Cal. Code Regs. tit. 25 § 7850

Current through Register 2024 Notice Reg. No. 50, December 13, 2024
Section 7850 - Reporting
(a) The regulatory agreement between the sponsor and the responsible agency shall contain a requirement that the sponsor report to the responsible agency in a form approved by the Department at least annually.
(b) The state contract between the responsible agency and the Department shall contain a requirement that the responsible agency monitor the rental housing development and report annually to the Department in a form approved by the Department. Each report shall deal separately with each rental housing development for which the responsible agency is responsible and shall be submitted to the Department no later than ninety (90) days after the beginning of each fiscal year established for the rental housing development. The report shall contain such information as the Department may require, including but not limited to:
(1) the fiscal condition of the rental housing development, including an audited financial statement indicating surplus or deficits in operating accounts and the amount of any fiscal reserves,
(2) the substantial physical defects in the rental housing development, including a description of any major repair or maintenance work undertaken in the reporting year,
(3) the occupancy of the rental housing development indicating,
(A) the number and sizes of assisted units available to or occupied by eligible households,
(B) the distribution of incomes of eligible households,
(C) the ethnic groups to which eligible households belong, and
(D) the numbers of eligible very low income and other lower income households on waiting list for assisted units.
(4) general management performance, including tenant relations and other relevant information.
(c) The state contract between the responsible agency and the Department shall contain a requirement that no later than ninety (90) days before the beginning of each fiscal year established for the rental housing development the responsible agency shall submit to the Department a proposed budget for each rental housing development for which such agency is responsible. Such budget shall be in a form approved by the Department and shall include information as to projected rents, operating expenses and utility costs for the next fiscal year and carrying charges, including excess rents from the previous fiscal year, and shall be accompanied by a request for use of annuity funds or an application for management reserve or feasibility funds, if such funds are required to maintain the fiscal integrity of the rental housing development.
(d) The responsible agency shall immediately report to the Department any actual or impending default by the Sponsor under the Regulatory Agreement or deed of trust.
(e) Each rental housing development shall operate on a fiscal year determined by the Department and specified in the regulatory agreement.

Cal. Code Regs. Tit. 25, § 7850

1. Amendment 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).
3. Amendment of subsection (c) filed 10-25-82; effective upon filing pursuant to Government Code Section 11346.2(d) (Register 82, No. 44).

Note: Authority cited: Section 50737, Health and Safety Code. Reference: Sections 50743, 50746, 50756, and 50766, Health and Safety Code.

1. Amendment 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).
3. Amendment of subsection (c) filed 10-25-82; effective upon filing pursuant to Government Code Section 11346.2(d) (Register 82, No. 44).