Code of Massachusetts Regulations › 760 CMR - HOUSING AND LIVABLE COMMUNITIES, EXECUTIVE OFFICE OF › Title 760 CMR 58.00 - Urban Center Housing Tax Increment Financing (UCH-TIF) Program › Section 58.03 - Definitions

Current through Register 1525, July 5, 2024
Adjustment Factor
. Shall have the meaning
				set forth in M.G.L. c. 40, § 60(a)(iii).
Affordable Housing
. Rental or ownership
				housing units which are restricted to and occupied by households with incomes at or
				less than 110% of area median income as determined by the U.S. Department of Housing
				and Urban Development (HUD) adjusted for household size. Rents or sales prices of
				affordable housing shall meet standards set by HUD or by the Department in
				guidelines for determination of affordable rents or sales prices.
Affordable Housing Restriction
. Limits on
				rents or sales prices that an Owner may charge for occupancy or purchase of an
				Affordable Housing unit, or a limit on the household income of tenants or purchasers
				seeking to qualify to lease or purchase Affordable Housing. Restrictions shall
				remain in place for 30 years or for the term of any municipal bonds issued to
				finance the construction, reconstruction, or rehabilitation of such development,
				whichever is shorter as specified in the recorded restriction.
Base Value
. The assessed value of Property
				for the fiscal year in which an UCH-TIF Agreement is entered into between the Owner
				and the municipality with respect to the Property.
Chief Executive
. The mayor in a city and
				the board of selectmen in a town, unless some other municipal office is designated
				to be the chief executive officer under the provisions of a local charter.
Commercial Center
. An area in a
				municipality used primarily for commerce or business, which may include but need not
				be limited to sales of or provision of goods or services, including medical and
				educational services and services provided by profit and nonprofit entities.
Concept Plans
. Site plan, building
				elevations, and such other information as may be required to determine the location,
				appearance and cost of development, including redevelopment, infrastructure and
				landscaping, whether publicly or privately funded.
Increment
. The then current assessed value
				of Property less the Base Value as adjusted by the Adjustment Factor for fiscal
				years following the fiscal year in which Base Value was established.
Inflation Factor
shall have the meaning set
				forth in M.G.L. c. 40, § 60(a)(iii).
Mixed Use
. Use of a Property for both
				residential and commercial purposes.
Owner
. The person(s) or entities who
				hold(s) the fee interest in a Property and who is legally empowered and entitled to
				make the commitments required for an UCH-TIF Agreement for the required time
				periods. A lessee of real property under a long term lease or holder of a
				restriction shall be deemed an Owner in association with the holder of the fee
				interest if necessary for such commitments to be effectively made and
				enforced.
Property
. A parcel of real property and the
				personal property situated thereon that is located in the UCH-TIF zone.
Sources and Uses Budget
. A
pro
				forma
line item budget for a project that identifies the nature and amount
				of each element of the funding and the related costs.
Special Assessment
. An assessment upon one
				or more Properties to pay for a benefit to real property in an UCH-TIF Zone that is
				distinct from the general benefit to the municipality arising from a designated
				public improvement. A Special Assessment may also be referenced as a
				Betterment.
Subsidized Housing Inventory (SHI) Eligible
				Housing
. Housing units which are eligible to be listed on the SHI,
				which is a list compiled by the Department containing the count of Low or Moderate
				Income Housing units by city or town.
See
760 CMR 56.02.
UCH-TIF Agreement or Agreement
. A binding
				written agreement that meets the standards and requirements of
				760 CMR
				58.07.
UCH-TIF Exemption
. An annual real estate
				tax exemption that meets the standards and requirements of M.G.L. c. 40, §
				60(a)(iii) and
				760 CMR
				58.10.
UCH-TIF Plan or Plan
. A plan for an UCH-TIF
				Zone that meets the requirements of
				760 CMR
				58.06 and has been approved by the Department in
				accordance with
				760 CMR
				58.09, and guidelines issued by the
				Department.
UCH-TIF Zone or Zone
. An area that meets
				the standards and conditions of
				760 CMR
				58.05, and has been approved by the Department in
				accordance with
				760 CMR
				58.09.