Section 7562 - Amount and Terms of Mortgage Assistance(a) The Department shall ensure that not less than 75 percent or more than 85 percent of the Fund is used for mortgage assistance to eligible households. However, the Department may adopt different allocation percentages if, 12 months after issuance of a NOFA, the lack of eligible applications for either technical assistance or mortgage assistance would result in unused funds.(b) The maximum amount for mortgage assistance for any one project shall not exceed the lesser of $300,000 or the projected mortgage assistance from the Fund necessary to ensure that eligible households participating in a project pay no more than 30% of their gross monthly income for monthly housing costs.(c) Mortgage assistance for any one eligible household shall not exceed $15,000.(d) The grantee shall provide mortgage assistance directly to or on behalf of eligible households in the form of deferred payment loans or interest subsidies within two years from the effective date of the Mortgage Assistance Standard Agreement.(e) The Director may increase the limit on mortgage assistance for an eligible household and extend the two-year term if the Department determines that such increase or extension is necessary to avoid special hardship for the eligible household or to ensure the economic feasibility of the project.Cal. Code Regs. Tit. 25, § 7562
1. Amendment of subsection (e) filed 11-1-2004; operative 12-1-2004 (Register 2004, No. 45). Note: Authority cited: Section 50697(d), Health and Safety Code. Reference: Section 50696, Health and Safety Code.
1. Amendment of subsection (e) filed 11-1-2004; operative 12-1-2004 (Register 2004, No. 45).