§ 2 — Housing Stabilization and Investment Trust Fund; administration; projects

Massachusetts § 2

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XVII: PUBLIC WELFARE
• Ch. 121F: HOUSING STABILIZATION AND INVESTMENT TRUST FUND

Text

[ Subsection (a) effective until August 6, 2024. For text effective August 6, 2024, see below.]Section 2. (a) There shall be within the department a separate fund to be known as the Housing Stabilization and Investment Trust Fund. The department shall administer the fund and shall ensure that funds are distributed among urban, suburban and rural areas with a particular emphasis on the local and regional needs for the purpose of undertaking projects to develop and support affordable housing developments and homeownership affordability, through the acquisition, preservation, new construction and rehabilitation of affordable housing. The program may include assistance for projects to stabilize and promote reinvestment in cities and towns including, but not limited to, acquisition, rehabilitation, new construction and preservation of foreclosed and distressed properties and any other techniques necessary to achieve reinvestment; provided, further, that funds from this item may be expended for the purpose of energy audits and housing modifications to achieve energy efficiency and conservation. The fund shall be an expendable trust fund and shall not be subject to appropriation.[ Subsection (a) as amended by 2024, 150, Sec. 38 effective August 6, 2024. For text effective until August 6, 2024, see above.](a) There shall be within the department a separate fund to be known as the Housing Stabilization and Investment Trust Fund. The department shall administer the fund and shall ensure that funds are distributed among urban, suburban and rural areas with a particular emphasis on the development of alternative forms of housing and local and regional needs. Such funds shall be used for the purpose of undertaking projects to develop and support affordable housing developments and homeownership affordability through the acquisition, preservation, new construction and rehabilitation of affordable housing, including, but not limited to, the preservation and improvement of existing privately-owned and state or federally-assisted housing. Uses of the fund may include: (i) assistance for projects to stabilize and promote reinvestment in cities and towns, including, but not limited to, preserving and improving existing privately-owned and state or federally-assisted housing and any other techniques necessary to achieve reinvestment; provided, that funds may be expended for energy audits and housing modifications to achieve energy efficiency and conservation; and (ii) assistance for housing where the expiration of federal or state low-income housing tax credits or other federal or state subsidies would lead or has led to the termination of a use agreement for low-income housing or in which a project-based rental assistance contract is expiring or has expired. The fund shall be an expendable trust fund and shall not be subject to appropriation.(b) There shall be credited to the fund, revenue from appropriations or other monies authorized by the general court and specifically designated for the fund and any gifts, grants, private contributions, repayment of loans, fees and charges imposed relative to the making of loans, grants, subsidies, credit enhancements and other financial assistance, investment income earned on the fund's assets and any other sources. Money remaining in the fund at the end of a fiscal year shall not revert to the General Fund.[ Subsection (c) effective until August 6, 2024. For text effective August 6, 2024, see below.](c) The department shall provide assistance from the fund using only the criteria established in this chapter for projects owned or sponsored by nonprofit or for-profit organizations including, but not limited to, projects that involve complex multiple-source financing or the preservation of existing affordable housing; provided, however, that no assistance shall be authorized unless the sponsor thereof is current on all existing mortgage obligations with the commonwealth or any political subdivision thereof. The department shall enter into agreements with Massachusetts Housing Partnership Fund established in section 35 of chapter 405 of the acts of 1985 or the Community Economic Development Assistance Corporation established in chapter 40H to provide assistance from the fund for projects owned or sponsored by nonprofit organizations.[ Subsection (c) as amended by 2024, 150, Secs. 39 and 40 effective August 6, 2024. For text effective until August 6, 2024, see above.](c) The department shall provide assistance from the fund using only the criteria established in this chapter for projects owned or sponsored by eligible entities pursuant to subsection (a) of section 3 including, but not limited to, projects that involve complex multiple-source financing or the preservation of existing affordable housing; provided, however, that no assistance shall be authorized unless the sponsor thereof is current on all existing mortgage obligations with the commonwealth or any political subdivision thereof. The department shall enter into agreements with Massachusetts Housing Partnership Fund established in section 35 of chapter 405 of the acts of 1985 to provide assistance from the fund.