Section 5344 - Minimum Requirements(a) An Applicant requesting an Allocation for a Home Improvement and Rehabilitation Program must commit to a minimum of twenty percent (20%) of the participants in the Home Improvement and Rehabilitation Program being: (1) Households located in a Qualified Census Tract; or(2) Households earning eighty percent (80%) or less of the Applicable Median Family Income of the area in which the program is located. Applicants may use the high-cost area adjustment set forth in 26 U.S.C. section 143(f)(5) to meet this minimum requirement,(b) For Home Improvement and Rehabilitation Mortgage Revenue Bond Programs, in order to be eligible for a new Home Improvement and Rehabilitation Program Allocation, the Applicant shall: (1) Demonstrate that all proceeds from a Bond issuance in the calendar year three (3) years prior to the current year (other than amounts that are insufficient to fund one Home Improvement and Rehabilitation loan) have been used to finance loans, or; have been refunded on either a short or long term basis so as to be available to finance loans.(2) Certify that any remaining Bond proceeds or authority from an Allocation up to two (2) calendar years prior to the current year will be used either before the use of new Allocation or in conjunction with new Allocation in satisfying federal requirements for such prior funds.(c) For Home Improvement and Rehabilitation Mortgage Credit Certificate programs, in order to be eligible for a new Home Improvement and Rehabilitation Program Allocation, the Applicant must: (1) Demonstrate that all remaining Bond authority in the calendar year two (2) years prior to the current year (other than amounts that are insufficient to fund one Home Improvement and Rehabilitation MCC) have been issued.(2) Certify that any Mortgage Credit Certificate authority remaining from the year prior to the current year will be used before the use of new Home Improvement and Rehabilitation Mortgage Credit Certificate authority.Cal. Code Regs. Tit. 4, § 5344
1. New section filed 12-21-2012 as an emergency pursuant to Government Code section 8869.94; operative 12-21-2012 (Register 2012, No. 51). A Certificate of Compliance must be transmitted to OAL by 6-19-2013 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 12-21-2012 order transmitted to OAL 5-23-2013 and filed 7-8-2013 (Register 2013, No. 28). 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 12-21-2012 as an emergency pursuant to Government Code section 8869.94; operative 12-21-2012 (Register 2012, No. 51). A Certificate of Compliance must be transmitted to OAL by 6-19-2013 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 12-21-2012 order transmitted to OAL 5-23-2013 and filed 7-8-2013 (Register 2013, No. 28).