Cal. Code Regs. Tit. 25, § 8138 - Reporting

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(a) No later than 90 days after the end of each fiscal year of a rental housing development, the sponsor shall report to the department on form HCD 795, dated 6/91, Family Housing Demonstration Program "Annual Sponsor Certification," as set forth in subsection (c). This form is provided by the department.

(b) As part of the form HCD 795, dated 6/91, Family Housing Demonstration Program "Annual Sponsor Certification," the sponsor shall submit an audit of the rental housing development prepared in accordance with generally accepted auditing standards by an independent certified public accountant. Upon a determination by the department that the cost of meeting this requirement exceeds the potential benefits to the department and the tenants of the rental housing development, the department shall:

(1) reduce the required frequency of the audit;

(2) accept an audited financial statement of the sponsor in lieu of the audit; or

(3) waive this requirement completely.

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Notes

Cal. Code Regs. Tit. 25, § 8138

1. New section filed 12-14-90 as an emergency; operative 12-14-90 (Register 91, No. 11). A Certificate of Compliance must be transmitted to OAL by 4-15-91 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of law on 4-16-91.
3. New section filed 7-19-91 as an emergency; operative 7-19-91 (Register 92, No. 16). A Certificate of Compliance must be transmitted to OAL 11-6-91 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 11-15-91 as an emergency; operative 11-15-91 (Register 92, No. 16). A Certificate of Compliance must be transmitted to OAL 3-16-92 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 11-15-91 order transmitted to OAL 12-12-91 and filed 1-13-92 (Register 92, No. 16).

Note: Authority cited: Sections 50406(n), 50884 and 50895, Health and Safety Code. Reference: Section 50893.7, Health and Safety Code.

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