Section 7724 - Reuse Account(a) CalHome Recipients shall develop and employ a reuse account plan that has been submitted to and approved by the Department as addressing the following topics: (1) Description of a tracking system to ensure the reuse of funds for eligible activities including; (A) Loans to individual homeowners and homebuyers,(B) CalHome loan processing, housing rehabilitation processing, homebuyer education and other eligible activity delivery fees, and;(C) Allowable 5% loan servicing fee.(b) All repayments of CalHome Program loan principal and any Cal-Home Program loan interest shall be deposited into a separately maintained reuse account.(c) Any interest earned on deposited CalHome reuse funds must accrue to the CalHome identified funds and be reused for CalHome purposes.(c) Funds in the reuse account shall only be used by the Recipient for CalHome Program eligible activities.(d) Recipients shall be required to enter into a long term monitoring agreement with the Department allowing Department monitoring of reuse accounts for compliance with these regulations.Cal. Code Regs. Tit. 25, § 7724
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).
2. New subsections (a)-(a)(1)(C) filed 6-4-2004; operative 7-4-2004 (Register 2004, No. 23). Note: Authority cited: Sections 50406(n) and 50650.2, Health and Safety Code. Reference: Section 50650.3(b), Health and Safety Code.
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).
2. New subsections (a)-(a)(1)(C) filed 6-4-2004; operative 7-4-2004 (Register 2004, No. 23).