Section 7808 - Component Accounts(a) The Fund is to be allocated to four component accounts, the Development Payments Account, the Annuity Fund Account, the Feasibility Account, and the Management Reserve Account. The Management Reserve Account shall consist of 4(four) percent of the amount in the Fund as of January 1, 1980. The Department shall allocate the remainder of the Fund to the remaining Accounts in such a way so as to ensure that the maximum number of assisted units is developed and maintained at affordable rents and not less than 20 percent of the Fund is allocated for annuity fund payments.(b) The Department may direct the transfer of funds from one account to another consistent with legal requirements.Cal. Code Regs. Tit. 25, § 7808
1. Amendment of subsection (a) filed 11-13-80 as an emergency; effective upon filing (Register 80, No. 46). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 3-13-81.
2. Certificate of Compliance transmitted to OAL 3-13-81 and filed 4-14-81 (Register 81, No. 16). Note: Authority cited: Section 50737, Health and Safety Code. Reference: Sections 50738, 50740, and 50748, Health and Safety Code.
1. Amendment of subsection (a) filed 11-13-80 as an emergency; effective upon filing (Register 80, No. 46). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 3-13-81.
2. Certificate of Compliance transmitted to OAL 3-13-81 and filed 4-14-81 (Register 81, No. 16).