The proposed bill establishes a municipal trust known as the Chatham Housing Trust, aimed at creating and preserving affordable and attainable housing for year-round residents of Chatham, Massachusetts. Affordable housing is defined as housing for households with incomes up to 100% of the area median income, while attainable housing is for those with incomes up to 200%. The trust will be managed by a 7-member board of trustees appointed by the select board, which will replace the existing Chatham Affordable Housing Trust board. The bill outlines the structure, responsibilities, and powers of the board, including the ability to accept gifts, manage properties, and borrow funds for housing purposes.

Additionally, the bill establishes a separate Housing Trust Fund, which will receive gifts, grants, and appropriations from the town, and will be managed by the town treasurer. The trust fund will be used for attainable housing without needing further appropriation by town meeting. The bill also specifies that both affordable and attainable housing units created with trust funds will be prioritized for current residents, municipal employees, local business employees, and families with children in Chatham schools, adhering to income eligibility limits. The act is designed to support the welfare of the Commonwealth and the town, and it will take effect upon passage.