Section 7211 - Loan Terms and Requirements(a) The term of a loan for a rental housing development shall be for 55 years commencing on the date of recordation of the Program loan documents.(b) A loan shall bear simple interest at the rate of three percent (3%) per annum.(c) Repayment of principal and interest on a loan shall be deferred for the full term except that, for rental housing developments, payments shall be required to the extent of available cash flow and residual receipts pursuant to Section 8314.(d) Loans shall be evidenced by a promissory note the repayment of which shall be secured by a deed of trust recorded as a lien on the development property and improvements.Cal. Code Regs. Tit. 25, § 7211
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).