The Stow Municipal Affordable Housing Trust (SMAHT) was established by a Town Meeting vote on May 16, 2005 under Article 38 to accept the provisions of MGL C44 s 55C, paragraphs (a) through (j) inclusive, establishing a municipal affordable housing trust fund.
Town Meeting voted on May 6, 2008 under Article 44 to adopt Section 18 to be added to Town Affairs of the General Bylaws -- Municipal Affordable Housing Trust. This provides for a Board of Trustees consisting of seven trustees to be appointed by the Board of Selectmen, one of whom is to be a member of the Board of Selectmen. Trustees serve for a term of two years, with no limit on the number of terms.
The purpose of the Trust is to provide for the preservation and creation of affordable housing in the Town of Stow for the benefit of low- and moderate-income households. The Governance Agreement, approved by the May 6, 2008 Town Meeting vote, describes the operating procedures and authority of the Trust.