Section 7205.2 - Nonprofit Corporation Eligibility RequirementsFor all applicants, where a nonprofit corporation is part of the ownership structure, the involved nonprofit corporation shall meet the following requirements:
(a) The articles and by laws shall clearly demonstrate that the corporation's authorized mission includes the provision of affordable or low-income housing.(b) Any fees earned as a general partner shall remain with the corporation. No fees shall be assigned to a for-profit organization.(c) The partnership agreement shall be structured to permit the nonprofit corporation to eventually purchase the rental housing development.Cal. Code Regs. Tit. 25, § 7205.2
1. New section filed 4-2-2008; operative 5-2-2008 (Register 2008, No. 14). Note: Authority cited: Sections 50406 and 50517.5, Health and Safety Code. Reference: Section 50517.5, Health and Safety Code.
1. New section filed 4-2-2008; operative 5-2-2008 (Register 2008, No. 14).