Chap. 356. An Act authorizing certain charitable corporations to participate as developers under the urban renewal LAW.
Be it enacted, etc., as follows:
Section 1. Section 3 of chapter 121A of the General Laws is hereby amended by inserting after the first paragraph the following paragraph:—
A charitable corporation organized under chapter one hundred and eighty, the property of which cannot on dissolution or otherwise inure to the benefit of any private person or entity, and which is approved by the local renewal agency, is hereby empowered to act as an Urban Redevelopment Corporation pursuant to all other provisions of this chapter, except as hereinafter provided, for the purpose of rehabilitating and improving residential housing. Such a corporation may sell any redevelopment project within a forty-year period, provided that any profits shall be employed in further redevelopment projects.   Such a corporation
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shall be exempt from the provisions of section nine, provided that surplus earning profits from such projects, however categorized, shall be employed in further urban redevelopment projects.
Section 2. Section 9 of said chapter 121A is hereby amended by adding the following sentence: — This section shall not apply to charitable corporations organized pursuant to and meeting the standards of section three, provided that all surplus earnings from projects there specified, however categorized, shall be employed in further urban redevelopment projects.                                     Approved May 27, 1968.