Code of Massachusetts Regulations
760 CMR - HOUSING AND LIVABLE COMMUNITIES, EXECUTIVE OFFICE OF
Title 760 CMR 14.00 - Lead Paint Abatement Loan Program
Section 14.05 - Program Components
Universal Citation: 760 MA Code of Regs 760.14
Current through Register 1531, September 27, 2024
(1) All LPALP loans shall be used for lead paint abatement and containment activities in compliance with the Massachusetts Lead Law, M.G.L. c. Ill, §§ 190 through 199B.
(2) LPALP loans shall be made only to owners of dwelling units in which low or moderate income persons or families reside or will reside immediately after abatement or containment.
(3) MHFA shall publish the terms and conditions of LPALP loans in the Operations Manual, provided that:
(a) such terms and conditions shall be based upon
income level criteria;
(b) borrowers may
be permitted to defer loan repayment until sale, transfer, or refinancing of the
property; and
(c) the rate of interest
shall not exceed the maximum rate set in the Operations Manual
subject to approval of DHCD, provided that this maximum rate may be increased upon
written authorization by the Undersecretary of DHCD or his or her
designee.
(4) Not less than 1/2 of the funds allocated for the LPALP shall be distributed to agencies and organizations serving high-risk areas and communities.
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