Chapter 121A

Section 1. Unless a different meaning clearly appears from the context, the following terms, wherever used in this chapter, shall have the following meanings:— ''Blighted open area'', a predominantly open area which is detrimental to the safety, health, morals, welfare or sound g…

Section 10. For a period of fifteen years after the organization of any such corporation, such corporation and all its real and personal property, including all real and personal property leased by it from a housing authority or from a redevelopment authority or from a city or to…

Section 11. Any corporation authorized to undertake or acquire projects under this chapter may lease land or interests in land, including air rights, or may acquire such land or interests therein, including air rights, in fee, by gift, purchase or exchange or with approval of the…

Section 12. Any such corporation shall have power to receive loans and grants from the federal government or any agency or instrumentality thereof or from any other source, public or private, or to act as agent of or to co-operate with the federal government or any agency or inst…

Section 13. Any such corporation may apply to the housing board for leave to change the type and character of the buildings on a project. The housing board may approve such application, unless in its opinion the proposed change is a fundamental one, in which case the provisions o…

Section 14. Any such corporation, in accordance with the provisions of section six, may enter into a contract with the city or town in which its project has been authorized, or with the appropriate board or officer of such city or town, and any such city or town or such board or …

Section 15. Should the gross receipts of any such corporation from the operation of a project undertaken by it under authority of this chapter, in any year exceed (1) operating and maintenance expenses together with such reserves as are necessary to create a fund to replace furni…

Section 16. Notwithstanding any other provisions of this chapter, if a corporation organized under section three has carried out its obligations and performed its duties as imposed by this chapter for fifteen years from the date of its organization and for such further time any p…

Section 16A. If an action is brought or if proceedings are undertaken for the foreclosure of a mortgage or lien upon a project or upon any severable portion thereof, or for the termination of the corporation's leasehold or other interest in the same, or if in order to avert such …

Section 18. An insurance company incorporated under the laws of the commonwealth or authorized to transact business in the commonwealth, instead of investing its funds in the stocks, bonds and other securities of a corporation organized under section three, or otherwise investing…

Section 18A. A savings bank or co-operative bank incorporated in this commonwealth, subject to such regulations as the commissioner of banks deems necessary or advisable, may, either alone or in conjunction with one or more other savings banks, co-operative banks, or savings bank…

Section 18B. Three or more persons may associate themselves by written agreement of association, in a form furnished or approved by the commissioner of revenue, with intent to form a corporation for the purpose of acquiring a project which has been authorized and approved and whi…

Section 18C. Individuals, and associations of persons organized in the commonwealth in the form of joint ventures, partnerships, limited partnerships or trusts, resident or organized in the commonwealth, or charitable corporations organized under chapter one hundred and eighty, m…

Section 18D. For the purposes of this section, it is hereby declared the public policy of the commonwealth to permit the creation of condominiums within project areas by corporations authorized to undertake projects under this chapter as an additional means of development of prop…

Section 19. The provisions of this chapter are hereby declared to be severable, and if any such provision, or the application of any such provision to any person or circumstance shall be held to be invalid or unconstitutional, such invalidity or unconstitutionality shall not be c…

Section 2. It is hereby declared that blighted open, decadent or sub-standard areas exist in certain cities and towns in this commonwealth, and that each of such areas constitutes a serious and growing menace, injurious and inimical to the safety, health, morals and welfare of th…

Section 3. Three or more persons may associate themselves by written agreement of association in a form furnished or approved by the commissioner of corporations and taxation with intent to form a corporation for the purpose of undertaking and carrying out in the city of Boston a…

Section 4. The housing board in consultation with the secretary of economic development, may make, and from time to time amend, reasonable rules and regulations in regard to the procedure for securing the approval of projects under this chapter and for the financing, construction…

Section 5. The persons who have executed an agreement of association under section three with intent to form a corporation for the purpose of undertaking and carrying out a project in a city, other than Boston and Springfield, or in a town shall, before presenting the agreement o…

Section 6. Whenever the housing board is asked to approve a project under this chapter, it shall transmit the application to the mayor of the city or the selectmen of the town in which the proposed project is to be located. The mayor or the selectmen, as the case may be, shall fo…

Section 6A. As soon as any such corporation determines to carry out a project approved by the housing board, such corporation and the city in which its project has been authorized, acting by its city manager or, if there is no such official, its mayor, or the town in which its pr…

Section 6B. The planning board shall give notice of each public hearing required by section six by publishing a notice in a newspaper of general circulation in the city or town in which the project is to be located once in each of two successive weeks, the first publication to be…

Section 6C. Any person aggrieved by the disapproval of a project by a hearing authority, or by disapproval of a project by the mayor or the selectmen or by the approval or disapproval of a project by the housing board, or by the failure of any of them to act within the time requi…

Section 7. No more than such proportion of the estimated cost of a project, not exceeding ninety per cent thereof, as the housing board will approve, shall be raised by borrowing the same, and the remainder of such estimated cost and such additional capital as the housing board h…

Section 7A. A corporation organized under section three or an insurance company or a group of insurance companies or a savings bank or group of savings banks operating under this chapter may purchase or lease from a housing authority, redevelopment authority, municipality or othe…

Section 8. The construction of all buildings upon a project shall be inspected by competent persons chosen by the housing board to the extent necessary to make certain that such construction is in conformity with the application as approved. Every such corporation shall be deemed…

Section 9. Except as provided in section sixteen, the stockholders of every such corporation shall be deemed, when they subscribe to and receive the stock thereof, to have agreed that they shall at no time receive or accept from the corporation, in repayment of their investment i…