Cal. Code Regs. Tit. 25, § 8208 - Affordability Requirements

Current through Register 2021 Notice, Register No. 40, October 1, 2021

(a) In order to qualify under these regulations for funding as an affordable rental housing project, the project shall meet the periods of affordability specified in the following table, and shall comply with the other requirements of 24 CFR Sections 92.252, 92.255, and 92.258.

Minimum Period
Amount of HOME of Affordability
Assistance Activity Assisted in Years
Less than 15,000 Rehabilitation of existing 10 years
per unit rental housing
$15,000 to $40,000 Rehabilitation of existing 15 years
rental housing
More than $40,000 Rehabilitation of existing 20 years
rental housing
Any dollar amount Acquisition and 55 years for cities,
Rehabilitation, Acquisition counties, Developers
and or New construction of and CHDOs
rental housing 50 years for develop-
ment on Native
American Lands as
defined by Section
8201 (y)(1).
(b) Rent levels shall be restricted for the period of affordability set forth above at the lesser of the rent level permitted pursuant to 24 C.F.R. Section 92.252 or another rent level expressed as a percentage of area median income approved by the Department. Exceptions to this requirement may be granted for units receiving HUD Section 8 or other similar rental assistance, or where the project's continued fiscal integrity is in jeopardy due to factors that could not be reasonably foreseen.
(c) Homeownership units assisted with HOME funds shall meet the requirements of 24 CFR sections 92.254, 92.255 and 92.258. Except for owner-occupied units being rehabilitated with HOME funds, all assistance shall be made available only to first-time homebuyers.

Notes

Cal. Code Regs. Tit. 25, § 8208

Note: Authority cited: Sections 50406 and 50896.3(b), Health and Safety Code. Reference: 24 CFR Sections 92.252, 92.254, 92.255, 92.257, 92.258, 201.10, 203.18, 234.27, 813.102 and 888.111; Section 6932, Government Code; and Sections 50896 and 50896.1, Health and Safety Code.

1. New section filed 7-2-92 as an emergency; operative 7-2-92 (Register 92, No. 28). A Certificate of Compliance must be transmitted to OAL 10-30-92 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 10-23-92 as an emergency; operative 10-30-92 (Register 92, No. 43). A Certificate of Compliance must be transmitted to OAL 2-23-93 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 3-2-93 as an emergency; operative 3-2-93 (Register 93, No. 10). A Certificate of Compliance must be transmitted to OAL 6-30-93 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 3-2-93 order including renumbering and amendment of former section 8209 to section 8210 with amendment of Noteand renumbering of former section 8210 to section 8211 transmitted to OAL 5-26-93 and filed 7-7-93 (Register 93, No. 28).
5. Repealer of former section 8208 and renumbering of former section 8210 to new section 8208, including amendment of section and Notefiled 3-14-97; operative 3-14-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 11).
6. Amendment of subsection (a) filed 9-9-2004; operative 9-9-2004 pursuant to Government Code section 11343.4 (Register 2004, No. 37).
7. New subsection (b) and subsection relettering filed 12-10-2007; operative 12-10-2007 pursuant to Government Code section 11343.4(Register 2007, No. 50).
8. Amendment of subsection (a) filed 10-31-2016; operative 1-1-2017 (Register 2016, No. 45).

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