Section 7003 - Sponsor Eligibility(a) Eligible Sponsors for Predevelopment Loans are: (1) Local Government Agencies;(2) Nonprofit Corporations;(3) Cooperative Housing Corporations; or(4) Limited Liability Corporations or limited partnerships where all of the general partners are nonprofit mutual or public benefit corporations.(b) Predevelopment Loans may be made only to Eligible Sponsors who meets the following standards: (1) Adequate administrative capacity to implement the loans;(2) Substantial housing development experience or substantial experience in development and administration of other types of public or non-profit programs; and(3) If the Eligible Sponsor has received any other loans or grants from the Department, a good record of performance under those loan or grant agreements.Cal. Code Regs. Tit. 25, § 7003
1. New section filed 9-19-2003; operative 10-19-2003 (Register 2003, No. 38). Note: Authority cited: Sections 50402 and 50406(n), Health and Safety Code. Reference: Sections 50530, 50530.5, 50531 and 50532, Health and Safety Code.
1. New section filed 9-19-2003; operative 10-19-2003 (Register 2003, No. 38).