Cal. Code Regs. Tit. 25, § 7880 - Financing

(a) Projects assisted pursuant to the Interagency Operating Agreement shall utilize below market interest rate financing consistent with the objectives of the Program and acceptable to the Department. Such financing shall be on terms and conditions set forth or approved by the Agency and may be for construction loans and/or permanent mortgage loans.

(b) With respect to each project assisted pursuant to this Article, the Agency shall employ such methods, techniques, investigations, tests, analyses, studies and evaluations which in the Agency's judgment, are necessary to assure that the projects proposed for assistance meet the objectives and requirements of the Program, and are substantially consistent with the approved application.

(c) The Agency shall establish such accounts as it deems necessary to comply with the requirements of the Program.

Notes

Cal. Code Regs. Tit. 25, § 7880

Note: Authority cited: Section 50737, Health and Safety Code. Reference: Section 50737, Health and Safety Code.

1. Amendment of subsection (a) filed 11-13-80 as an emergency; effective upon filing (Register 80, No. 46). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 3-13-81.
2. Certificate of Compliance transmitted to OAL 3-13-81 and filed 4-14-81 (Register 81, No. 16).