§ 55-3. Expenditures from fund.

(a)

The continuation of the fund shall be perpetual, notwithstanding that from time to time said fund may be unfunded.

(b)

Expenditures shall be made from the fund only in accordance with the following procedures and requirements:

(1)

Said expenditures may be made for purchasing, constructing, rehabilitating or repairing affordable housing. Expenditures for purchase or sale of development rights, easements, deed restrictions, or other rights therein by the town shall be subject to approval by board of selectmen, board of finance and representative town meeting. The expenditure of such funds shall be limited to retention or designation of parcels for their long-term use in providing affordable housing as defined by state statute (G.S. 8-30g).

(2)

Recommendations for any and all proposed expenditures from the fund shall be submitted to the Darien Affordable Housing Trust Fund Commission (DAHTFC). The DAHTC is an advisory commission and the advisory commissioners shall be appointed by the board of selectmen pursuant to Section 18 of the Town Charter. Recommendations from DAHTFC for expenditures from the fund shall be submitted to the board of selectmen. The board of selectmen may request a report pursuant to G.S. 8-24. Any recommendation approved by the board of selectmen for the expenditure from the fund shall be forwarded to the board of finance for their consideration. If approved by the board of finance, the board of selectmen shall present such recommendation for a vote at a duly warned and noticed meeting of the representative town meeting.

(Amd. of 9-23-2013)