Scope, Purpose, and Applicability

The Housing Stabilization Fund (HSF) was created by St. 1993, c. 494, § 2, budget line item 3722 8900 (the HSF I Legislation), and modified and continued by St, 1998, c. 257, § 2, budget line item 7004 8987 and § 13 (the HSF II Legislation), St. 2002, c. 244, § 2, budget line item 7004 7014 and § 6 (the HSF III Legislation), St. 2005, c. 53, § 2, budget line item 7004 0022 and §§ 4 and 7 (the HSF IV Legislation) and St. 2008, c. 119, § 2, budget line item 7004 0032 (the HSF V Legislation) and § 6, which established the HSF as M.G.L. c. 121F, and St. 2018, c. 99, § 2, budget line item 7004 0053 (the HSF VI Legislation). The Department of Housing and Community Development was authorized to use up to $50 million by the HSF I Legislation, $41 million by the HSF II Legislation, $50 million by the HSF III Legislation, $100 million by the HSF IV Legislation, $125 million by the HSF V Legislation, and $150 million by the HSF VI Legislation in general obligation bond funds for the purpose of stabilizing and reinvesting in cities and towns by undertaking projects to develop and support affordable housing developments and homeownership affordability through the acquisition, preservation, rehabilitation, and new construction of affordable housing. The Housing Stabilization Fund provides loans or grants to Eligible Projects (Projects) sponsored and developed by government agencies, local housing authorities, community development corporations, by limited equity cooperative housing corporations if funded pursuant to the HSF II, HSF III, or HSF IV Legislation, or by community housing development organizations if funded pursuant to the HSF III or HSF IV Legislation or M.G.L. c. 121F. Funds may be used in connection with foreclosed and distressed properties, and may include costs of demolition in accordance with an approved Neighborhood Revitalization Plan. M.G.L. c. 121F establishes the Housing Stabilization and Investment Trust Fund. References in 760 CMR 24.00 to funding under, for, or pursuant to M.G.L. c. 121F shall mean funding for programs described in M.G.L. c. 121F authorized by the HSF V Legislation, HSF VI Legislation, or any other funding for such programs authorized by the Legislature. In the event of any actual or potential inconsistency between or among the provisions of 760 CMR 24.00, the applicable HSF Legislation, the HSF Guidelines, or the documents evidencing a loan or other form of financial assistance provided under the HSF 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 HSF Legislation, including M.G.L. c. 121F, 760 CMR 24.00, the HSF Guidelines, and such loan or other financing documents, in the foregoing order of priority, shall control.