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 18.01 - Scope, Purpose, and Applicability

Current through Register 1525, July 5, 2024
The Capital Improvement and Preservation Fund program (CIPF) was
				created by St. 1998, c. 257, budget line item 7004-9980 (the CIPF I Legislation).
				The Department of Housing and Community Development (DHCD) was authorized to use up
				to $ 20 million in general obligation bond funds for the purpose of preserving and
				improving existing privately-owned, state or federally assisted housing. The Capital
				Improvement and Preservation Fund provides loans or grants to Eligible Projects
				(Projects) sponsored and developed by community development corporations, for-profit
				organizations, or nonprofit organizations. Funds may be used in connection with
				state or federally assisted housing that is at risk of termination of its
				affordability restrictions due to prepayment of a mortgage or termination of a
				mortgage insurance contract, or in connection with any other state or federally
				assisted housing where a CIPF grant or loan is necessary to maintain
				affordability.
The CIPF program was continued by St. 2002, c. 244, budget line item
				7004-7015 (the CIPF II Legislation), which authorized DHCD to use up to $35 million
				in general obligation bond funds for the above-stated purposes. CIPF II funds may
				also be provided to Eligible Projects sponsored by Local Housing Authorities.
The CIPF program was continued by St. 2008, c. 119, § 2 budget
				line item 7004-0037 (the CIPF III Legislation) and § 6, which established the
				Capital Improvement and Preservation Fund as M.G.L. c. 121G. CIPF III was
				established for the purpose of preserving and improving existing privately owned,
				state or federally-assisted housing. Budget line item 7004-0037 authorized DHCD to
				use up to $100 million in general obligation bond funds for the purposes set forth
				in M.G.L. c. 121G.
The CIPF program was continued by St. 2018, c. 99, § 2, budget
				line item 7004-0057 (CIPF IV Legislation) which authorized DHCD to use up to $125
				million in general obligation bond funds for the purposes set forth in M.G.L. c.
				121G.
M.G.L. c. 121G establishes the Capital Improvement and Preservation
				Trust Fund. References in
				760 CMR 18.00 to funding under,
				for, or pursuant to M.G.L. c. 121G shall mean funding for the program described in
				M.G.L. c. 121G authorized by the CIPF III Legislation or any other funding for such
				program authorized by the Legislature.
In the event of any actual or potential inconsistency between or
				among the provisions of
				760 CMR 18.00, the applicable CIPF
				Legislation or the CIPF Program Guidelines, or the loan or other documents
				evidencing a loan or other form of financial assistance provided under the CIPF
				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 CIPF Legislation, including M.G.L. c.
				121G,
				760 CMR 18.00, the CIPF Program
				Guidelines, and such loan or other financing documents, in the foregoing order of
				priority, shall control.