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The Capital Improvement and Preservation Fund is a state bond funded program that seeks to preserve and improve existing privately owned, state or federally assisted affordable rental developments. Eligible properties include housing at risk of losing affordability restrictions due to the potential for the prepayment of its mortgage or housing in which a project-based rental assistance contract has expired.
For-profit and non-profit developers and local housing authorities are eligible to apply for CIPF funds.
CIPF funds can be used for the acquisition, refinance and/or rehabilitation of existing rental property.
At least half of the total units in the project must be occupied and affordable to households at or below 80% of area median income, using U.S. Dept. of HUD data. In addition, no less than 5% of the total units must be available and affordable to households at or below 50% of area median income as determined by HUD. These rental and occupancy restrictions will be in place for a minimum term of 40 years from the date of the closing on the CIP funds.
DHCD will award $40,000 per unit for projects with more than 25 units with a per project maximum of $2,000,000. DHCD will award $50,000 per unit for projects with 25 units or less with a per project maximum of $1,250,000.
CIPF monies are structured as a 40-year deferred payment loan at 0% interest. DHCD reserves the right to structure the loan with an interest rate acceptable to DHCD set at the time of closing. All CIPF loans are non-recourse and secured by a mortgage on the property.
DHCD makes CIPF funding available through a Notice of Funding Availability (NOFA). Applicants must submit an application for funding using the Department’s Mass One Stop+ web-based application.
Winter 2018 NOFA
CIPF Terms and Conditions
Mass Historic Project Notification Form
Rent Policies for DHCD-Assisted Rental Projects
MA Fair Housing Marketing and Resident Selection Plan Guidelines
For additional information please call the CIPF staff at (617) 573-1300.