Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 54.00 - Mortgage Lender Community Investment › Section 54.12 - Definitions

Current through Register 1525, July 5, 2024
For purposes of
				209 CMR 54.00, the following
				definitions apply:
Area Median Income
:
(a) the median family income for the MSA, if a person or
				geography is located in an MSA; or
(b) the statewide nonmetropolitan median family income, if a
				person or geography is located outside an MSA.
Branch
. A staffed facility licensed as
				a branch under M.G.L. c. 255E and
				209 CMR 42.13:
Office Locations.
Commissioner
. The Commissioner of
				Banks.
Commonwealth.
The Commonwealth of
				Massachusetts.
Community Development
:
(a) Mortgage products and other efforts to assist low- and
				moderate-income individuals to acquire or remain in affordable housing;
(b) community services targeted to low- and moderate-income
				individuals;
(c) Activities that revitalize or stabilize:
1. Low- or moderate-income geographies;
2. Designated disaster areas; or
3. Distressed or underserved nonmetropolitan middle-income
				geographies designated by the Board of Governors of the Federal Reserve System,
				the Federal Deposit Insurance Corporation, the Office of the Comptroller of the
				Currency; or
4. Any other such area as determined by the Commissioner based
				on:
a. Rates of poverty, unemployment, and population loss;
				or
b.
Population Size, Density, and
				Dispersion
. Activities revitalize and stabilize geographies
				designated based on population size, density, and dispersion if they help to
				meet essential community and economic development needs, including needs of
				low- and moderate-income individuals.
Community Development Loan
:
(a) has as its primary purpose community development;
				and
(b) 1. has not been reported or collected by the mortgage
				lender for consideration in the mortgage lender's assessment as a home mortgage
				loan, unless it is a multifamily dwelling loan (as described in Appendix A to
				12 CFR 203, the Consumer Financial Protection Bureau's implementing regulations
				for the Home Mortgage Disclosure Act); and
2. benefits the Commonwealth or a broader regional area that
				includes the Commonwealth.
Community Development Service
:
(a) has as its primary purpose community development;
				and
(b) is related to the provision of financial services,
				including technical services.
Geography.
A census tract or a block
				numbering area delineated by the United States Bureau of the Census in the most
				recent decennial census.
Home Mortgage Disclosure Act, or HMDA
The Consumer Financial Protection Bureau's implementing regulations found at 12
				CFR 203.
Home Mortgage Loan
. A
Home
				Improvement Loan
or a
Home Purchase Loan
as defined in
				12
				CFR 203.2 (the Home Mortgage Disclosure Act)
				or a home equity loan or any other extension of credit secured by a residence
				of the borrower for personal, family, or household purposes.
Highly Economically Disadvantaged
				Areas
. Economically distressed areas designated pursuant to
				26 USC
				1391.
Income Level
:
(a) Low-income, an individual income that is less than 50% of
				the area median income, or a median family income that is less than 50%, in the
				case of a geography.
(b) Moderate-income, an individual income that is at least 50%
				and less than 80% of the area median income, or a median family income that is
				at least 50% and less than 80%, in the case of a geography.
(c) Middle-income, an individual income that is at least 80%
				and less than 120% of the area median income, or a median family income that is
				at least 80% and less than 120%, in the case of a geography.
(d) Upper-income, an individual income that is 120% or more of
				the area median income, or a median family income that is 120% or more, in the
				case of a geography.
Loan Location
. A home mortgage loan is
				located in the geography where the property to which the loan relates is
				situated.
Mortgage Lender
. A mortgage lender,
				licensed under M.G.L. c. 255E, § 2, that has made 50 or more home mortgage
				loans in the Commonwealth in the last calendar year reportable under the Home
				Mortgage Disclosure Act.
MSA
. A metropolitan statistical area
				as defined by the Director of the Office of Management and Budget.
Qualified Investment
. A lawful
				investment, deposit, donation, membership share, or grant that has as its
				primary purpose community development, and lawful investments in the
				following:
(a) corporations for the purpose of providing technical
				assistance to nonprofit housing corporations for the purpose of establishing
				creditworthiness;
(b) contributions to any private nonprofit organization
				organized for improving the social and economic conditions, such as community
				development programs, foreclosure prevention initiatives, and educational
				institutions focusing on financial literacy initiatives, in communities in the
				Commonwealth;
(c) contributions for the purpose of relieving suffering or
				distress resulting from disaster or other calamity, such as hurricane or flood,
				occurring in any part of the Commonwealth; and
(d) contributions to any private nonprofit organization
				organized for fair housing and fair lending education and
				training.