Section 7744 - Site ControlTo be eligible to apply for a homeownership development project loan, the applicant shall have site control of the proposed project property as evidenced by one of the following:
(b) an enforceable option to purchase, which shall extend, or may be extended, for a minimum of 120 days beyond the deadline for application submittal;(c) a disposition and development agreement with a public agency;(d) a sales contract, or other enforceable agreement for the acquisition of the property; or(e) a leasehold interest, or an enforceable option to lease. The option to lease shall extend for a minimum of 120 days beyond the deadline for application submittal. The leasehold term must be for a minimum of 40 years. The leasehold must have provisions that enable the lessee(s) to make improvements on and encumber the property for a term sufficient to secure the CalHome lien; or(f) other forms of site control that give the department equivalent assurance that the project will be able to proceed without inordinate delay.Cal. Code Regs. Tit. 25, § 7744
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40). 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).