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§ 7744. Site Control.

25 CA ADC § 7744Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 25. Housing and Community Development
Division 1. Housing and Community Development
Chapter 7. Department of Housing and Community Development Programs
Subchapter 9. Calhome Program Requirements
Article 8. Development Loan Requirements
25 CCR § 7744
§ 7744. Site Control.
Currentness
To be eligible to apply for a homeownership development project loan, the applicant shall have site control of the proposed project property as evidenced by one of the following:
(a) fee simple title;
(b) an enforceable option to purchase, which shall extend, or may be extended, for a minimum of 120 days beyond the deadline for application submittal;
(c) a disposition and development agreement with a public agency;
(d) a sales contract, or other enforceable agreement for the acquisition of the property; or
(e) a leasehold interest, or an enforceable option to lease. The option to lease shall extend for a minimum of 120 days beyond the deadline for application submittal. The leasehold term must be for a minimum of 40 years. The leasehold must have provisions that enable the lessee(s) to make improvements on and encumber the property for a term sufficient to secure the CalHome lien; or
(f) other forms of site control that give the department equivalent assurance that the project will be able to proceed without inordinate delay.

Credits

Note: Authority cited: Sections 50406(n) and 50650.2, Health and Safety Code. Reference: Section 50650.3(b), Health and Safety Code.
History
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).
This database is current through 6/21/24 Register 2024, No. 25.
Cal. Admin. Code tit. 25, § 7744, 25 CA ADC § 7744
End of Document