Section 18.05 - Acquisition, Preservation, and ImprovementAll housing acquired, preserved, or improved by CIPF funds shall meet the following requirements:
(1) If funded pursuant to the CIPF I Legislation, for at least 30 years after a CIPF loan or grant is provided, a minimum of 50% of the total number of units shall be reserved for occupancy by Low or Moderate Income Persons or Families and, of such reserved units, a minimum of 10% of the units (that is, 5 % of the total number of units) shall be reserved for occupancy by Very Low Income Persons or Families.(2) If funded pursuant to the CIPF II Legislation or M.G.L. c. 121G, for at least 40 years after a CIPF loan or grant is provided, a minimum of 50% of the total number of units shall be reserved for occupancy by Low or Moderate Income Persons and Families and, of such reserved units, a minimum of 10% of the units (that is, 5% of the total number of units) shall be reserved for occupancy by Very Low Income Persons or Families.(3) MassHousing or United States Department of Housing and Urban Development regulations may require that a greater percentage of units than is specified in 760 CMR 18.05(1) or (2) shall be rented to or owned by Low or Moderate Income Persons or Families and Very Low Income Persons or Families.Amended by Mass Register Issue 1407, eff. 12/27/2019.