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, may undertake projects under this chapter or acquire a project which has been authorized and approved and which has been developed or is being developed in accordance with the provisions of this chapter or chapter one hundred and twenty-one B or any severable portion of such project, including air rights or other interests in land therein, which project shall be exempt from taxation, betterments, excises and special assessments, provided that such persons or associations, with respect to any such project undertaken or acquired by them, shall:

(a) be subject to rules made pursuant to section four;

(b) make an application for approval of a project containing the same facts required of a corporation by section five;

(c) agree by regulatory agreement entered into with the department of housing and community development, or in Boston with the Boston Redevelopment Authority, as to financing the cost of the project;

(d) keep accounts for such project separate from any other activities conducted by them and shall not expend the income from such project, other than earnings described in clause (e) upon or for the benefit of any other of their activities;

(e) agree by regulatory agreement entered into with the department of housing and community development, or in Boston with the Boston Redevelopment Authority, that they will comply with the provisions contained in section eight, relative to the inspection of buildings, and the enforcement of compliance with the financing program and rules and regulations applicable to a project, and will not receive or accept as net income from a project any sum in excess of eight per cent of the amount invested by them in such project for each year in which they own or have owned the project, except that, if in any year they have so received a sum less than the aforesaid eight per cent, they may so receive in a subsequent year or years additional sums not exceeding, in the aggregate, such deficiency, without interest. Nothing in this section shall be applicable to the payment of dividends out of the profits from the sale of the capital assets of the corporation. Regarding residential housing projects, the preceding limitations on dividends shall not apply whenever the United States Department of Housing and Urban Development, hereinafter referred to as HUD or the Massachusetts Housing Finance Agency, hereinafter referred to as MHFA allows a change in the allowable distribution or other measure to increase the rate of return on investment, as defined by HUD or MHFA, for projects assisted by HUD or MHFA, subject to the approval of the department of housing and community development.

(f) agree by regulatory agreement with the department of housing and community development, or in Boston with the Boston Redevelopment Authority, that in consideration of exemption from taxation of real and personal property and from betterments and special assessments and from the payment of any tax, excise or assessment to or for the commonwealth or any of its political subdivisions on account of a project, they will pay the excises with respect to a project which a corporation would be bound to pay under the formulae and provisions set forth in section ten and any charitable corporation organized under chapter one hundred and eighty which enters into such a regulatory agreement shall be deemed to have waived its exemption from local property taxes.

Any such regulatory agreement shall be binding upon the heirs and assigns of the parties thereto.

An application under this section shall be reviewed and disposition thereof made in accordance with the criteria and provisions of section six or eighteen B, except that the provisions relating to an agreement of association shall not apply.

The provisions of sections six A, seven A, twelve, thirteen, fourteen, fifteen and sixteen relative to corporations organized under this chapter shall extend to anyone undertaking or acquiring a project under this section, so far as apt.

The provisions of the first and third paragraphs of section eleven shall extend to anyone undertaking a project under this section, except that nothing in this section shall empower such person or combination of persons to take land by eminent domain.

If the persons or organizations described in this section have carried out their obligations and performed their duties as imposed by this chapter for a period of fifteen years from the date of approval of the project and for such further time any period of extension granted pursuant to section ten, shall be in effect, to the satisfaction of the housing board, or in Boston, to the satisfaction of the Boston Redevelopment Authority, as evidenced by a certificate issued by the board, or by said authority, as the case may be, they shall thereafter no longer be subject to the obligations of this chapter except as to any liability theretofore incurred nor shall they enjoy the rights and privileges hereby granted.

Every project undertaken or acquired under this section shall be deemed to have been undertaken or acquired to serve a public purpose.

No application, proceeding, finding, recommendation, approval, contract or fair cash value determination or other act made or done purporting to be pursuant to the provisions of this chapter or chapter six hundred and fifty-two of the acts of nineteen hundred and sixty with respect to an entity or organization referred to in this section or in sections thirteen or thirteen A of said chapter six hundred and fifty-two shall be invalid, ineffective or unenforceable because such entity or organization is comprised of persons other than individuals.