Code of Massachusetts Regulations
760 CMR - HOUSING AND LIVABLE COMMUNITIES, EXECUTIVE OFFICE OF
Title 760 CMR 18.00 - Massachusetts Capital Improvement and Preservation Fund
Section 18.04 - Eligible Projects (Projects)
Universal Citation: 760 MA Code of Regs 760.18
Current through Register 1531, September 27, 2024
(1) The Department may make CIPF loans and grants:
(a) to acquire,
preserve, and improve affordable rental and ownership housing
1. where the prepayment of a state or
federally-assisted MassHousing mortgage would lead or has led to the termination of
a use agreement for low income housing; or
2. if funded pursuant to the CIPF I Legislation,
for which the United States Department of Housing and Urban Development has approved
but not fully funded a plan of action to transfer the housing to a qualified tenant
or tenant endorsed purchaser pursuant to
12
U.S.C. §§
4010 through
4147; or
3. if funded pursuant to the CIPF II Legislation
or M.G.L. c. 121G, where a contract for project-based rental assistance is expiring
or has expired, or where the expiration of any state or federally-assisted mortgage,
or the expiration of federal or state low-income housing tax credits, would lead or
has led to the termination of a use agreement for low-income
housing.
(b) for a
predevelopment loan to a nonprofit organization that has purchased, or has a valid
agreement to purchase, a housing project described in 760 CMR 18.04(1)(a)1. where
such housing project has been identified by the Department, in consultation with
nonprofit organizations and MassHousing, as being among those at greatest risk of
mortgage prepayment; if funded pursuant to the CIPF II Legislation or M.G.L. c.
121G, such predevelopment loan shall be administered through CEDAC or MHP.
(c) for any other purpose permissible under the
CIPF Legislation.
(2) In allocating CIPF funds:
(a) if funded pursuant to
the CIPF I Legislation, the Department may give preference to nonprofit
organizations seeking to purchase a housing project that is or was subject to
prepayment of a state or federally assisted MassHousing mortgage. If the Department
gives such preference, then, in consultation with nonprofit organizations and
MassHousing, it shall identify the projects at greatest risk of prepayment of a
state or federally assisted MassHousing mortgage and give such projects equal
preference in the allocation of CIPF funds.
(b) if funded pursuant to the CIPF II Legislation
or M.G. L. c. 121G, the Department shall give preference to nonprofit organizations
or LHAs seeking to purchase a housing project that is or was subject to prepayment
of a state- or federally-assisted mortgage or the termination of a project-based
rental assistance contract, or subject to the expiration of federal or state
low-income housing tax credits. In giving such preference, the Department, in
consultation with MassHousing, CEDAC, and MHP, shall identify projects at greatest
risk of prepayment or nonrenewal of a rental assistance contract or expiration of
tax credits and give preference to such projects in the allocation of
funds.
(3) An eligible property that has been acquired for the purpose of preserving or improving the property shall not lose eligibility due to actions by the purchaser to renew or extend state or federal contracts or subsidies.
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