Section 69840 - Generally(a) As used in this section, the following definitions apply: (1) "Chancellor's office" means the office of the Chancellor of the California Community Colleges.(2) "Fund" means the College Access Tax Credit Fund established pursuant to Section 17053.87 of the Revenue and Taxation Code.(3) "HBCUs" means the colleges and universities listed as "Historically Black Colleges and Universities" by the National Center for Education Statistics.(4) "Participating students" means students who have completed the associate degree for transfer pathway, are enrolled at a partnered HBCU, and qualify to receive an award pursuant to this section.(5) "Partnered HBCUs" means HBCUs that satisfy all of the following: (A) Have associate degree for transfer memoranda of understanding on file with the chancellor's office.(B) Satisfy subparagraphs (C) and (F) of paragraph (3) of subdivision (l) of Section 69432.7.(C) Are regionally accredited by an agency recognized by the United States Department of Education.(6) "Postsecondary costs" means any costs of attendance of participating students at partnered HBCUs.(b) The moneys allocated to the commission pursuant to Section 17053.87 of the Revenue and Taxation Code shall be available for the purpose of making awards for participating students pursuant to this section.(c)(1) Commencing with the 2024-25 award year, the commission may make disbursements of awards from the moneys allocated to the commission directly to partnered HBCUs for postsecondary costs of their participating students.(2) A participating student may only receive one award pursuant to this section in an amount that does not exceed five thousand dollars ($5,000), as determined by the commission based on the availability of moneys allocated to the commission and the financial need of the student.(3) In making awards pursuant to this section, the commission shall give priority to students with the greatest unmet financial need, as defined in subdivision (b) of Section 69432.9, who do not exceed the maximum household income and asset level for an applicant for a Cal Grant B award, as set forth in Section 69432.7.(4) An award under this section is payable only to the extent that moneys are available from the fund. The commission shall inform each recipient of an award under this section that the award is a one-time grant.(5) A participating student shall file a statement of intent form stating that the student will enroll at a partnered HBCU and return to California after graduation from a partnered HBCU.(d) The commission may make disbursements in any fiscal year in which it determines there are sufficient funds. If the commission determines it would be in the best interest of the program, the commission may roll over moneys allocated to the commission for disbursement in future fiscal years.(e) If, after making awards pursuant to subdivision (c), moneys remain in the fund, those moneys shall remain in the fund for allocation in future fiscal years.(f) The commission may adopt regulations for purposes of implementing and administering this section.Added by Stats 2023 ch 278 (AB 1400),s 3, eff. 1/1/2024.