Code of Massachusetts Regulations › 760 CMR - HOUSING AND LIVABLE COMMUNITIES, EXECUTIVE OFFICE OF › Title 760 CMR 23.00 - Housing Innovations Funds › Section 23.01 - Scope, Purpose, and Applicability

Current through Register 1525, July 5, 2024
(1) The first
			 phase of the Housing Innovations Fund (HIF) program (HIF I) was created by St. 1987,
			 c. 226 (budget line item 3722-8879), which authorized the Department of Housing and
			 Community Development to use up to $30 million in general obligation bond funds for
			 the creation of Alternative Forms of Housing for Low-income Persons and Families.
			 HIF I was established to provide loans for Eligible Projects sponsored and developed
			 by Nonprofit Corporations.
(2) The
			 second phase of the Housing Innovations Fund program (HIF II) was created by St.
			 1993, c. 494 (budget line item 3722-8899), which authorized the Department of
			 Housing and Community Development to use up to $30 million in general obligation
			 bond funds for the development of Alternative Forms of Housing for Low-income
			 Persons and Families. HIF II was established to provide loans for Eligible Projects
			 developed by Nonprofit Corporations or Limited Equity Cooperative Housing
			 Corporations.
(3) The third phase of the
			 Housing Innovations Fund program (HIF III) was created by St. 1998, c. 257 (budget
			 line item 7004-8986), which authorized the Department of Housing and Community
			 Development to use up to $21 million in general obligation bond funds for the
			 creation and retention of Alternative Forms of Housing for Low-income and Very
			 Low-income Persons and Families. HIF III was established to provide loans for
			 Eligible Projects developed by Nonprofit Corporations or Limited Equity Cooperative
			 Housing Corporations.
(4) The fourth
			 phase of the Housing Innovations Fund program (HIF IV) was created by St. 2002, c.
			 244 (budget line item 7004-7013), which authorized the Department of Housing and
			 Community Development to use up to $35 million in general obligation bond funds for
			 the creation and retention of Alternative Forms of Housing for Low-income and
			 Extremely Low-income Persons and Families. HIF IV was established to provide loans
			 for Eligible Projects developed by one or more Nonprofit Corporations or Limited
			 Equity Cooperative Housing Corporations.
(5) The fifth phase of the Housing Innovations
			 Fund program was created by St. 2004, c. 290 (budget line item 7004-7013) (the HIF V
			 Legislation), which authorized the Department of Housing and Community Development
			 to use up to $50 million in general obligation bond funds for the program
			 established pursuant to the HIF IV Legislation.
(6) The sixth phase of the Housing Innovations
			 Fund program was created by St. 2008, c. 119, § 2 (budget line item 7004-0036)
			 (the HIF VI Legislation) and § 6, which also established the Housing
			 Innovations Trust Fund as M.G.L. c. 121E. M.G.L. c. 121E was established to provide
			 financial assistance for Eligible Projects developed by one or more Nonprofit
			 Corporations or Limited Equity Cooperative Housing Corporations. Budget line item
			 7004-0036 authorized the Department of Housing and Community Development to use up
			 to $75 million in general obligation bond funds for the creation and retention of
			 Alternative Forms of Housing for Low-income and Extremely Low-income Persons and
			 Families.
(7) The seventh phase of the
			 Housing Innovations Fund program was created by St. 2018, c. 99, § 2 (budget
			 line item 7004-0056) (the HIF VII Legislation), which authorized the Department of
			 Housing and Community Development to use up to $100,000,000 in general obligation
			 bond funds for the creation and retention of Alternative Forms of Housing for
			 Low-income and Extremely Low-income Persons and Families.
(8) M.G.L. c. 121E established the Housing
			 Innovations Trust Fund. References in
			 760 CMR 23.00 to funding under,
			 for, or pursuant to M.G.L. c. 121E shall mean funding for the program described in
			 M.G.L. c. 121E authorized by the HIF VI Legislation, HIF VII Legislation, or any
			 other funding for such program authorized by the Legislature.
(9) In the event of any actual or potential
			 inconsistency between or among the provisions of
			 760 CMR 23.00, the applicable HIF
			 Legislation or the HIF Program Guidelines, or the loan or other documents evidencing
			 a loan or other form of financial assistance provided under the HIF 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 HIF Legislation, including M.G.L. c.
			 121E,
			 760 CMR 23.00, the HIF Program
			 Guidelines, and such loan or other financing documents, in the foregoing order of
			 priority, shall control.