Title
Order: Be it hereby Ordained that Chapter 2 of the Revised Ordinances of 2020 as amended, be further amended by adding a new section as follows:
Body
Affordable Housing Trust Fund Ordinance
Section I. Be it hereby Ordained that Chapter 2 of the Revised Ordinances of 1991, as amended, be further amended by adding a new section as follows:
Section 2. Affordable Housing Trust Fund Board of Trustees
.1 Established; Appointment; Term; Filling of Vacancies; Removal
The City shall establish an Affordable Housing Trust Fund Board of Trustees consisting of seven members, who shall serve without compensation and shall be appointed as follows:
a. The Mayor, or a designee, who shall serve as chair;
b. One member designated by the City Council from among its members;
c. The Executive Director of the Housing Authority, or a designee;
d. One member appointed by the Mayor and confirmed by the City Council who shall be a Malden resident living in or eligible for deed-restricted Affordable housing not to exceed 80 percent of the Area Median Income as determined by the U.S. Department of Housing and Urban Development.
e. Three members appointed by the Mayor and confirmed by the City Council who shall have relevant professional experience and backgrounds, which may include:
a. Non-profit affordable housing development;
b. Real estate or finance, especially with regard to affordable housing development;
c. Non-profit housing services.
A minimum of four of the seven trustees shall be Malden residents.
The terms of the inaugural trustees shall expire on January 31, 2022, with all subsequent terms expiring on January 31 of every even-numbered year thereafter.
Members shall be eligible for reappointment in the same manner as the original appointment. If a vacancy occurs, it shall be filled for the balance of the unexpired term in the same manner as the initial appointment was made.
The trustees may be removed by their appointing authority, provided that trustees appointed...
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