760 Mass. Reg. 24.02
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 A nonprofit corporation as defined in M.G.L. c. 40F, § 1, notwithstanding whether it is repealed.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.
760 CMR 24.02