AHTF RULES AND REGULATIONS Salem Affordable Housing Trust
Rules and Regulations
Outline
A. Purpose
B. Definitions
C. Housing Trust Fund Established
D. Board of Trustees
E. Eligible Activities
F. Conditions
G. Amendments to Rules and Regulations
A. Purpose:
The purpose of the Rules and Regulations is to establish methods for operations, conduct of
meetings,role of Trustees, election of officers, eligible use of Trust Funds and funding approval
process for the Salem Affordable Housing Trust Fund.
The Rules and Regulations are intended to be supplementary and,where in conflict, subordinate
to the City Ordinance establishing the Trust Fund and the Declaration of Trust.
B. Definitions:
AFFORDABLE HOUSING: Decent, safe, sanitary, and appropriate housing that Low- and
Moderate-Income Households can own or rent without having to devote more than
approximately 30 percent of their gross income for monthly Housing Expenses.
BOARD OF TRUSTEES: The Board established pursuant to MGL Ch 44 Section 55 C as
adopted on October 31, 2006 by City Council and the Mayor, as set forth below in the
Declaration of Trust.
ELIGIBLE ACTIVITIES: The housing activities for which the Housing Trust Fund may provide
financial support are set forth below in Section E.
EXTREMELY-LOW INCOME: Households that have incomes that do not exceed 30 percent of
the median income for the Boston PSMA area, as established and defined in the annual schedule
published by the U.S. Department of Housing and Urban Development, and adjusted for
household size, or such higher income limit as may be established for a local, county, state, or
federal housing program.
SALEM AFFORDABLE HOUSING TRUST FUND "Housing Trust Fund": The funding source
as established by MGL Ch 44 Section 55 C,with the central purpose of providing for the
preservation and creation of affordable housing in the City of Salem for the benefit of low and
moderate-income households.
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LOW-INCOME HOUSEHOLDS: Households that have incomes that do not exceed 50 percent
of the median income for the Boston PSMA area, as established and defined in the annual
schedule published by the U.S. Department of Housing and Urban Development, and adjusted
for household size, or such higher income limit as may be established for a local, county, state,
or federal housing program.
MODERATE-INCOME HOUSEHOLDS: Households that have incomes that do not exceed 80
percent of the median income for the Boston PSMA area, as established and defined in the
annual schedule published by the U.S. Department of Housing and Urban Development, and
adjusted for household size, or such higher income limit as may be established for a local,
county, state, or federal housing program.
TRUST ESTATE: Assets held by the Trust.
C. Housing Trust Fund Established:
1. The Housing Trust Fund was officially established by City Ordinance Chapter 2, Article IV
Boards, Commissions, Committees and Authorities, Division 14,Affordable Housing Trust
Funds Board of Trustees on October 31, 2006.
2. The Board of Trustees shall be responsible for implementing the Housing Trust Fund as set
forth in the Declaration of Trust.
D. Board of Trustees:
1. The Board of Trustees and the Mayor signed a Declaration of Trust and recorded said Trust at
the Essex South Registry of Deeds on , 2007 at Book , Page .
2. The Board of Trustees shall manage,make recommendations, and from time to time
reevaluate(a) the goals for the Housing Trust Fund; (b) the Housing Trust Fund's operating
budget and projected expenditures and revenue; (c) the Housing Trust Fund's funding and award
policies and priorities; (d) the Housing Trust Fund's program requirements; (e) the Housing
Trust Fund's procedures for disbursing Fund resources; (f)the review of applications for
Housing Trust Fund awards; (g) the granting of awards; (h) the monitoring of Eligible Activities
funded by the Housing Trust Fund; and(i) the evaluation of Housing Trust Fund activities.
3. Officers. The Officers shall be elected at the annual meeting of the Trust, and shall hold office
for one year or until their successors are elected and qualified. Should any office become vacant,
the Trust shall elect a successor at the next meeting, and such election shall be for the unexpired
term of said office. Officers shall include:
1. Chair. The Chair shall preside at all meetings of the Trust. Except as otherwise
authorized by resolution of the Trust, the Chair shall sign all contracts, deeds, and other
instruments made by the Trust. At each meeting the Chair shall submit such
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recommendations and information as he/she may consider proper concerning the business
affairs and policies of the Trust.
2. Vice-Chair. The Vice-Chair shall perform the duties of the Chair in the absence or
incapacity of the Chair, and in case of a vacancy in the office of Chair.
3. Treasurer. The Treasurer shall authorize the City Treasurer to receive and disburse
such moneys under the direction of the Trust except as otherwise authorized by resolution
of the Trust. The Trust may from time to time qualify, change or cancel any such
designation. Any member elected to the office of Treasurer shall serve without
compensation other than payment of necessary expenses.
4. Special Meeting. The Chair may, when he/she deems it expedient, and shall, upon written
request of three members of the Trust, call a special meeting of the Trust for the purpose of
transacting any business designated in the call. The notice of special meeting will be issued no
less than five days in advance of the meeting and may be mailed to each member or sent via
email.
5. Annual Meeting. Annual meetings of the Trust shall be held in conjunction with the regular
meeting of the Trust in June of each year.
6. Order of Business. At the regular meeting of the Trust, the following shall be the order of
business:
1. Role Call
2. Reading and approval of the minutes of the previous regular meeting and any intervening
special meetings
3. Committee Reports
4. Unfinished business
5. New Business
6. Adjournment
7. Meeting Minutes. The Chair or his or her designee shall record minutes at each meeting.
Minutes shall be sent to each Trustee with the notice and agenda of the next meeting. Minutes
shall be accepted or edited by Trust vote at next meeting, and shall be filed with the Trust
records.
8. Committees. Standing or temporary committees may be authorized from time to time by
majority vote of the Trust.
9. Reporting_ At the Annual meeting of the Trust, or other annual date determined by the
members, the Chair shall report on the activities of the Trust during the previous year. The
Report shall include, at minimum,programmatic and financial activities and an audit of such
activities.
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E. Eligible Activities:
The following housing-related activities are the types of activities for which resources may be
received or expensed for the Housing Trust Fund (all of the following activities must benefit an
Extremely Low-, Low- or Moderate-Income household(s)):
i. Housing production, including, without limitation, new construction, rehabilitation, and
adaptive re-use;
ii. Acquisition, including, without limitation, vacant land, single-family homes,multi-unit
buildings, and other existing structures that may be used in whole or part for residential
use;
iii. Home ownership assistance;
iv. Preservation of existing housing;
v. Housing-related support services, including home ownership education and financial
counseling;
vi. Capacity grants for not-for-profit organizations that are actively engaged in addressing
the Affordable Housing needs of Extremely Low-, Low- and Moderate-Income
Households; and
vii. Any other activity that the Board of Trustees determines would address the City's
Affordable Housing needs.
F. Conditions:
The Board of Trustees may impose conditions, restrictions, requirements, or similar instruments,
termed"Conditions"to any Housing Trust Fund award.
G. Amendments to Rules and Re ulations:
The Trust may amend these Rules and Regulations by majority vote at any meeting of the
Trustees. All written rules, regulations, procedures and amendments shall be filed in the Office
of the City Clerk.
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