Housing Stabilization and Investment Trust Fund

(1) The Housing Stabilization and Investment Trust Fund is established under 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 and rehabilitation of affordable housing. The Department shall administer the HSITF. (2) Administration of the HSITF may include assistance for projects to stabilize and promote reinvestment in cities and towns including, but not limited to, acquisition, rehabilitation and preservation of foreclosed and distressed properties and any other techniques necessary to achieve reinvestment. (3) Funds from the HSITF may be expended for the purpose of energy audits and housing modifications to achieve energy efficiency and conservation. (4) The HSITF is an expendable trust fund and is not subject to appropriation. (5) Funds from the HSITF shall be distributed among urban, suburban and rural areas with a particular emphasis on the local and regional needs in accordance with the HSF Guidelines. (6) Contributions to the HSITF may be made from: (a) revenue from appropriations or other monies authorized by the Legislature and specifically designated for the HSITF; (b) 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; and (c) investment income earned on the assets of the HSITF and any other sources. (7) Money remaining in the HSITF at the end of a fiscal year shall be retained by the Department and lent to other qualifying borrowers or recipients of HSF assistance. (8) In providing assistance from the HSITF, the Department shall use only the criteria established in M.G.L. c. 121F for projects owned or sponsored by nonprofit or for-profit organizations, as set out in the HSF Guidelines including, but not limited to, requirements that: (a) the Department provides assistance to projects that involve complex multiple-source financing or the preservation of existing affordable housing; and (b) the sponsor of the assistance is current on all existing mortgage obligations with the Commonwealth or any political subdivision thereof. (9) The Department shall enter into agreements with MHP and CEDAC to provide assistance from the HSITF for projects owned or sponsored by nonprofit organizations. and § 6; St. 2005, c. 53, § 2, line item 7004-0022 and §§ 4 and 7; St. 2008, c. 119, § 2, line item 7004-0032 and § 6; St. 2013, c. 129, § 2, line item 7004- 0043 and §§ 11 through 13; and St. 2018, c. 99, § 2, line item 7004-0053.