Section 7476 - Loan Committee Review and Action(a) The Loan Committee shall review all applications for Special User Housing Rehabilitation Program deferred loans, except emergency loans, and all other significant matters affecting rental housing developments assisted by the Program including, but not limited to, reductions or elimination of annual interest payments. It shall adopt operating policies and procedures for the Program, and shall perform other functions and duties as may be required by the Director or by law.(b) The Loan Committee shall be constituted and shall operate as set forth in Subchapter 1 (commencing with Section 6900) of Chapter 6.5 of Part 1 of Title 25, California Administrative Code.(c) In taking action on applications or other matters, the Loan Committee shall consider the application or request, any written or oral testimony of an applicant or other interested person, priorities or loan distribution policies pursuant to Section 7478, recommendations of Program staff, and any other relevant information.(d) Approval, approval with conditions, or denial of any action by the Loan Committee shall constitute a recommendation to the Director, who shall consider the Committee's recommendation in approving or denying a loan or any other matter.(e) The Director shall, within 15 days after the date on which the loan committee considers any request for action, inform the applicant in writing of its decision, stating: (1) that it has approved, approved with conditions, denied, or continued consideration of the request or application;(2) the basis for denial or postponement of consideration; and(3) that the applicant has a right of appeal as specified in Section 7580.(f) The Director shall specify in any decision regarding approval of an application: (1) the amount and terms of the deferred payment loan to be provided to the applicant or the terms of any other decision; and(2) conditions attached to the approval of the loan or other request.Cal. Code Regs. Tit. 25, § 7476
1. Amendment of subsections (a), (e) and (f) 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 subsections (a), (e) and (f) filed 4-5-84; effective thirtieth day thereafter (Register 84, No. 14).