Definitions

For purposes of 209 CMR 54.00, the following definitions apply: Area median income: (a) the median family income for the MSA, if a person or geography is located in an MSA; or (b) the statewide nonmetropolitan median family income, if a person or geography is located outside an MSA. Branch A staffed facility licensed as a branch under M.G.L. c. 255E and 209 CMR 42.13: Office Locations. Commissioner. The Commissioner of Banks. Commonwealth. The Commonwealth of Massachusetts. Community Development: (a) Mortgage products and other efforts to assist low- and moderate-income individuals to acquire or remain in affordable housing; (b) community services targeted to low- and moderate-income individuals; (c) Activities that revitalize or stabilize: (1) Low- or moderate-income geographies; (2) Designated disaster areas; or (3) Distressed or underserved nonmetropolitan middle-income geographies designated by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency; or (4) Any other such area as determined by the Commissioner based on: a. Rates of poverty, unemployment, and population loss; or b. Population size, density, and dispersion. Activities revitalize and stabilize geographies designated based on population size, density, and dispersion if they help to meet essential community and economic development needs, including needs of low- and moderate-income individuals. Community Development Loan: (a) has as its primary purpose community development; and (b) 1. has not been reported or collected by the mortgage lender for consideration in the mortgage lender’s assessment as a home mortgage loan, unless it is a multifamily dwelling loan (as described in 12 CFR 1003, the Consumer Financial Protection Bureau’s implementing regulations for the Home Mortgage Disclosure Act); and 2. benefits the Commonwealth or a broader regional area that includes the Commonwealth. Community Development Service: (a) has as its primary purpose community development; and (b) is related to the provision of financial services, including technical services. Geography. A census tract or a block numbering area delineated by the United States Bureau of the Census in the most recent decennial census. Home Mortgage Disclosure Act, or HMDA. The Consumer Financial Protection Bureau’s implementing regulations found at 12 CFR 1003. Home Mortgage Loan A Home Improvement Loan or a Home Purchase Loan as defined in 12 CFR 1003.2 (the Home Mortgage Disclosure Act) or a home equity loan or any other extension of credit secured by a residence of the borrower for personal, family, or household purposes. Highly Economically Disadvantaged Areas. Economically distressed areas designated pursuant to 26 USC 1391. Income Level: (a) Low-income, an individual income that is less than 50% of the area median income, or a median family income that is less than 50%, in the case of a geography. (b) Moderate-income, an individual income that is at least 50% and less than 80% of the area median income, or a median family income that is at least 50% and less than 80%, in the case of a geography. (c) Middle-income, an individual income that is at least 80% and less than 120% of the area median income, or a median family income that is at least 80% and less than 120%, in the case of a geography. (d) Upper-income, an individual income that is 120% or more of the area median income, or a median family income that is 120% or more, in the case of a geography. Loan Location. A home mortgage loan is located in the geography where the property to which the loan relates is situated. Mortgage Lender. A mortgage lender, licensed under M.G.L. c. 255E, section 2, that has made 50 or more home mortgage loans in the Commonwealth in the last calendar year reportable under the Home Mortgage Disclosure Act. MSA. A metropolitan statistical area as defined by the Director of the Office of Management and Budget. Qualified Investment. A lawful investment, deposit, donation, membership share, or grant that has as its primary purpose community development, and lawful investments in the following: (a) corporations for the purpose of providing technical assistance to nonprofit housing corporations for the purpose of establishing creditworthiness; (b) contributions to any private nonprofit organization organized for improving the social and economic conditions, such as community development programs, foreclosure prevention initiatives, and educational institutions focusing on financial literacy initiatives, in communities in the Commonwealth; (c) contributions for the purpose of relieving suffering or distress resulting from disaster or other calamity, such as hurricane or flood, occurring in any part of the Commonwealth; and (d) contributions to any private nonprofit organization organized for fair housing and fair lending education and training.