Section 7474 - Application Process(a) Applications for Special User Housing Rehabilitation Program deferred loan funds shall be made on forms supplied by the Department and in accordance with request for proposal guidelines and instructions to be issued by the Department. Information required shall include, but not be limited to, the following: (1) evidence of sponsor eligibility of the applicant pursuant to the provisions of Section 7458;(2) a detailed plan of the proposed project, including:(A) the amount of loan funds requested;(B) a description of the nature and costs of rehabilitation or acquisition and rehabilitation to be undertaken;(C) a plan for ownership, management, and occupancy of the development;(D) a financial analysis of the project, indicating anticipated expenses and revenues:(E) a description of the existing liens and loans on or secured by the property;(F) an analysis of existing and projected rent levels, including a determination as to whether projected rents will be affordable to very low income households;(G) an indication of any temporary or permanent displacement and relocation of current residents which may be necessary, and costs of such activities; and(H) a schedule for implementation.(b) After receipt of an application, the Department shall provide notice to the local governing body of the community in which the assisted rental housing development will be located to provide an opportunity for comment by that community.(c) Applications for loans will be reviewed by the staff of the Department to determine project eligibility and economic feasibility. The Department may require that an independent appraisal, at the sponsor's expense, be made of the value and cost of rehabilitation of the property and shall inspect the proposed rental housing development to ensure the economic feasibility of rehabilitating the property.(d) Applications which involve acquisition of a rental housing development shall include a copy of an agreement or option between the sponsor and seller of the rental housing development which specifies all terms of the prospective sales transaction.(e) On the basis of its review of the applications, Department staff will prepare recommendations, and submit such recommendations to the Loan Committee for its review and recommendation within 90 days after the application is deemed complete.Cal. Code Regs. Tit. 25, § 7474
1. Amendment of subsection (a) filed 4-5-84; effective thirtieth day thereafter (Register 84, No. 14). Note: Authority cited: Section 50662, Health and Safety Code; Reference: Sections 50669-50670, Health and Safety Code.
1. Amendment of subsection (a) filed 4-5-84; effective thirtieth day thereafter (Register 84, No. 14).