760 CMR, § 18.01
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.
760 CMR, § 18.01