Section 1490.2 - Affordable Housing Trust Account(a) The funds in the Affordable Housing Trust Account shall first be used to guarantee loan products for the sale of properties under Priorities 1 and 2.(b) Once the Department certifies to CalHFA that there are no more properties eligible for sale under Priorities 1 or 2, then the funds in the Affordable Housing Trust Account shall be used for other purposes described in Government Code, § 54237.7(b).Cal. Code Regs. Tit. 21, § 1490.2
1. New section filed 12-13-2021 as an emergency; operative 12-13-2021 (Register 2021, No. 51). Pursuant to Government Code Section 54237.10, this is a statutorily deemed emergency and the emergency language remains in effect until 12-14-2023. A Certificate of Compliance must be transmitted to OAL by 12-13-2023 or emergency language will be repealed by operation of law on the following day.
2. Pursuant to Government Code section 54239.5(e)(3), as added by Senate Bill 959 (Stats. 2022, Ch. 668), a Certificate of Compliance must be transmitted to OAL by 9-30-2024 or language of the emergency order of 12-13-2021 (Register 2021, No. 51) will be repealed by operation of law on the following day (Register 2023, No. 27). Note: Authority cited: Section 54237, Government Code. Reference: Section 54237.7(b), Government Code.
1. New section filed 12-13-2021 as an emergency; operative 12/13/2021 (Register 2021, No. 51). Pursuant to Government Code Section 54237.10, this is a statutorily deemed emergency and the emergency language remains in effect until 12-14-2023. A Certificate of Compliance must be transmitted to OAL by 12-13-2023 or emergency language will be repealed by operation of law on the following day.