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§ 8313.1. Funding Source Surpluses.

25 CA ADC § 8313.1Barclays 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 19. Uniform Multifamily Regulations
25 CCR § 8313.1
§ 8313.1. Funding Source Surpluses.
Currentness
(a) If, upon completion of construction, permanent development funding sources exceed actual total development costs the following requirements apply to the resulting funding surplus:
(1) If there are local public agency lenders providing construction-period financing, and the Department is providing only permanent financing, the local lenders may reduce their loans by an amount not exceeding the contingency shown in the loan documents approved by the Department at construction loan closing.
(2) In other cases, or to the extent that the surplus exceeds the budgeted contingency, the Department loan amount shall be reduced by an amount not less than the surplus multiplied by the ratio of the Department's loan amount to total local government assistance, as defined in 8315(c)(3).
(3) As an alternative to (1) or (2), the Department may approve use of surplus funds to reduce tenant rents or for other direct tenant benefits.

Credits

Note: Authority cited: Sections 50406(n), 50517.5(a)(1), 50517.5(a)(3), 50675.1(d), 50896.1(a) and 50896.3(b), Health and Safety Code. Reference: Sections 50517.5(a)(1), 51517.5(c)(2), 50517.5(e)(2), 50675.5(b)(5) and 50896.1(a), Health and Safety Code.
History
1. New section filed 11-8-2017; operative 11-15-2017 pursuant to Government Code section 11343.4(b)(3) (Register 2017, No. 45).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 25, § 8313.1, 25 CA ADC § 8313.1
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