Code of Massachusetts Regulations › 760 CMR - HOUSING AND LIVABLE COMMUNITIES, EXECUTIVE OFFICE OF › Title 760 CMR 24.00 - Massachusetts Housing Stabilization Fund › Section 24.02 - Definitions

Current through Register 1525, July 5, 2024
Affordable Housing Restriction. An Affordable Housing Restriction as
				defined by M.G.L. c. 184, § 31, which runs with the land and is held by or for
				the benefit of one or more of a Government Agency, an LHA, a CDC, the Department or,
				for Eligible Projects funded pursuant to the HSF III or HSF IV Legislation or M.G.L.
				c. 121F, a Community Development Housing Organization, restricting the use of an
				Eligible Project. Any such restriction shall meet the requirements of
				760 CMR
				24.05 or more stringent requirements if prescribed
				by the Department.
Application
. An application, including a
				description of an Eligible Project for which Housing Stabilization Fund (HSF)
				assistance is requested, in the form and containing the information, including all
				sources of financing, required by the HSF Guidelines.
Area Median Income
. Income, adjusted for
				family size, and for the pertinent region, as determined, from time to time, by the
				United States Department of Housing and Urban Development.
Chief Elected Official
. The mayor of a
				city, or the chairman of the board of selectmen of a town acting under a vote of the
				requisite number of selectmen.
Community Development Corporation (CDC)
. A
				nonprofit corporation as defined in M.G.L. c. 40F, § 1, notwithstanding whether
				it is repealed. To participate in a HSF Project as a developer or member of a
				development team, a CDC may be required by the Department to be an Internal Revenue
				Code § 501(c)(3) organization. A CDC may be a Developer or may subcontract with
				one or more for-profit or nonprofit organizations to be the Developer.
CEDAC
. The Community Economic Development
				Assistance Corporation established by M.G.L. c. 40H.
Community Housing Development Organization
				(CHDO)
. A nonprofit organization that has been certified by the U.S.
				Department of Housing and Urban Development (HUD) as a "community housing
				development organization" as defined in
				24 C.F.R.
				§
									92.2.
Department
. The Department of Housing and
				Community Development (the Department).
Developer
. The developer of an Eligible
				Project and its permitted successors and assigns. The Developer may also be the
				owner of the Project.
Eligible Project (Project)
. A project which
				meets the eligibility criteria contained in
				760 CMR 24.00 and the HSF
				Guidelines.
Extremely Low Income Person or Family
. A
				person or family whose income is less than 30% of the Area Median Income.
Government Agency
. An agency, department,
				board, commission, authority or instrumentality of the Commonwealth of Massachusetts
				or any political subdivision thereof. A Government Agency may be a Developer or may
				subcontract with one or more for-profit or nonprofit organizations for such
				organizations to be the Developer.
Housing Stabilization and Investment Trust Fund
				(HSITF)
. A separate fund within the Department established pursuant to
				M.G.L. c. 121F for the purpose of undertaking projects to develop and support
				affordable housing developments and homeownership affordability, through the
				acquisition, preservation, rehabilitation, and new construction of affordable
				housing as described in
				760 CMR
				24.10 and the HSF Guidelines. The HSITF is also
				referred to as the HSF.
HSF
. Housing Stabilization Fund,
				established pursuant to the HSF I Legislation and continued by the HSF II
				Legislation, the HSF III Legislation, the HSF IV Legislation, the HSF V Legislation,
				the HSF VI Legislation, and by M.G.L. c. 121F under the name "Housing and
				Stabilization Investment Trust" Fund (HSITF).
HSF Guidelines
. Guidelines issued by the
				Department that clarify and elaborate upon
				760 CMR 24.00.
Limited Equity Cooperative Housing
				Corporation
. A limited equity cooperative housing corporation created
				pursuant to M.G.L. c. 157B.
Local Housing Authority (LHA)
. A local
				housing authority created pursuant to M.G.L. c. 121B, § 3, prior statute or
				special act. A LHA may be a Developer or may subcontract with for-profit or
				nonprofit organizations to be the Developer.
Low or Moderate Income Person or Family
. An
				individual or family whose income is less than 80% of the Area Median Income.
MassHousing
. Formerly the Massachusetts
				Housing Finance Agency, established by St. 1966, c. 708.
MHP
. The Massachusetts Housing Partnership
				Fund, established by St. 1985, c. 405, § 35.
Weak Market
. A geographic area designated
				by the Department to have a high concentration of assisted rental housing or a low
				rate of homeownership or low median family income or low average sales prices or
				high levels of unpaid property taxes or vacant or abandoned buildings as set out in
				accordance with the HSF Guidelines.