Cal. Code Regs. tit. 25 § 7325

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

Section 7325 - Reporting

No later than 90 days after the end of each Project fiscal year, the Sponsor shall submit an independent audit of the Rental Housing Development prepared by a certified public accountant in accordance with Department audit requirements, as specified in the Department's Rental Housing Construction Program Information Memorandum dated August 14, 1995, as periodically updated and incorporated by reference. Upon a determination that the cost of meeting this requirement exceeds the potential benefits from it to the Department and to the tenants of the Rental Housing Development, the Department may:

(a) reduce the required frequency of the audit;

(b) accept an audited financial statement in lieu of the audit; or

(c) waive this requirement completely.

Cal. Code Regs. Tit. 25, § 7325

1. New section filed 1-8-2002; operative 1-8-2002 pursuant to Government Code section 11343.4 (Register 2002, No. 2).

Note: Authority cited: Sections 50406(n), 50675.1(c) and 50675.11, Health and Safety Code. Reference: Sections 50675.1 and 50675.8, Health and Safety Code.

1. New section filed 1-8-2002; operative 1-8-2002 pursuant to Government Code section 11343.4 (Register 2002, No. 2).