Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Section 9 of chapter 40A of the General Laws, as appearing in the 2000 Official Edition, is hereby amended by inserting after the third paragraph the following paragraph:-

Zoning ordinances or by-laws may provide for special permits authorizing the transfer of development rights of land within or between districts. These zoning ordinances or by-laws shall include incentives such as increases in density of population, intensity of use, amount of floor space or percentage of lot coverage, that encourage the transfer of development rights in a manner that protect open space, preserve farmland, promote housing for persons of low and moderate income or further other community interests.