Section 10091.18 - Interest Rate Buy-Down Disbursement(a) The Authority may from time to time have access to funding for Interest Rate Buy-Down (IRBD) campaigns. The IRBD amount shall be calculated against the Claim-Eligible Principal Amount.(b) When the Authority gains access to IRBD funds, the Authority shall do all of the following: (1) Develop an IRBD term sheet describing the IRBD campaign, including the following information: (A) The total amount of IRBD funding available.(B) The target interest rate or amount of rate reduction.(C) If applicable, the maximum amount of IRBD funds available per Eligible Loan.(D) An indication of what Eligible Improvements, Borrowers, Eligible Properties, or other eligibility criteria may qualify an Eligible Loan for an IRBD.(E) Terms for and the process by which PFIs and PFLs may apply to participate in the IRBD campaign, and how the IRBD shall be calculated and disbursed.(2) The terms of the IRBD shall not contradict or override existing requirements and criteria described in these regulations.(c) The Authority shall adopt and may revise the IRBD term sheet by resolution of the Authority's governing board only to the extent necessary to conform to the criteria specified by the funding source. The Authority will publish the IRBD term sheet on its website and notify the interested parties list described in Section 10091.17(a)(1).(d) Any PFI or PFL that wishes to participate in an IRBD campaign shall submit a signed IRBD term sheet agreeing to the terms and processes outlined therein. Participation shall be subject to the PFI or PFL's ability to comply with the terms of the IRBD campaign. The Authority's decision regarding participation shall be final. The Authority will notify the PFI or PFL of its decision and provide a Program Participation ID for the PFI or PFL.Cal. Code Regs. Tit. 4, § 10091.18
Note: Authority cited: Section 26009, Public Resources Code. Reference: Sections 26003(a)(3)(A), 26003(a)(6), 26003(a)(8)(A), 26011(d) and 26040, Public Resources Code.
1. Renumbering of former section 10091.17 to new section 10091.18, including amendment of subsection (c), filed 4-15-2024 as an emergency; operative 4/15/2024 (Register 2024, No. 16). A Certificate of Compliance must be transmitted to OAL by 10-14-2024 or emergency language will be repealed by operation of law on the following day.
2. Renumbering of former section 10091.17 to new section 10091.18, including amendment of subsection (c), refiled 6-14-2024 as an emergency; operative 6/20/2024 (Register 2024, No. 24). A Certificate of Compliance must be transmitted to OAL by 9-18-2024 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 6-14-2024 order transmitted to OAL 7-19-2024 and filed 8/30/2024 (Register 2024, No. 35).