Cal. Code Regs. tit. 25 § 8103

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

Section 8103 - Emergency Reserve Account

(a) The department shall establish an emergency reserve account in the fund. Three percent of any allocation made to the fund pursuant to Health and Safety Code section 53130(a) shall be deposited into the account. Excess funds returned to the department pursuant to section 8089(i) shall be deposited into the account to replace the allocated funds in the account on a dollar for dollar basis. Allocated funds so replaced shall become available for loans provided pursuant to this subchapter.

(b) The department shall maintain a default reserve as a portion of the emergency reserve account, in an amount equal to two percent of all allocations to the fund pursuant to Health and Safety Code section 53130(a), for the purpose of avoiding or curing defaults pursuant to section 8099(e).

(c) When funds in the account exceed the two percent default reserve required pursuant to subdivision (b), the department shall advance funds from the account to defray unanticipated cost increases or revenue shortfalls to the extent necessary to preserve fiscal integrity and to maintain rents in accordance with program requirements. All funds so advanced shall be part of the program loan to the sponsor and subject to the same interest rate and terms of repayment.

Cal. Code Regs. Tit. 25, § 8103

1. New section filed 12-29-89 as an emergency; operative 12-29-89 (Register 90, No. 3). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed by operation of law on 4-30-90.
2. New section refiled 4-26-90 as an emergency; operative 4-26-90 (Register 90, No. 23). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed by operation of law on 8-24-90.
3. New section refiled 8-27-90 as an emergency; operative 8-27-90 (Register 90, No. 42). A Certificate of Compliance must be transmitted to OAL by 12-26-90 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 12-19-90 as an emergency pursuant to Health and Safety Code section 50771.3; operative 12-19-90 (Register 91, No. 4). A Certificate of Compliance must be transmitted to OAL by 4-18-91 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 12-19-90 order transmitted to OAL 1-4-91; disapproved by OAL 2-4-91 (Register 91, No. 13).
6. New section refiled 2-20-91 as an emergency; operative 2-20-91 (Register 91, No. 13). A Certificate of Compliance must be transmitted to OAL by 6-17-91 or emergency language will be repealed by operation of law on the following day.
7. Certificate of Compliance as to 6-14-91 order including amendment of subsection (c) and repeal of subsection (d) transmitted to OAL 5-15-91 and filed 6-14-91 (Register 91, No. 38).

Note: Authority cited: Section 50771.1, Health and Safety Code. Reference: Sections 50771.1 and 53130, Health and Safety Code.

1. New section filed 12-29-89 as an emergency; operative 12-29-89 (Register 90, No. 3). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed by operation of law on 4-30-90.
2. New section refiled 4-26-90 as an emergency; operative 4-26-90 (Register 90, No. 23). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed by operation of law on 8-24-90.
3. New section refiled 8-27-90 as an emergency; operative 8-27-90 (Register 90, No. 42). A Certificate of Compliance must be transmitted to OAL by 12-26-90 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 12-19-90 as an emergency pursuant to Health and Safety Code section 50771.3; operative 12-19-90 (Register 91, No. 4). A Certificate of Compliance must be transmitted to OAL by 4-18-91 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 12-19-90 order transmitted to OAL 1-4-91; disapproved by OAL 2-4-91 (Register 91, No. 13).
6. New section refiled 2-20-91 as an emergency; operative 2-20-91 (Register 91, No. 13). A Certificate of Compliance must be transmitted to OAL by 6-17-91 or emergency language will be repealed by operation of law on the following day.
7. Certificate of Compliance as to 6-14-91 order including amendment of subsection (c) and repeal of subsection (d) transmitted to OAL 5-15-91 and filed 6-14-91 (Register 91, No. 38). i