Section 5145 - Certification of Compliance(a) All QRRP Projects receiving an Allocation prior to December 31, 2016 shall be monitored for compliance with the applicable terms and conditions of the Committee Resolution by the Applicant and CDLAC for the longer of the period the bonds remain outstanding or the period of restriction outlined in Section 5192. MCC awards will be monitored until the allocation has been utilized. The Applicant shall annually collect from the Project Sponsor and retain for QRRP projects a Certification of Compliance I as attached to the Committee Resolution.(b) For all Projects that receive allocation after December 31, 2016 and subject to a Regulatory Period and/or Compliance Period, the Applicant shall collect from the Project Sponsor and retain the applicable QRRP or Non-QRRP Certification of Compliance II as attached in the Committee Resolution or other comparable form outlined in an Applicant's approved Bond Compliance Policies. The QRRP or Non-QRRP Certification of Compliance II will be submitted annually to the Applicant until the Project is completed and then if the project is subject to a Regulatory Period and/or Compliance Period, every three years thereafter or sooner upon a termination of the Regulatory Period and/or Compliance Period. Additionally, Applicants shall collect from the Project Sponsor and retain the applicable QRRP or Non-QRRP Certificate of Completion as provided in the Committee Resolution or other comparable form outlined in an Applicant's approved Bond Compliance Policies. In both instances, the certification must be submitted by the Project Sponsor. The Applicant will then provide confirmation of receipt to the California Debt Limit Allocation Committee no later than March 1 of each applicable year (or at such other time as requested by the Committee) via the online compliance certification system. These requirements shall be enforceable by the Committee through an action for specific performance or other available remedy against the Project Sponsor.(c) All QRRP Projects that receive Allocation and an award of low income housing tax credits shall be monitored by the Committee or an entity acting on its behalf for compliance with the terms and conditions of the Committee Resolution, and shall be subject to the provisions of section 10337 of Title 4 of the California Code of Regulations.(d) All Non-QRRP Applicants must designate CDLAC, for the life of the bonds, to receive notice of changes in use and circumstances of Bond Default and Qualifying Bond Default.Cal. Code Regs. Tit. 4, § 5145
1. New section filed 12-15-2016 as an emergency pursuant to Government Code section 8869.94; operative 12-15-2016 (Register 2016, No. 51). A Certificate of Compliance must be transmitted to OAL by 6-13-2017 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 5-30-2017 as an emergency pursuant to Government Code section 8869.94; operative 6-14-2017 (Register 2017, No. 22). A Certificate of Compliance must be transmitted to OAL by 9-12-2017 or emergency language will be repealed by operation of law on the following day.
3. Repealed by operation of Government Code section 11346.1(g) (Register 2017, No. 38).
4. New section filed 10-13-2017; operative 10-13-2017 pursuant to Government Code section 11343.4(b)(3) (Register 2017, No. 41). Note: Authority cited: Section 8869.94, Government Code. Reference: Sections 8869.84(c), 8869.85(a) and 8869.85(b), Government Code.
1. New section filed 12-15-2016 as an emergency pursuant to Government Code section 8869.94; operative 12-15-2016 (Register 2016, No. 51). A Certificate of Compliance must be transmitted to OAL by 6-13-2017 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 5-30-2017 as an emergency pursuant to Government Code section 8869.94; operative 6-14-2017 (Register 2017, No. 22). A Certificate of Compliance must be transmitted to OAL by 9-12-2017 or emergency language will be repealed by operation of law on the following day.
3. Repealed by operation of Government Code section 11346.1(g) (Register 2017, No. 38).
4. New section filed 10-13-2017; operative 10/13/2017 pursuant to Government Code section 11343.4(b)(3) (Register 2017, No. 41).