Cal. Code Regs. tit. 25 § 8207

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

Section 8207 - Amount of Home Assistance

(a) The amount of HOME funds invested in a project:

(1) shall not exceed the per unit dollar limits established by HUD under 24 CFR Section 92.250; and

(2) is limited to the amount necessary, when considered with other financing and assistance of the project, to accomplish the following:

(A) enable the project as proposed to be developed and to operate in compliance with all HOME requirements;

(B) for first-time homebuyer projects and programs, allow homebuyers to purchase homes utilizing loans from primary lenders. (Notice: First-time homebuyers shall be required to obtain financing from primary lenders in addition to HOME financing.) Loans from primary lenders shall comply with the following requirements:

(i) the loan must have a minimum loan term of 30 years;

(ii) the loan must be fully amortizing and have a fixed interest rate that does not exceed the current market rate, as established by an index identified in the NOFA. No temporary interest rate buy-downs are permitted;

(b) A recipient of a conditional reservation for a rental project shall be required to submit an updated sources and uses and an operating budget within 15 days of obtaining permanent financing commitments and at least 45 days prior to the date of anticipated construction or acquisition loan closing. The Department shall conduct a feasibility analysis and subsidy layering analysis. If the project is determined to be feasible, a final funding amount will be set based upon the subsidy layering analysis.

Cal. Code Regs. Tit. 25, § 8207

1. New section filed 7-2-92 as an emergency; operative 7-2-92 (Register 92, No. 28). A Certificate of Compliance must be transmitted to OAL 10-30-92 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 10-23-92 as an emergency; operative 10-30-92 (Register 92, No. 43). A Certificate of Compliance must be transmitted to OAL 2-23-93 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 3-2-93 as an emergency; operative 3-2-93 (Register 93, No. 10). A Certificate of Compliance must be transmitted to OAL 6-30-93 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 3-2-93 order including renumbering and amendment of former section 8208 to section 8209 with amendment of NOTE and renumbering of former section 8209 to section 8210 transmitted to OAL 5-26-93 and filed 7-7-93 (Register 93, No. 28).
5. Renumbering of former section 8207 to new section 8206 and renumbering of former section 8209 to new section 8207, including amendment of section heading, section and NOTE filed 3-14-97; operative 3-14-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 11).
6. Amendment of section heading and section filed 9-9-2004; operative 9-9-2004 pursuant to Government Code section 11343.4 (Register 2004, No. 37).
7. Amendment of subsections (a)(2) and (a)(2)(B)(i) filed 12-10-2007; operative 12-10-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 50).

Note: Authority cited: Sections 50406 and 50896.3(b), Health and Safety Code. Reference: 24 CFR Sections 92.205(c) and 92.250; and Sections 50896 and 50896.1, Health and Safety Code.

1. New section filed 7-2-92 as an emergency; operative 7-2-92 (Register 92, No. 28). A Certificate of Compliance must be transmitted to OAL 10-30-92 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 10-23-92 as an emergency; operative 10-30-92 (Register 92, No. 43). A Certificate of Compliance must be transmitted to OAL 2-23-93 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 3-2-93 as an emergency; operative 3-2-93 (Register 93, No. 10). A Certificate of Compliance must be transmitted to OAL 6-30-93 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 3-2-93 order including renumbering and amendment of former section 8208 to section 8209 with amendment of Noteand renumbering of former section 8209 to section 8210 transmitted to OAL 5-26-93 and filed 7-7-93 (Register 93, No. 28).
5. Renumbering of former section 8207 to new section 8206 and renumbering of former section 8209 to new section 8207, including amendment of section heading, section and Notefiled 3-14-97; operative 3-14-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 11).
6. Amendment of section heading and section filed 9-9-2004; operative 9-9-2004 pursuant to Government Code section 11343.4 (Register 2004, No. 37).
7. Amendment of subsections (a)(2) and (a)(2)(B)(i) filed 12-10-2007; operative 12-10-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 50).