Code of Massachusetts Regulations
761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY
Title 761 CMR 9.00 - Neighborhood Preservation Area Program
Section 9.04 - Role of MHMFA in the Neighborhood Preservation Area
Current through Register 1531, September 27, 2024
MHMFA will coordinate negotiations and communication between local participants in the Neighborhood Preservation Area. MHMFA will also issue tax-exempt bonds to finance the purchase of Loan Participations in Mortgage Loans originated by local Mortgage Lenders in the Neighborhood Preservation Area. An application to a local Mortgage Lender for a Mortgage Loan on a property within the NPA will be evaluated according to the same criteria established by MHMFA for all Mortgage Loans in which the Agency will purchase Loan Participations.
MHMFA does not currently have the financial resources to provide extensive technical assistance in the development of a Neighborhood Preservation Area nor to fund the implementation of local components of the preservation programs. The NPA program can probably most effectively be used to increase the effectiveness of an existing local program or to stimulate the development and funding from other sources of local neighborhood preservation plans. Programs which could compatibly be used with MHMFA neighborhood preservation programs include:
(a) the Department of Community Affairs Neighborhood Improvement Program (NIP),
(b) Urban Reinvestments Task Force, Neighborhood Housing Service Programs, and
(c) local housing improvement plans funded through Community Development Block Grant funds or federal "312" funds.
Applicants are not limited to the above programs and are encouraged to explore every possible resource available to the local community to develop a program uniquely tailored to the need of the designated neighborhood.
