Financial Support, Terms and Conditions

(1) The Department may provide financial support to Project Sponsors for the development of residential housing units or Mixed Use Developments located within Neighborhood Commercial Areas and to fund Transit-oriented Developments located Proximate to Public Transit Nodes that meet the requirements established in 760 CMR 62.03, 62.04 and 62.05. For funding pursuant to the CATNHP I Legislation, the Department shall offer financial support through an initial demonstration of CATNHP funding to Projects located within Neighborhood Commercial Areas and to Transit-oriented Developments located Proximate to Public-transit Nodes. For funding pursuant to the CATNHP II Legislation, the Department shall conduct competitive funding rounds for financial support in accordance with 760 CMR 62.05 and the CATNHP Guidelines. (4) For funding pursuant to the CATNHP III or CATNHP IV Legislation, the Department may offer financial support for the Commercial Component of Mixed Use Developments in accordance with 760 CMR 62.05 and the CATNHP Guidelines. No financial subsidy for the commercial portion of a project shall exceed 25% of the total development cost of the commercial portion of the project or $1,000,000, whichever is smaller. (5) Forms of Financial Support. (a) The Department may provide CATNHP financial support in the form of loans for the development of residential housing units located within Neighborhood Commercial Areas, in accordance with the CATNHP Guidelines. (b) The Department may provide CATNHP financial support in the form of loans for the development of residential housing units or other financial assistance including, without limitation, planning grants, financing subsidies and environmental assistance, for Transit-oriented Development located Proximate to Public Transit Nodes, in accordance with the CATNHP Guidelines. (6) Terms of Financial Support. All financial support under CATNHP shall be consistent with 760 CMR 62.05, the CATNHP Guidelines and the Department's funding documents. Funded CATNHP Projects may receive funds in combination with other affordable housing projects, including the Low-income Housing Tax Credit Program, the HOME Investment Partnerships Program, the Housing Innovations Fund, the Facilities Consolidation Fund, the Community- based Housing Program, the Housing Stabilization Fund and the Affordable Housing Trust Fund. The funding terms under 760 CMR 62.00 shall be consistent and compatible with all applicable regulations and guidelines of the Department concerning the funding of affordable housing projects. Funding Proceeds. The proceeds of the CATNHP funding shall be used solely for the development of the Eligible Project approved by the Department. (8) Affordability. The affordability restrictions proposed for Projects shall conform to statutory requirements. Not less than 50% of the units in a Project receiving CATNHP financial support for Transit-oriented Development located Proximate to Public Transit Nodes shall be occupied by and be affordable to Low or Moderate Income Persons or Families. Project Sponsors and owners of CATNHP funded Transit-oriented Developments located Proximate to Public Transit Nodes shall execute recordable deed restrictions and/or other applicable documents with affordable rent or sales limitation structures for a minimum of 30 years from the date of the closing on the CATNHP funds in accordance with the CATNHP Guidelines.