SECTION 1. As used in this section, the following words shall have the following meanings unless the context clearly requires otherwise:-
“northern Berkshire County”, the towns of Adams, Cheshire, Clarksburg, Florida, Hancock, Lanesborough, New Ashford, Williamstown, and the city of North Adams.
SECTION 2. Notwithstanding any general or special law to the contrary, the office of MassHousing shall create a special home loan pilot program for recent college graduates in northern Berkshire County. Those eligible for this program must be a graduate of a college or university located in northern Berkshire County within the previous three years and live in the eligible home as the primary residents for the term of the loan and meet those additional requirements required by MassHousing. Eligible homes must be located in northern Berkshire County and meet those additional requirements required by MassHousing.
SECTION 3. Said pilot program shall include either capital to assist with down payment, a reduced rate of interest for the length of loan, or both. Said pilot program may include additional benefits at the discretion of MassHousing.
SECTION 4. Those eligible for this program shall ensure that said home meets all building requirements for residential homes as established in the Code of Massachusetts Regulations within ten years of date of closing.
SECTION 5. This act shall take effect on January 1, 2019.
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