An Act establishing a housing trust fund in the town of Chatham

This bill establishes a new municipal entity called the Chatham Housing Trust to create and preserve affordable and attainable housing for year-round residents of the town. The legislation creates a seven-member board of trustees appointed by the town select board to manage the trust, which will operate with its own separate fund distinct from existing town accounts. The trust is authorized to accept gifts and grants, generate income from property sales or leases, and spend funds without needing a new town meeting vote for each expenditure. Additionally, the bill allows the town to borrow money with a two-thirds vote to support capital projects related to housing, while preserving previously funded affordable housing accounts in a separate entity.