Code of Massachusetts Regulations › 760 CMR - HOUSING AND LIVABLE COMMUNITIES, EXECUTIVE OFFICE OF › Title 760 CMR 24.00 - Massachusetts Housing Stabilization Fund › Section 24.01 - Scope, Purpose, and Applicability

Current through Register 1525, July 5, 2024
The Housing Stabilization Fund (HSF) was created by St. 1993, c.
				494, § 2, budget line item 3722 8900 (the HSF I Legislation), and modified and
				continued by St, 1998, c. 257, § 2, budget line item 7004 8987 and § 13
				(the HSF II Legislation), St. 2002, c. 244, § 2, budget line item 7004 7014 and
				§ 6 (the HSF III Legislation), St. 2005, c. 53, § 2, budget line item 7004
				0022 and §§ 4 and 7 (the HSF IV Legislation) and St. 2008, c. 119, §
				2, budget line item 7004 0032 (the HSF V Legislation) and § 6, which
				established the HSF as M.G.L. c. 121F, and St. 2018, c. 99, § 2, budget line
				item 7004 0053 (the HSF VI Legislation). The Department of Housing and Community
				Development was authorized to use up to $50 million by the HSF I Legislation, $41
				million by the HSF II Legislation, $50 million by the HSF III Legislation, $100
				million by the HSF IV Legislation, $125 million by the HSF V Legislation, and $150
				million by the HSF VI Legislation in general obligation bond funds for the purpose
				of stabilizing and reinvesting in cities and towns by undertaking projects to
				develop and support affordable housing developments and homeownership affordability
				through the acquisition, preservation, rehabilitation, and new construction of
				affordable housing. The Housing Stabilization Fund provides loans or grants to
				Eligible Projects (Projects) sponsored and developed by government agencies, local
				housing authorities, community development corporations, by limited equity
				cooperative housing corporations if funded pursuant to the HSF II, HSF III, or HSF
				IV Legislation, or by community housing development organizations if funded pursuant
				to the HSF III or HSF IV Legislation or M.G.L. c. 121F. Funds may be used in
				connection with foreclosed and distressed properties, and may include costs of
				demolition in accordance with an approved Neighborhood Revitalization Plan.
M.G.L c. 121F establishes the Housing Stabilization and Investment
				Trust Fund. References in
				760 CMR 24.00 to funding under,
				for, or pursuant to M.G.L. c. 121F shall mean funding for programs described in
				M.G.L. c. 121F authorized by the HSF V Legislation, HSF VI Legislation, or any other
				funding for such programs authorized by the Legislature.
In the event of any actual or potential inconsistency between or
				among the provisions of
				760 CMR 24.00, the applicable HSF
				Legislation, the HSF Guidelines, or the documents evidencing a loan or other form of
				financial assistance provided under the HSF program, such provisions shall be
				interpreted, to the extent reasonably possible, so as to reconcile any such
				inconsistencies. If such provisions cannot reasonably be reconciled, the provisions
				of the applicable HSF Legislation, including M.G.L. c. 121F,
				760 CMR 24.00, the HSF Guidelines,
				and such loan or other financing documents, in the foregoing order of priority,
				shall control.