Word: funded
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Dates: during 1980-1989
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Under my proposal (see below), landlords could continue operating under the present system or could elect to subject their property to a new law. Added tax revenue from decontrolled units and fees paid by landlords under this section would be used to form a fund that would subsidize rents for tenants and mortgage interest for limited equity homeonwers...
...structures containing one, two or three rental units, the owner shall be able to have each such unit decontrolled by making payment of $2500 per unit to the City of Cambridge Fund...
...Once an existing tenant vacates, the owner of a unit designated with the Board as vacancy decontrolled shall file notice with the Board that the unit is vacant and shall pay a one-time charge of $1,000.00 to the City of Cambridge Fund. Thereafter, the unit may be rented for the fair market value...
...price equal to 10 times the adjusted gross rent. Adjusted gross rent shall mean the rent-controlled rent minus the sum allowed for heat, hot water and other unit utilities provided by the landlord, if any. The money to make such purchases shall come from the City of Cambridge Fund as well as public and private sources. Nothing herein shall prevent the City of Cambridge from selling, on a limited-equity basis, dedicated units to qualified persons...
...former conductor of the New York Philharmonic orchestra was unavailable for comment. Hanselman did not know Bernstein's annual contribution to the fund...