Section 7332 - Application Process(a) The Department may issue a NOFA limited to RWD loans and as authorized by Section 7317(c)(4). The NOFA shall specify the amount of RWD funds available, the period during which loan applications may be accepted and the specific requirements of the RWD loan application. The NOFA may establish a minimum point total for rating Projects pursuant to the criteria set forth in Section 7320(b) or similar TCAC criteria, and may provide that Projects meeting or exceeding that minimum score may be eligible for funding so long as funds are available.(b) Projects shall not be eligible for an award of funds unless the application demonstrates that all of the following conditions exist:(1) The application meets the eligibility requirements pursuant to Section 7329; and(2) The application is complete. Applications shall be deemed complete when the Department is able to assess that the Project is eligible pursuant to Section 7329 and to rate the Project pursuant to Section 7332(a).(c) The application shall be made on a form made available by the Department requesting the information required by the Multifamily Housing Program Regulations and shall include the proposed number of Assisted Units and the income and Rent levels to be achieved in the Assisted Units as a result of the RWD loan. The application shall also specify the proposed use of the proceeds of the RWD loan, which may include a capitalized rent reserve fund or a reduction in the approved permanent amortized financing for the Project.Cal. Code Regs. Tit. 25, § 7332
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(c), 50675.6 and 50675.1(d), 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).