Section 2696.30 - Applications: Submittal; Contents(a) Application submittal. (1) An applicant shall file a separate completed application, on paper, using the current form provided by COIN, to apply for each certificate.(2) COIN may reject an application received after a deadline for filing applications. Applicants shall retain proof of timely application submittal.(3) An applicant may not change or supplement an application after an application deadline without COIN's prior consent, which may only be granted for good cause.(b) Application-form contents. Applicants or taxpayers shall provide all of the items listed in subdivisions (1) - (5) on or with the application form.
(1) General CDFI and taxpayer information. (A) The name of the CDFI;(B) The name, title, telephone number, fax number, business address, mailing address and E-mail address of the CDFI's contact;(C) The number of certificate applications being filed by the CDFI during the current cycle;(D) The name and taxpayer ID number of the taxpayer to whom or which the certificate would be issued; and(E) Title, telephone number, fax number, business address, mailing address and E-mail address of the taxpayer's contact.(2) General qualified investment and tax credit information. (A) The qualified investment and tax credit amounts for which a certificate is being requested;(B) Confirmation that the qualified investment is for a minimum duration of sixty (60) months, and the final maturity date of the investment if it is an equitylike debt instrument;(C) Documentation of remittance of invested funds; and(D) The entire amount invested if different from the qualified investment amount for which the certificate is sought.(3) Specific investment and tax credit information.(A) A copy of the agreement between the CDFI and the taxpayer regarding the qualified investment, and all other documents directly or indirectly altering the terms of the agreement, whether entered into before or after the agreement;(B) A summary of the main terms of the agreement between the taxpayer and the CDFI regarding the qualified investment, including but not limited to the following:1. The names of the CDFI and taxpayer;2. The effective date of the agreement;3. The date(s) the agreement was executed;4. Whether the qualified investment is a deposit, a zero-interest loan, an equity investment or an equity-like debt instrument;5. The specific intended use of the investment;6. Whether the CDFI will have full use and control of the proceeds and earnings;7. The percentage of the investment proceeds that will be used in California;8. Confirmation that the agreement contains a disclosure to the investor of the tax consequences if the investment is withdrawn early;9. Confirmation that the agreement addresses whether the CDFI may repay the investment before the end of its term, despite the tax consequences;10. An explanation of any fees;11. An explanation of all prior financial arrangements between the parties for the past five years; and12. All other material restrictions or requirements.(C) Numerical summary of investment uses; 1. The percentage of the investment that will: a. be a direct benefit to LMI households; andb. be a direct benefit to rural areas.2. The percentage of the investment that will:a. go toward green investment;b. go toward affordable rental housing;c. go toward community-based residential programs;d. go toward self-help housing;e. go toward housing for veterans;f. go toward single-family owned housing; andg. be from an insurance company.3. The number of temporary and permanent jobs created, and the number of those jobs in high unemployment areas;4. Any other statistical information that addresses the factors set forth in Section 2696.32(b)(2); and5. A list of the metrics the applicant deems most appropriate for evaluating the impact of its investment, and the calculations the applicant used with those metrics to determine the impact.(4) Acknowledgments and agreements. A signed statement acknowledging or agreeing:
(A) that the program may change due to statutory, regulatory or judicial actions;(B) that tax credit amounts allocated may be reduced if the terms and amounts of project sources and uses of funds are modified;(C) that the applicant and taxpayer shall continue to comply with all laws and regulations, including those prohibiting discrimination, and program requirements;(D) that information submitted to COIN is subject to disclosure under the California Public Records Act, except as provided in Revenue and Taxation Code Sections 12209(d)(3)(B), 17053.57(c)(3)(B), 23657(c)(3)(B), and any successor or other statutes;(E) that the CDFI and taxpayer hold the Department and its employees harmless from liability deriving from the program or uses;(F) that the application will be evaluated according to COIN regulations; and(G) that the CDFI will upon later request provide to COIN information needed to establish the benefits of the investment if a certificate is issued.(5) Signatures. (A) An original signature on the application form by a CDFI corporate officer attesting, under penalty of perjury under the laws of the State of California, that all information provided by the CDFI is true and correct, and that the CDFI will notify COIN of changes causing information in the application to become materially inaccurate or incomplete; and(B) An original signature on the application form by a natural person taxpayer, or an officer of a taxpayer that is not a natural person, attesting, under penalty of perjury under the laws of the State of California, that all information provided by the taxpayer is true and correct, and that the taxpayer will notify COIN of changes causing information in the application to become materially inaccurate or incomplete.(c) Detailed narrative. Applicants shall submit with the application form a detailed narrative description of the intended use of the qualified investment and its anticipated benefits with any supporting documentation, including data. The narrative and documentation shall support the answers and information provided in response to subparagraph (b)(3).
(d) Additional information. Upon request by COIN an applicant shall provide any other information reasonably necessary to evaluate an application.
(e) Preliminary review. An application that does not include all required or requested information, or which does not comply with the specific statutory requirements to be a qualified investment, will not be evaluated further pursuant to Section 2696.32 to determine whether a certificate should be granted.
(f) Tax credit issuance cycle. At least ninety (90) days before applications are due, COIN shall publish on its website the final date when applications will be accepted. Not later than ninety (90) days after the due date for receiving applications, COIN shall issue all certificates to applicants that COIN intends to issue for that cycle. Upon good cause and sufficient notice, COIN may modify these periods.
Cal. Code Regs. Tit. 10, § 2696.30
1. New article 3 (section 2696.30) and section filed 6-26-2014; operative 6-26-2014 (Register 2014, No. 26). Pursuant to Revenue and Taxation Code section 12209(f)(2) this is a deemed emergency, and pursuant to Revenue and Taxation Code section 12209(f)(3) this emergency regulation "shall remain in effect until amended or repealed by the department." Note: Authority cited: Sections 12209(f), 17053.57(d) and 23657(e), Revenue and Taxation Code. Reference: Sections 12209, 17053.57 and 23657, Revenue and Taxation Code; and Sections 926.1 and 12939, 12939.1 and 12939.2, Insurance Code.
1. New article 3 (section 2696.30) and section filed 6-26-2014; operative 6/26/2014 (Register 2014, No. 26). Pursuant to Revenue and Taxation Code section 12209(f)(2) this is a deemed emergency, and pursuant to Revenue and Taxation Code section 12209(f)(3) this emergency regulation "shall remain in effect until amended or repealed by the department."