Cal. Code Regs. tit. 25 § 7924

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 7924 - Amount of Assistance

(a) the amount of financial assistance to be provided to an eligible household shall be determined in the following manner:

(1) The eligible household shall contribute at least thirty-five (35) percent of its gross monthly income to monthly housing cost in connection with the purchase of assisted property.

(2) An eligible household may be allowed to assume a greater responsibility for monthly housing costs if:

(A) the proposed housing costs are approximately the same as the present housing costs of the household,

(B) a satisfactory credit record has been maintained by the household, and

(C) the household has demonstrated an ability sustain its present housing expense without serious difficulty; or

(D) it has been otherwise determined that the eligible household can assume such greater responsibility.

(3) The eligible household shall contribute at least three (3) percent of the purchase price of the assisted property as a downpayment.

(4) At the time the household applies to a mortgage lender originating State loans under the Program, such lender shall determine, using its normal underwriting standards and the provisions of this section, the minimum amount of state financial assistance necessary to qualify the household for a mortgage loan.

(5) In no event shall the amount of financial assistance provided to an eligible household under the Program exceed forty-nine (49) percent of the purchase price or appraised value of the assisted property, whichever is less.

(b) Where financial assistance is being provided to a nonprofit corporation for purchase or development of a mobilehome park, the amount of assistance to be provided shall be based on the costs directly attributable to the number or ratio of eligible households who will occupy the park. The amount of financial assistance shall be determined in the following manner:

(1) The nonprofit corporation shall be eligible to receive financial assistance in an amount equal to either forty-nine (49) percent of the costs attributable to the development of the spaces to be occupied by eligible households or forty-nine (49) percent of the purchase price attributable to the purchase of spaces to be occupied by eligible households.

Cal. Code Regs. Tit. 25, § 7924

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).
3. Amendment filed 6-11-81 as an emergency; effective upon filing (Register 81, No. 25).
4. Order of Repeal of 6-11-81 emergency order filed 6-19-81 by OAL pursuant to Government Code Section 11349.6 (Register 81, No. 25).
5. Amendment of subsection (a)(4) filed 7-6-81 as an emergency; effective upon filing (Register 81, No. 28) A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 11-3-81.
6. Certificate of Compliance as to 7-6-81 order transmitted to OAL 10-23-81 and filed 11-18-81 (Register 81, No. 47).
7. Amendment of subsection (a)(2)(D) filed 4-30-82; effective thirtieth day thereafter (Register 82, No. 18).

Note: Authority cited: Section 50406, Health and Safety Code. Reference: Sections 50755, 50776 and 50777, Health and Safety Code.