CMA 2017 #53 · Agenda item attachment · Mar 6 2017

1 City of Cambridge Richard C. Rossi Housing Assistance Fund I. Establishment of Fund. There is hereby established a fund to be known as the “Richard C. Rossi Housing Assistance Fund,” which is established in accordance with Massachusetts General Laws Chapter 44, Section 53A, with the approval of the City Manager and the City Council (the “Fund”). II. Purpose and Use of Fund. The public purpose of the Fund is to provide limited emergency financial assistance to Cambridge residents and households (collectively hereafter “Households”) experiencing difficulty in obtaining housing or remaining housed in Cambridge. Pending availability, the Fund will be used to assist Households, primarily in the following areas: a) First month’s (and, where required, last month’s) rent and security deposit for Households needing funds in order to lease a new unit (e.g. for affordable housing units); such funds could supplement funds offered to Households by or through other sources; b) Funds for use by Households at risk of foreclosure due to mortgage and/or condominium fee arrearages; c) Credit repair for Households with poor credit seeking access to affordable housing units; d) Funds for Households at risk of homelessness due to rent arrearages; such funds could supplement funds offered to Households by or through other sources. III. Governance of the Fund. The Fund shall be governed by a Board of Trustees, which shall consist of three (3) Ex Officio Trustees: the City’s Assistant City Manager for Community Development, the City’s Assistant City Manager for Human Services and the City’s Budget Director. IV. Distribution and Use of Principal and Income. a) The principal and income of all contributions received and accepted by the Trustees shall be held by the Trustees and their successors in an account to be established for the Fund (the “Fund Account”) until such time as the Fund may be dissolved, at which time all remaining funds in the Fund Account may be transferred to an established charitable tax exempt organization (with a federal 501 (C)(3) designation under the Internal Revenue Code) that includes housing assistance to low income Cambridge Households as one of its purposes. b) All amounts received by or for the Fund will be deposited with the City Treasurer, who shall have the authority to invest the principal and income of the Fund as he/she deems proper and in accordance with Massachusetts laws. c) The Trustees may from time to time distribute such portion or portions of funds in the Fund Account, be it principal or income, as the Trustees deem to be appropriate and consistent with the purposes enumerated in Section II above;

2 d) Each award of funds from the Fund Account shall require the favorable vote of at least two (2) members of the Board of Trustees; e) The maximum award amount shall be established by a favorable vote of at least two (2) members of the Board of Trustees based upon the amount available in the Fund Account. In no event will the sum of funds awarded from the Fund Account exceed the balance available in the Fund Account. V. Powers and Operation of the Board of Trustees. a) The Chairperson shall be the Assistant City Manager for Community Development, who shall be responsible for convening and conducting Board of Trustees’ meetings; b) The Board of Trustees shall meet on dates determined by the Chairperson of the Board of Trustees; c) A quorum of the Board of Trustees shall be present at each meeting of the Board of Trustees if at least two (2) of the members of the Board of Trustees are present in person; d) Except as otherwise herein provided, the Board of Trustees shall act by majority vote of the members of the Board of Trustees present at the meeting. Any action required or permitted to be taken by the Board of Trustees may be taken without a meeting if all members of the Board of Trustees entitled to vote consent in writing to the taking of such action without a meeting. Such written consent shall be treated for all purposes as a vote by the Board of Trustees at a meeting, and shall become part of the records of the Board of Trustees; e) The Board of Trustees will establish and at least annually review and periodically revise written rules and regulations for the operation of the Fund and for the Board of Trustees, which may include eligibility requirements for Households assisted by the Fund, amounts of assistance made available to Households, and rules for evaluating and assessing each individual case. VI. Amendments. Any amendments to this document must be in writing, signed by a majority of the members of the Board of Trustees, and approved by the City Manager and by the City Council. In witness hereof, this document is made and executed this ___________ day of March, 2017. __________________________________ Louis A. DePasquale, City Manager Approved as to Form: __________________________________ Nancy E. Glowa, City Solicitor

3 Approved by vote of City Council on _______________, 2017, certified copy of vote attached hereto: _________________________________________ Donna P. Lopez, City Clerk