Section 7008 - Special Conditions(a) Loan Documents. Before the Department disburses funds to any Borrower, the Borrower will be required to submit to the Department the following executed documents which will have been prepared by the Department or at its direction: (1) A borrowing resolution.(4) Security instrument(s).(5) Any other documents necessary to complete the transaction which are required by the Department. Additional documents may include, but not be limited to, a policy of titles insurance, preliminary title report, appraisal, and environmental reports.(b) Loan Disbursements. Loan funds will be disbursed to, or on the behalf of, the borrower as the need for funds arises. Borrowers must request disbursements in writing from the Department. Disbursement requests must be supported by evidence of an obligation that is due or is about to become due.(c) Non-Discrimination and Affirmative Action. Borrowers must agree to adopt and implement all current contract requirements of HCD and the Department of General Services for the Loan Agreement, which may cover all aspects of the construction, marketing, and management of the housing developed with the assistance of the Fund.(d) Local, State or Federal Requirements. Borrowers will be required to abide by such local, state or federal regulations as are applicable to the proposed housing developments. These may include but are not limited to: zoning ordinances; building codes; planning; historic preservation; environmental and relocation regulations; and Article XXXIV of the California Constitution.(e) Relocation. If the housing development financed with loan funds will result in the temporary or permanent displacement of one or more persons from their residences, the Borrower shall submit a relocation plan to the Department prior to disbursement of loan funds. Such plan shall adequately respond to the needs of displacees, as determined by the Department.(f) Security. Each loan will be secured in a manner that adequately protects the interests of the Department. Security may include but is not limited to: (1) Deeds of trust or other liens on real property;(2) Assignments of options or escrow agreements;(3) Liens on personal property; or(4) A deed of trust or other lien on a leasehold interest in Indian trust land.(g) Reports. Borrowers are required to provide the Department with reports on the progress of housing developments and the purposes for which the loan funds have been used. Reports must be submitted monthly.Cal. Code Regs. Tit. 25, § 7008
1. Amendment filed 1-5-82; effective thirtieth day thereafter (Register 82, No. 2).
2. Amendment of subsection (g) filed 10-4-84; effective thirtieth day thereafter (Register 84, No. 40).
3. Amendment of subsections (c) and (f) filed 8-13-85; effective thirtieth day thereafter (Register 85, No. 33).
4. Amendment of section and NOTE filed 9-19-2003; operative 10-19-2003 (Register 2003, No. 38).
5. Amendment of subsection (f) filed 11-1-2004; operative 12-1-2004 (Register 2004, No. 45). Note: Authority cited: Sections 50402 and 50406, Health and Safety Code. Reference: Sections 50530, 50530.5, 50531 and 50532, Health and Safety Code; and Section 7261.6, Government Code.
1. Amendment filed 1-5-82; effective thirtieth day thereafter (Register 82, No. 2).
2. Amendment of subsection (g) filed 10-4-84; effective thirtieth day thereafter (Register 84, No. 40).
3. Amendment of subsections (c) and (f) filed 8-13-85; effective thirtieth day thereafter (Register 85, No. 33).
4. Amendment of section and Notefiled 9-19-2003; operative 10-19-2003 (Register 2003, No. 38).
5. Amendment of subsection (f) filed 11-1-2004; operative 12-1-2004 (Register 2004, No. 45).