Section 7158 - Encumbrance Deadline and Application of Repayments(a) Any Program Funds not encumbered by a Grantee by a loan commitment to the developer of an Eligible Project within 36 months of receipt shall promptly be returned to the Department.(b) Repayments of Program Funds received by a Grantee shall be retained by the Grantee in the Local Housing Trust Fund to be used for the purposes set forth in this subchapter.(c) If a Grantee ceases operations or Ongoing Revenues cease less than five years from the date of the Grantee's award of Program Funds, all unencumbered Program Funds shall promptly be returned to the Department, and all current and future loan repayments shall be remitted to the Department.(d) The total amount paid to the Department pursuant to (a) and (c) above and Section 7157(a) shall not exceed the amount of the Program Funds received by the Grantee.Cal. Code Regs. Tit. 25, § 7158
1. New section filed 12-5-2008; operative 12-5-2008 pursuant to Government Code section 11343.4 (Register 2008, No. 49). Note: Authority cited: Section 50406(n), Health and Safety Code. Reference: Sections 50843.5 and 53545.9(c), Health and Safety Code.
1. New section filed 12-5-2008; operative 12-5-2008 pursuant to Government Code section 11343.4 (Register 2008, No. 49).