Section 8134 - Disbursement of Loan Funds(a) A sponsor shall request funds from the department for actual expenditures in accordance with the schedule and the authorized amounts in the approved project budget in the Development Agreement. The information on any request for funds shall be subject to verification by the department. Requests for funds shall be made on form HCD 794, dated 12/90, Family Housing Demonstration Program "Request for Funds" as set forth in subsection (b). This form is provided by the department.(c) Prior to the disbursement of funds, the sponsor shall provide or execute all required documents which the department determines are necessary to verify the claimed expenditure.(d) The department may enter into agreements with other lenders or public or private entities to disburse funds and monitor construction and may make direct payments to such third-party contractors on behalf of sponsors.(e)(1) For a sponsor that is a nonprofit corporation or a government entity, the department may disburse an initial advance payment subject to the following conditions: (A) any required documents are executed by the sponsor;(B) the sponsor is in compliance with all applicable conditions for the advance of funds;(C) the sponsor submits a form 794, dated 12/90, Family Housing Demonstration Program "Request for Funds"; and(D) the sponsor certifies that it does not have adequate funds to commence the project.(2) The advance payment shall not exceed 25 percent of the approved administrative costs.(3) All disbursements subject to the initial advance shall be made only to pay for actual eligible costs incurred.Cal. Code Regs. Tit. 25, § 8134
1. New section filed 12-14-90 as an emergency; operative 12-14-90 (Register 91, No. 11). A Certificate of Compliance must be transmitted to OAL by 4-15-91 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of law on 4-16-91.
3. New section filed 7-19-91 as an emergency; operative 7-19-91 (Register 92, No. 16). A Certificate of Compliance must be transmitted to OAL 11-6-91 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 11-15-91 as an emergency; operative 11-15-91 (Register 92, No. 16). A Certificate of Compliance must be transmitted to OAL 3-16-92 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 11-15-91 order transmitted to OAL 12-12-91 and filed 1-13-92 (Register 92, No. 16). Note: Authority cited: Sections 50406(n), 50884 and 50895, Health and Safety Code. Reference: Section 50881.5(f), Health and Safety Code.
1. New section filed 12-14-90 as an emergency; operative 12-14-90 (Register 91, No. 11). A Certificate of Compliance must be transmitted to OAL by 4-15-91 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of law on 4-16-91.
3. New section filed 7-19-91 as an emergency; operative 7-19-91 (Register 92, No. 16). A Certificate of Compliance must be transmitted to OAL 11-6-91 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 11-15-91 as an emergency; operative 11-15-91 (Register 92, No. 16). A Certificate of Compliance must be transmitted to OAL 3-16-92 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 11-15-91 order transmitted to OAL 12-12-91 and filed 1-13-92 (Register 92, No. 16).