Westport Affordable Housing Trust
Westport Affordable Housing Trust
Public Forum
January 14, 2010, Thursday
6 pm – 7:30 pm
Town Hall –Selectmen’s Office
Informational presentation about affordable housing trusts:
What they are
What they do
How they are financed
Public Forum
January 14, 2010, Thursday
6 pm – 7:30 pm
Town Hall –Selectmen’s Office
Informational presentation about affordable housing trusts:
What they are
What they do
How they are financed
With Question and Answer PeriodConducted by Jennifer Goldson, Consultant and Author ofMunicipal Affordable Housing Trust GuidebookSponsored by Board of Selectmen and Community Preservation Committee
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Westport Board of Selectmen
Request
Applications for Trustee Positions
Request
Applications for Trustee Positions
For Westport Affordable Housing Trust
Qualifications include some aspect or combination of:
relevant legal experience, knowledge of affordable housing, real estate, finance and banking
More details and source material on Housing Trusts are on
Town of Westport website: Board of Selectmen
Applicants are encouraged to attend the public forum on affordable housing trusts on Thursday, January 14, at 6:00 at the Office of the Board of Selectmen at Town Hall.
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Westport Board of Selectmen Seeks Candidates for Affordable Housing Trust Fund
Announces Public Forum
Announces Public Forum
The Westport Board of Selectmen invites qualified residents to apply to become Trustees for the new five member board of Trustees for the Westport Affordable Housing Trust established at the Town Meeting in May 2009. People who have expertise in housing issues, real estate development and relevant law, or banking and finance, as well as representatives of the Town’s housing authority and other housing related bodies are encouraged to apply. Applications should be sent to the Board of Selectmen, Town Hall, 816 Main Road, Westport, Ma. 02790. Detailed information about Municipal Housing Trusts and related organizations can be found at:
http://www.mhp.net/community_initiatives/resources.php?page_function=list&resource_category_id=74
People who are interested in becoming a Trustee, as well as the general public, are invited to learn about affordable housing trusts at the upcoming informational public forum that will be held on January 14, 6-7:30 PM at the Town Hall. Sponsored by the Board of Selectmen and the Community Preservation Committee (CPC), the workshop will be held in the Selectmen’s Office and will be conducted by Jennifer Goldson, an expert in Affordable Housing Trusts. The workshop will introduce Affordable Housing Trusts, what they are and how they work and how they are financed. This meeting will be videotaped for Channel 15.
Affordable Housing Trusts are relatively new in Massachusetts, and are a new mechanism established by the legislature to help communities create and preserve affordable housing. Approximately 30 communities across the state have already established their Affordable Housing Trusts, under the provisions of Mass General Law c 44 S.55C.
This Trust allows Westport to collect funds for affordable housing, segregate them out of the general municipal budget into a trust fund, and use the funds for local initiatives to create and preserve affordable housing. Financing for the trust includes Community Preservation Act (CPA) funds, inclusionary zoning payments by developers, negotiated developer fees, the town’s general fund, and private donations. Many CPA communities appropriate CPA funds to the local housing trust to meet or exceed the 10 percent minimum annual expenditure for community housing required by the CPA statute. CPA funds therefore constitute the vast majority of funds in most Massachusetts CPA communities.
The Board of Trustees under Westport’s bylaw has seventeen specified powers to meet its goals. But the first goal, in cooperation with other town bodies, and public input, would be create a vision of what the Trust hopes to accomplish – to provide a road map. The Board of Selectmen has received funds from the CPC to hire Ms. Goldson who will aid them through this process while providing education to the public.
The relevant Warrant Article from the May 2009 Town Meeting is attached.
Article 29 Town Meeting Warrant May 2009
To see if the Town will vote to accept the provisions of G.L. c. 44, s.
55C, establishing a trust to be known as the Westport Affordable Housing
Trust Fund, and authorize the Board of Selectmen or Board of Trustees of
said Trust to execute any documents or instruments or take any other
action necessary to carry out the purposes of this article; and further
to amend the General By-laws of the Town by inserting a new Article,
Article LVI, to be entitled “Westport Affordable Housing Trust Fund” as
follows, or take any other action relative thereto:
Article LVI
WESTPORT AFFORDABLE HOUSING TRUST FUND
5601. The purpose of the Westport Affordable Housing Trust Fund (the
“Trust”) shall be to provide for the creation and preservation of
affordable housing in the Town for the benefit of low and
moderate-income households.
A. There shall be a Board of Trustees for the Trust, comprised of five
members, at least one of whom shall be a Selectman. The Board of
Selectmen shall appoint the Board of Trustees for rotating terms not to
exceed two years. Vacancies shall be filled by the Board of Selectmen
for the remainder of the unexpired term. Any member of the Board of
Trustees may be removed for cause after the opportunity for a hearing.
B. The powers of the Board of Trustees, all of which shall be carried on
in furtherance of the purposes set forth in G.L. c. 44, §55C, shall
include the following:
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 but not limited
to money, grants of funds or other property tendered to the trust in
connection with any ordinance or by-law or any general or special law or
any other source, including money from chapter 44B;
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 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, re-capitalization, 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 determined 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.
17. To adopt any regulations the Board of Trustees may deem necessary to
conduct the business of the Board and to administer the Affordable
Housing Trust Fund.
C. The Board of Trustees shall provide for an annual audit of the books
and records of the Trust. Such audit shall be performed by an
independent auditor in accordance with accepted accounting practices.
Upon receipt of the audit by the Board of Trustees, a copy shall be
provided forthwith to the Board of Selectmen.
D. In accordance with G.L. c.44, §55C, all moneys paid to the Trust in
accordance with any Zoning or General By-Law, exaction fee, or private
contributions shall be paid directly into the Trust and need not be
appropriated or accepted and approved into the Trust. Funds appropriated
into the Trust by the Town shall become Trust property, and to be
expended these funds need not be further appropriated. All moneys
remaining in the Trust at the end of any fiscal year, whether or not
expended by the Trustees within 1 year of the date they were
appropriated into the Trust, remain Trust property.
PLANNING BOARD
Motion and second to accept the provisions of Article 29. Voted: The
Moderator declared Article 29 carried by a 2/3 vote.
a bylaw establishing the Westport Affordable Housing Trust Fund
http://www.mhp.net/community_initiatives/resources.php?page_function=list&resource_category_id=74
People who are interested in becoming a Trustee, as well as the general public, are invited to learn about affordable housing trusts at the upcoming informational public forum that will be held on January 14, 6-7:30 PM at the Town Hall. Sponsored by the Board of Selectmen and the Community Preservation Committee (CPC), the workshop will be held in the Selectmen’s Office and will be conducted by Jennifer Goldson, an expert in Affordable Housing Trusts. The workshop will introduce Affordable Housing Trusts, what they are and how they work and how they are financed. This meeting will be videotaped for Channel 15.
Affordable Housing Trusts are relatively new in Massachusetts, and are a new mechanism established by the legislature to help communities create and preserve affordable housing. Approximately 30 communities across the state have already established their Affordable Housing Trusts, under the provisions of Mass General Law c 44 S.55C.
This Trust allows Westport to collect funds for affordable housing, segregate them out of the general municipal budget into a trust fund, and use the funds for local initiatives to create and preserve affordable housing. Financing for the trust includes Community Preservation Act (CPA) funds, inclusionary zoning payments by developers, negotiated developer fees, the town’s general fund, and private donations. Many CPA communities appropriate CPA funds to the local housing trust to meet or exceed the 10 percent minimum annual expenditure for community housing required by the CPA statute. CPA funds therefore constitute the vast majority of funds in most Massachusetts CPA communities.
The Board of Trustees under Westport’s bylaw has seventeen specified powers to meet its goals. But the first goal, in cooperation with other town bodies, and public input, would be create a vision of what the Trust hopes to accomplish – to provide a road map. The Board of Selectmen has received funds from the CPC to hire Ms. Goldson who will aid them through this process while providing education to the public.
The relevant Warrant Article from the May 2009 Town Meeting is attached.
Article 29 Town Meeting Warrant May 2009
To see if the Town will vote to accept the provisions of G.L. c. 44, s.
55C, establishing a trust to be known as the Westport Affordable Housing
Trust Fund, and authorize the Board of Selectmen or Board of Trustees of
said Trust to execute any documents or instruments or take any other
action necessary to carry out the purposes of this article; and further
to amend the General By-laws of the Town by inserting a new Article,
Article LVI, to be entitled “Westport Affordable Housing Trust Fund” as
follows, or take any other action relative thereto:
Article LVI
WESTPORT AFFORDABLE HOUSING TRUST FUND
5601. The purpose of the Westport Affordable Housing Trust Fund (the
“Trust”) shall be to provide for the creation and preservation of
affordable housing in the Town for the benefit of low and
moderate-income households.
A. There shall be a Board of Trustees for the Trust, comprised of five
members, at least one of whom shall be a Selectman. The Board of
Selectmen shall appoint the Board of Trustees for rotating terms not to
exceed two years. Vacancies shall be filled by the Board of Selectmen
for the remainder of the unexpired term. Any member of the Board of
Trustees may be removed for cause after the opportunity for a hearing.
B. The powers of the Board of Trustees, all of which shall be carried on
in furtherance of the purposes set forth in G.L. c. 44, §55C, shall
include the following:
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 but not limited
to money, grants of funds or other property tendered to the trust in
connection with any ordinance or by-law or any general or special law or
any other source, including money from chapter 44B;
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 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, re-capitalization, 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 determined 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.
17. To adopt any regulations the Board of Trustees may deem necessary to
conduct the business of the Board and to administer the Affordable
Housing Trust Fund.
C. The Board of Trustees shall provide for an annual audit of the books
and records of the Trust. Such audit shall be performed by an
independent auditor in accordance with accepted accounting practices.
Upon receipt of the audit by the Board of Trustees, a copy shall be
provided forthwith to the Board of Selectmen.
D. In accordance with G.L. c.44, §55C, all moneys paid to the Trust in
accordance with any Zoning or General By-Law, exaction fee, or private
contributions shall be paid directly into the Trust and need not be
appropriated or accepted and approved into the Trust. Funds appropriated
into the Trust by the Town shall become Trust property, and to be
expended these funds need not be further appropriated. All moneys
remaining in the Trust at the end of any fiscal year, whether or not
expended by the Trustees within 1 year of the date they were
appropriated into the Trust, remain Trust property.
PLANNING BOARD
Motion and second to accept the provisions of Article 29. Voted: The
Moderator declared Article 29 carried by a 2/3 vote.
a bylaw establishing the Westport Affordable Housing Trust Fund
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