Board shall have all of the powers and duties set forth in MGL c. 44, § 55C, which powers and duties shall be carried out in accordance with and in furtherance of the provisions of said law. Notwithstanding the first sentence of this section, however, the Board shall have no ability to borrow money; or mortgage or pledge Trust assets; purchase, sell, lease, exchange, transfer or convey any interest in real property without the prior approval of the Select Board. Further, any borrowing by the Trust shall be preapproved by a 2/3 vote at Town Meeting. The Board, an individual Trustee, or any agent or office of the Trust shall not have the authority to bind the Town, except in the manner specifically authorized herein.
Provided that a quorum of the Board is present, a majority of those Trustees present and voting may exercise any or all of the powers of the Board hereunder, except as otherwise provided, and such Trustees may execute on behalf of the Board 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 Board with respect to the Trust estate.
The Trust is a public employer and the members of the Board are public employees for purposes of MGL c. 258 relative to liability and indemnification. The Trust shall be deemed a municipal agency and the members of the Board of Trustees special municipal employees for purposes of MGL c. 268A, the Conflict of Interest Law. The Trust is a governmental body for purposes of MGL c. 30A, §§ 18 to 25, the Open Meeting Law; and MGL c. 66, the Public Records Law. The Trust is also a board of the Town for purposes of MGL c. 30B, procurement, and MGL c. 40, § 15, Abandonment of rights in realty; conditions; provided, however, that agreements and conveyances between the Trust and agencies, boards, commissions, authorities, departments and public instrumentalities of the Town shall be exempt from said Chapter 30B.
The Town 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. Cost associated with the independent audit shall be borne by the Trust.
This Trust shall continue until terminated by a vote of the Town Meeting. Upon termination of the Trust, the Board, with the approval of the Select Board, may sell all or any portion of the Trust property, both real and personal, and, following the payment of all obligations and liabilities of the Trust and the Trustees, shall transfer to the Town the net assets of the Trust, which shall be held by the Select Board for affordable housing purposes.
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 Town. 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 in accordance with the Town's standard financial practice.
The Trustees shall prepare an annual report describing the activities of the Trust on a calendar-year basis. The annual report shall be submitted to the Select Board and to the Finance Committee by December 31 of each year as well as be included in the Town's Annual Report. The annual report shall list all financial transactions conducted by the Trust, including all revenues and costs; provide a balance sheet of liabilities and assets of the Trust; list an inventory of all affordable housing units created, sold, and/or managed by the Trust; and any other pertinent information related to the business of the Trust.
