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§ 5052. Forfeiture of Performance Deposit.

4 CA ADC § 5052BARCLAYS OFFICIAL CALIFORNIA CODE OF REGULATIONS

Barclays Official California Code of Regulations Currentness
Title 4. Business Regulations
Division 9.5. California Debt Limit Allocation Committee
Chapter 1. General Provisions
Article 5. Performance Deposits and Fees
4 CCR § 5052
§ 5052. Forfeiture of Performance Deposit.
(a) For Projects receiving an allocation award on or after March 16, 2016, an extension of the expiration date for Qualified Residential Rental Bonds granted pursuant to Section 5101 or 5132 will result in forfeiture of the Project's performance deposit to the extent that the performance deposit has not previously been forfeited.
(b) If less than 80% of the Allocation is used to issue Bonds, a pro-rata portion of the deposit will be forfeited equal to the same percentage ratio as the amount of unused Allocation bears to the amount of awarded Allocation. If at least one (1) Mortgage Credit Certificate is not issued prior to the applicable expiration date, the entire performance deposit will be forfeited. If 80% or more of the Allocation is used to issue bonds prior to the expiration date, or at least one (1) Mortgage Credit Certificate is issued prior to the applicable expiration date, a full refund of the performance deposit will be authorized.
(c) Applicants bear the risk of forfeiting all or part of their performance deposit if the Allocation is not used in accordance with the conditions and/or timeframes set forth in the Committee Resolution.
(d) The Applicant shall remit all forfeited performance deposits to the Committee within thirty (30) days of receipt of an invoice issued by the Committee.
(e) An Applicant may request waiver of a performance deposit forfeiture by submitting a written request to the Executive Director within 30 days of the date of the Committee's Forfeiture Fee Invoice. The Committee shall grant a forfeiture waiver upon a showing that the circumstances prompting the forfeiture were unforeseen and entirely beyond the control of the Project's sponsor and development team. The granting of a waiver pursuant to this subsection will not preclude performance deposit forfeiture for subsequent extensions of the expiration date for Qualified Residential Rental Bonds granted pursuant to Section 5101 or 5132.
(f) If the awarded project is from a joint CDLAC/TCAC application and not awarded State Tax Credit and unable to fill the financing gap, the issuer may return the allocation to committee within 90 days without forfeiture of the performance deposit or assessment of negative points.
Note: Authority cited: Section 8869.94, Government Code. Reference: Sections 8869.84(c), 8869.84(e) and 8869.86(c)(3), Government Code.
HISTORY
1. New section filed 7-12-2010 as an emergency pursuant to Government Code section 8869.94; operative 7-12-2010 (Register 2010, No. 29). A Certificate of Compliance must be transmitted to OAL by 1-10-2011 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 1-6-2011 as an emergency pursuant to Government Code section 8869.94; operative 1-6-2011 (Register 2011, No. 1). A Certificate of Compliance must be transmitted to OAL by 4-6-2011 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 4-1-2011 as an emergency pursuant to Government Code section 8869.94; operative 4-6-2011 (Register 2011, No. 13). A Certificate of Compliance must be transmitted to OAL by 7-5-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 4-1-2011 order, including new section heading, repealer and new section and amendment of Note, transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).
5. Amendment of subsection (a) and repealer of subsection (b) filed 2-3-2012 as an emergency; operative 2-3-2012 (Register 2012, No. 5). A Certificate of Compliance must be transmitted to OAL by 8-1-2012 or emergency language will be repealed by operation of law on the following day.
6. Amendment of subsection (a) and repealer of subsection (b) refiled 8-1-2012 as an emergency, including relettering of subsections; operative 8-1-2012 (Register 2012, No. 31). A Certificate of Compliance must be transmitted to OAL by 10-30-2012 or emergency language will be repealed by operation of law on the following day.
7. Amendment of subsection (a) and repealer of subsection (b) refiled 10-30-2012 as an emergency; operative 10-30-2012 (Register 2012, No. 44). A Certificate of Compliance must be transmitted to OAL by 1-28-2013 or emergency language will be repealed by operation of law on the following day.
8. Certificate of Compliance as to 10-30-2012 order transmitted to OAL 1-28-2013 and filed 3-12-2013 (Register 2013, No. 11).
9. New subsections (a) and (e), subsection relettering and amendment of newly designated subsection (b) filed 11-9-2015 as an emergency pursuant to Government Code section 8869.94; operative 11-9-2015 (Register 2015, No. 46). A Certificate of Compliance must be transmitted to OAL by 5-9-2016 or emergency language will be repealed by operation of law on the following day.
10. Amendment of subsection (b) filed 2-4-2016 as an emergency pursuant to Government Code section 8869.94; operative 2-4-2016 (Register 2016, No. 6). A Certificate of Compliance must be transmitted to OAL by 8-2-2016 or emergency language will be repealed by operation of law on the following day.
11. Certificate of Compliance as to 11-9-2015 order transmitted to OAL 1-27-2016 and filed 3-10-2016 (Register 2016, No. 11).
12. Editorial correction of History 11 (Register 2016, No. 25).
13. Certificate of Compliance as to 2-4-2016 order transmitted to OAL 5-4-2016 and filed 6-14-2016 (Register 2016, No. 25).
14. New subsection (f) filed 5-22-2020 as an emergency pursuant to Government Code section 8869.94; operative 5-22-2020 (Register 2020, No. 21). A Certificate of Compliance must be transmitted to OAL by 11-18-2020 or emergency language will be repealed by operation of law on the following day.
15. Emergency filed 5-22-2020 extended 60 days (Executive Order N-40-20). A Certificate of Compliance must be transmitted to OAL by 1-19-2021 or emergency language will be repealed by operation of law on the following day.
This database is current through 7/24/20 Register 2020, No. 30
4 CCR § 5052, 4 CA ADC § 5052
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